A ‘challenging market’ led to sluggish revenue growth at Burges Salmon for the last financial year, while profit per equity partner (PEP) dipped for the second year in a row.
Revenue at the Bristol-headquartered firm rose 3% to £90m for the 2017/18, after being flat the previous period. However, turnover has grown more than 20% over the last five years.
Overall profit rose 2%, following an 8% dip last year, but PEP dropped to £430,000 from £435,000, following a more dramatic fall from £525,000 the year previous. The firm, which had 64 equity partners last year, has grown its partnership around 10% in the past three years.
Burges Salmon announced a new managing partner in January, with head of employment Roger Bull replacing Peter Morris from May. Morris had been in the role since 2010, while Bull has been a partner at the firm since 2003.
Bull said he was pleased the firm had returned to growth as it invested in its future. At the start of the previous financial year it had brought in a new strategy that narrowed its sector expertise into the seven areas of transport, infrastructure, private wealth, real estate, energy, financial services and the public sector.
He commented: ‘With our focus on the UK, continuing political and economic uncertainty continues to make this a challenging market, but we have seen significant growth in many of our key sectors and specialisms over the past 12 months.’
He added: ‘The investments that we have made in our people, infrastructure, and advanced technology allow us to build on our market-leading sector and specialist expertise and ensure that we carry on providing our clients with the highest levels of service.’
hamish.mcnicol@legalease.co.uk