Pannone profit push

Manchester firm Pannone & Partners is reporting bumper profits for the past year, and is expanding its equity base as a result with a swipe at its city rivals.The firm expects to report a 60% jump in profits to 5.5 million when its financial year closes at the end of the month, meaning an extra 35,000 to 40,000 for each equity partner.

Income is expected to increase 24% from 13.7 million to at least 17 million.Pannones has now appointed seven new equity partners, taking the number of equity partners to 40 out of 63 in total.Joy Kingsley, Pannones managing partner, said: We have been able to increase our equity base without asking existing equity partners to step down, which has happened in several of the large commercial Manchester firms.

Ms Kingsley added that she could not name a firm in the city that has not encouraged equity partners to step down.Despite the new equity partners, the firms gearing has improved.

It now has more fee-earners per equity partner than at any time previously, she said.Referring to local competitors, Ms Kingsley said: Historically, we have gone against the trend by making more equity appointments than our competitors.

There is evidence that other firms are now following suit and there is a realisation that the best people have ambitions beyond their remuneration and want to join in ownership of the practice.See Moving On, page 9Neil Rose