Regional firms achieve double-digit income growth to buck gloomy trend

A string of smaller firms has unveiled good annual results this week in line with the general trend that has seen larger practices suffering more over the past year.

London and Basingstoke firm Penningtons announced a 14.6% growth in income to 21.2 million for 2002/2003, with profits up by 11%.

The firm said that as a direct result of the extension of the equity partnership midway through last year from 20 to 37, profits per equity partner had dropped to 120,000.

Managing partner Lesley Lintott said: 'This is an excellent performance in difficult trading conditions and is the result of putting our firmwide strategy into effect.' She added that the new equity partners 'is a reflection of the underlying strength of the firm'.

London firm Bircham Dyson Bell achieved an 8% rise to 18.8 million, with profits remaining constant.

Executive committee chairman Michael Wood highlighted the performance of the corporate and litigation teams, saying the firm was 'content with our results and similarly expects to increase our turnover next year'.

In Kent, Cripps Harries Hall has recorded 17.9 million turnover for 2002/2003, a 12% rise on the year before.

Total profits stood at 3.64 million, with average profits per partner at 152,000.

Corporate and employment were the strongest performing departments, each achieving a 23% rise in income.

Managing partner Jonathan Denny was delighted with the result, and said client wins and increased market share, especially in commercial property, placed the firm in a 'very strong position'.

However, he added that the firm's investment management business, Cripps Portfolio, saw a fall in profits, reflecting the sharp decline in stock markets over the year.

Meanwhile, south-east firm ASB Law saw an 18% turnover rise to 16.7 million, with counter-cyclical departments such as insolvency (up 63%) and employment (up 49%) the big performers.

Chief executive Christopher Honeyman Brown said he was particularly pleased that the results had been achieved at a time when many firms were working hard just to maintain their market share.

In Bristol, TLT has celebrated its third birthday with a 14% income jump to 15.75 million.

The number of lawyers at the firm has grown by one-fifth in the past year.

Managing partner David Pester said: 'A lot of hard work and commitment has resulted in TLT winning more work from many current clients, as well as adding companies like First Choice to our client base.'

Finally, Birmingham firm Gateley Wareing has achieved a 20% rise in turnover to 12.7 million.

It has also decided to adopt limited liability status.

Senior partner Michael Ward said: 'Partners and their families are no longer prepared to live with the risk of unlimited personal liability and firms that do not convert are likely to find it increasingly difficult to recruit and retain high-quality partners.'