More annual figures announced

The growing trend of law firms going public with their annual figures stepped up this week with firms in the City and in Manchester releasing strong results.City firm Speechly Bircham has reported a 14% jump in turnover for the year to 30 April 2000, to 17.7 million.

Average profits per equity partner rose nearly 20% to 220,000.

The firm is predicting similar growth rates this year.

In Manchester, Pannone & Partners has announced a record 13.8 million turnover for the last financial year, a 23% rise on the year before.

Despite 'spiralling salaries and IT costs', profits rose by 29% to 130,000 per equity partner.

To celebrate, the firm has made up seven new equity partners (see Moving On, page 58).Speechly's managing partner, Michael Lingens, said that at a time when the future of mid-sized firms such as his is said to be under threat, releasing figures showing Speechly's healthy state is useful.

On the wider issue of the growing pressure on firms to release figures, Mr Lingens said: 'On the whole, transparency in the law firm market is a good thing.'Following a review of fee-earner salaries, Speechly has decided not to match the enhanced rates being offered by top firms, although Mr Lingens said the firm was raising salaries 'substantially'.'Our salary levels are certainly competitive with those offered by comparable mid-market firms,' he said.

'We are also introducing a new performance-related bonus.' Mr Lingens added that the firm would not be raising either its billing targets or rates.Joy Kingsley, Pannone's managing partner, said releasing results 'has just become the way of the world...

I don't know who it's helpful to'.

She cautioned that the bare figures could mislead both clients and staff, as they did not disclose whether individual partners had borrowings to provide their capital or firms' different policies on partner drawings.Ms Kingsley said the London salary spiral for young solicitors has not yet reached Manchester, where many people work for lifestyle reasons.

Newly qualifieds are still on 25-30,000, compared with the new level of 42,000 in London.

'But if the market stays as buoyant as it is, there will be a pressure on salaries,' Ms Kingsley added.

Neil Rose