Having geared up for its first managing partner elections in 15 years, the partnership at top 30 LB 100 firm Nabarro has voted to re-appoint Andrew Inkester in the leadership role after an uncontested election.
The process at the 424-lawyer firm was changed last year, when senior partner Graham Stedman proposed that his term be reduced and run parallel to the term of the managing partner. Both positions now run for a concurrent four-year period.
Earlier this summer Inkester signalled his intentions to run again and his election this month is an affirmation of the support of the Nabarro partners, coming three years after he was hand picked by former senior partner Simon Johnston to succeed longstanding head Nicky Paradise.
Under Inkester’s leadership the firm has enjoyed an uptick in profitability for the 2012/13 financial year, with operating profit rising 22% to £42.5m from £34.7m the previous year.
Profit per equity partner is up for the second successive year, with preliminary figures suggesting a rise of 10.5% to £475,000.
Inkester, whose previous management roles included serving as head of private equity in the firm’s corporate practice, will continue to face the challenge of boosting the firm’s revenues.
Having been hit by tough market conditions in the last five years, the firm’s recent results showed broadly flat revenue of £116.7m.
sarah.downey@legalease.co.uk