The latest results for firms in the second half of LB100 are a mixed bag, as Howard Kennedy reports inflated revenues reflecting its recent merger with Finers Stephens Innocent, Clarke Willmott posts a fifth consecutive year of falling revenues and Manches unveils a sharp fall in turnover and profit.
Clarke Willmott’s revenues edged down 1% from £33.5m to £33.1m, while profits per equity partner (PEP) is down 14% to £141,000 from £163,000. Top of the equity is £152,000, compared to £110,000 at the bottom.On the back of five years of sliding income and posting a fall in both revenue and net income last year, the results will come as disappointment to chief executive Stephen Rosser (pictured) who unveiled a new three-year strategy last summer. In an interview with Legal Business in last year, Rosser said that a major element of his strategy was to bolster the financial strength of the firm and reduce its debt burden. It would appear that there is still some way to go.
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