UK firm Burges Salmon has reported a double digit dip in profit per equity partner after a ‘challenging year’ in which revenue was marginally down.
For the year ending 30 April 2017, profit per equity partner fell by 17% from the previous year (from £523,000 to £435,000). Overall turnover was £87 million, down from £87.4m. The firm did not reveal its pre-tax profit figures.
Peter Morris, managing partner, said the ‘wider context of political and economic uncertainty’ made for a challenging 12 months, especially against the backdrop of a ‘record year’ in 2015/16 in which revenue increased by 8.2% and PEP rose by 7.2%
Morris added: ‘We are focused on the medium to long-term outlook for our business. Therefore, we have continued to invest in people across the firm to strengthen our offering to clients. We have seen PEP rise steadily for a number of years and we expect it to rise again this year.’
The firm appointed five new partners this year.