BLM has seen net profit fall to a five year low, down 36 per cent to £11.7m.
The firm has seen profit fluctuate over the last five years, but the most recent figure is 22.5 per cent down on 2011/12, when profit stood at £15.2m.
The decline has caused average profit per equity partner (PEP) to decrease by 22.6 per cent, from £265,000 to £205,000. This is despite BLM’s equity partnership shrinking by 12 partners to 57 last year.
Despite the reduction in net profit the firm achieved its highest ever turnover, which increased by 3.5 per cent from £104.1m to £107.7m.
BLM’s revenue growth last year is considerably less than the 17 per cent growth it achieved during the previous year. During 2014/15 turnover increased by 17 per cent, from £89m to £104.1m. This was the first time that the firm’s turnover had broken the £100m barrier.
BLM is currently in the process of searching for new office space in Dublin. The firm currently occupies 3,500sq ft but is considering increasing its office size to 5,500sq ft as part of plans to grow its headcount.
Ireland head Peter Campbell has already viewed three new premises since August last year but has not yet made a final decision on the proposed deal.
The firm is also gearing up to launch its first international network. Traditionally BLM has implemented a wholly domestic strategy with offices in UK and Ireland but will formalise relationships with overseas firms as part of its new network.
BLM International will consist of a “limited” number of “like-minded risk and insurance law businesses” from across Europe, Asia Pacific and the US.
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