Legal Business Blogs

PEP plunges 15% to fall below £500k at Holman Fenwick as revenue drops

Holman Fenwick Willan (HFW) has seen a 15% slide in its profits per equity partner (PEP) for the 2014/15 financial year as the firm increased its partnership ranks but saw turnover and profit fall.

The firm, which has 13 offices including Paris, Hong Kong, Sydney and Sao Paulo, saw a 3% drop in revenue from £144m to 139m with the UK generating over half of this bringing in £70m. This translated into a net income figure of £38m with the 81 equity partners giving a PEP figure of £469,000 – a 15% fall on last year’s £554,000.

HFW’s expanded partnership ranks came as six associates were made up last year and a further 12 partners were brought in as lateral hires. In its most recent round, partners were made up in Sao Paulo, Hong Kong, London and Sydney.

The falling numbers mark the end of a steady increase in recent years with revenues up 2% in 2013/14 and PEP up 5% while in 2012/13 the firm saw revenue grow to £141m, up from £124m the previous year. However, over a five year period the firm is still in positive territory recording growth of 39% on its 2010 numbers.