International firm BLP expects a bounce-back in its financials for 2013/14, with profit per equity partner (PEP) rising 35% to £542,000, compared with the previous year.
The firm also expects turnover to increase 6% to £246m, according to its projections for 2013/2014.
In 2012/13 PEP plummeted by 39% to £401,000, with profits down 39% to £39.4m and revenue falling 5% to £233m.
The firm blamed more ‘aggressive price competition’ from the magic circle.
BLP sought to cut staff costs by around 15% in 2013 and placed 100 London-based workers at risk of redundancy in May 2013.
Managing partner at the firm Neville Eisenberg said: ‘These results demonstrate the resilience of the firm’s business and reflect an increase in the number and quality of new mandates across the firm as a whole.’
He said Russia and Germany showed ‘particularly good performances’. Bank borrowing has also reduced ’significantly,’ he said.
According to Companies House filings for 2012/13 the amount owed to creditors increased year on year from £51m to £76m, in part due to a raising of the firm’s bank loan from £14m in 2012 to £45m last year.