Profits grew 12% to £10.4m at Manchester firm Pannone, according to its results for the year ending April 2013 published today. The firm attributed the growth, on a shrinking turnover, to a change in pricing policy.
Profit per equity partner (PEP) rose 7% to £239,000, compared with £224,200 last year, on turnover down 1.2% to £45.6m.
In May the firm announced a fixed-price mediation strategy following the Jackson reforms.
Managing partner Emma Holt (pictured) said placing greater emphasis on pricing and reshaping the business had put the firm in an ‘excellent position to adapt to the ever-evolving legal sector’.
Profits grew across the firm’s five areas of practice in corporate services, dispute resolution and regulatory, serious injury, affinity and family, personal and financial.
Pannone’s team specialising in abuse work has been instructed by a large number of alleged victims of Jimmy Savile and Stuart Hall.