Burges Salmon has posted its highest ever average profit per equity partner (PEP) of £523,000.
The firm saw PEP climb 7 per cent last year from £488,000.
The firm’s financial results signal continued growth over the last few years. PEP grew by 11.4 per cent din 2014/15 from £438,000. Over the last five years PEP has increased year-on-year from a low of £395,000 in 2010/11.
Turnover also grew by 8.2 per cent to £87.4m last year, up from £80.8m. Growth was particularly strong across the firm’s energy and transport practices.
Senior partner Alan Barr said: “What we’re particularly pleased about is that our profitability is now up to a higher figure than it has ever been before. Since 2008/09, which was when PEP was high before, we’ve increased turnover and invested over £40m in the business across premises and IT and made up about 25 to 30 per cent of our partners.”
In June Burges Salmon refreshed its brand and launched a new strategy. The firm will reduce the number of sectors it focuses on from 13 to seven. These are: transport, infrastructure, private wealth, real estate, energy, financial services, and the public sector.
Barr said: “By focusing on these sectors we’re able to take on the magic circle. We don’t see that there is a significant increase in the level and the work that you do simply by being bigger and having lots of offices throughout the country.
“We see it as more focused on quality and value for money. If you put those things together we can punch well above our weight.”
Burges Salmon won a number of new panel spots last year, including being added to John Lewis Partnership’s panel alongside Dentons, Eversheds, and Slaughter and May.
Burges Salmon also won real estate team of the year at The Lawyer Awards 2016 in June. The team took home the award for its work advising on the £271m disposal of Ahli United Bank’s UK student accommodation properties.
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