HFW attributed a 1% dip in revenue from £200m to £198.7m to a ‘prudent’ reduction in lawyer headcount during the pandemic, while profit per equity partner (PEP) also slipped.
PEP was down 2% from last year’s record high of £683,000 to £669,000, which the firm chalked up to the drying up of pandemic-era cost savings: ‘HFW saw exceptional cost savings during the pandemic. These cost savings diminished during FY22 as countries across the firm’s global network began to return to normality.’ Equity partner levels are understood to have remained broadly flat on last year.
