DLA thrives as regions enjoy turnover bonanza

FINANCIAL RESULTS: 15% increases by Halliwells, Pannones

Large law firms continued last week to report varying levels of financial success for the last financial year.

Regional practices enjoyed the best increases in turnover, while one City firm reported a fall in partner profits.

City giant DLA - which has offices around the country - and Manchester-based Halliwell Landau and Pannone & Partners all announced 15% jumps in turnover to 234 million, 35.5 million and 24.5 million respectively.

Average profits per partner at DLA were up 2% to 460,000, while Pannones' hit the 200,000 mark, up 8% on the 2001/2002 financial year.

Of Pannones' 64 partners, 42 are in the equity.

For Halliwells, senior partner Alec Craig said the decision to diversify and set up a consulting arm - which specialises in executive compensation and share scheme advice - was proving a success.

'The law firm and the new business now share a number of corporate clients,' he said.

In the City, Berwin Leighton Paisner recorded a 6% rise in turnover to 91 million in the year to 30 April, while profits per partner jumped 17% to 303,000.

The firm said its finance practice was a key performer, with a 20% growth in turnover.

It now represents 22% of BLP's revenue.

The property finance team recorded a 33% revenue increase.

Managing partner Neville Eisenberg said: 'The merger between Berwin Leighton and Paisner & Co has produced a strong, balanced firm, and the synergies from the merger have begun to be realised over the past year.'

City firm Field Fisher Waterhouse managed a 3% increase in turnover to 43.9 million; however, average profits per equity partner took an 8% dive to 290,000.

The top equity partners saw profits drop 10% to 376,000, while the lowest suffered a 4% drop to 216,000.

The firm has 39 full equity partners and 42 fixed-share partners.