Ince & Co has seen turnover fall for the third consecutive year as revenue dipped 4 per cent last year to £76.2m.
The continued financial decline follows turnover falling by 8 per cent in 2014/15, from £86.7m, and by 7 per cent over 2012/13, from £93.2m. Over the last three years Ince’s revenue has fallen by 18.2 per cent.
Ince’s UK operations were hit particularly hard last year, with revenue falling by 9.9 per cent, from £47.5m to £42.8m.
Senior partner Jan Heuvels said: “Since the end of the 2014/15 financial year we have continued to transform and invest in our business.
“Examples include the launch of Ince Consultancy LLP, overhauling our remuneration system, moving to brand new offices in London, announcing our new office in Cologne, restructuring our partnership and the appointment of 19 new partners across our network.”
Heuvels said the firm had “exceeded expectations” last year with the last quarter of 2015/16 being its busiest since Q2 of 2013/14.
Despite appointing 19 new partners last year through both lateral hires and promotions, the size of Ince’s partnership fell by two over the year and now stands at 90.
The firm has seen a string of high profile departures over the last six months. In May Greece office head Nick Shepherd left the firm to join Norwegian firm Wikborg Rein’s London office as a partner. Shepherd had stepped down as head of Ince’s Piraeus office in December and was replaced by shipping partner Lagadianos.
Last month Ince’s global head of trade Stuart Shepherd also resigned after 34 years at the firm. Stuart Shepherd left to join RPC’s commercial disputes team.
Meanwhile Ince’s global head of shipping Faz Peermohamed left the firm at the start of the year to join the Norwegian Hull Club as CEO. He returned to Ince less than six months later to take up his old position as global head of shipping.
The firm revamped its partner remuneration system earlier this year. Partners will now be paid a base salary on a 10-step lockstep ranging from £140,000 to £240,000 with the remainder of the firm’s profit then distributed depending on partner performance.