Legal Business Blogs

Financial results 2013/14: Macfarlanes breaks through £1m PEP threshold as profit and turnover up over 20%

Macfarlanes has achieved a high double digit jump in both revenue and profit per equity partner (PEP) for the 2013/14 financial period, with both up by over 20%, as the top 35 UK firm breaks through the £1m PEP threshold.

The 324-lawyer firm revealed today (9 July) that its unaudited turnover was up 22% to £139.7m for the period, compared to £114.2m last financial year, while PEP has come in at £1.19m, a 21% increase on the £985,000 recorded in 2013.

The firm, which includes 54 equity partners, said around 41% of its fee income came from its City corporate practice, followed by 18% from finance and around 15% from its disputes practice. Approximatey 13% of the remaining fee income came from real estate and 13% from private client.

Macfarlanes senior partner Charles Martin told Legal Business: ‘These results evidence a year in which we were very busy and in which our clients entrusted us with important, complex work across the board. It is of course great to see the hard work of the past twelve months paying off but we are never ones to rest on our laurels.

‘We are in a rapidly changing market that remains highly competitive: one in which clients have real choices, where value for money is often a priority for our clients, and where questions that would not have been asked are often asked. It is challenging every day and we relish rising to that challenge.’

See also Life during law: Charles Martin