UK top-50 firm Trowers & Hamlins has recovered from the mixed set of financial results last year but is yet to match previous form as the firm posted revenues of £79.4m for the 2014/15 financial year – up on last year but still down 11% on a five year view.
Net profit at the nine-office firm was also improved, coming in 8% up at £19.5m – though this was slower than the growth in 2013/14 when net income shot up 15% from £15.8m to £18.1m.
The increase in profit comes on the back of growing global revenue which was up 3% from £77.2m to £79.4m after falling 1% in 2013/14. However, the increase was down to an improving UK picture with fee income from its national offering of £64.7m, an increase of 5.5% from £61.3m the previous year. The firm’s international offices, mainly located in the Middle East, saw turnover drop 7.5% to £14.7m from £15.9m.
Profit per equity partner (PEP) at the 310-lawyer firm increased by 4% to £336,000 from £323,000 last year when PEP grew 6% after it dropped 37% to £304,000 in 2012/13.
Trowers’ highest earning equity member was awarded £466,000, while the lowest took home £186,000. Some 19 partners are at the top of the equity at the firm.
The real estate practice was singled out as the star performer of the year and generated 46% of the firm’s overall turnover. Some 27% of firmwide revenue came from its corporate practice, followed by 15% from disputes, 7% from finance and 5% from other areas.
The figures comes as the firm’s former head of Bahrain construction Paula Boast returned to Charles Russell Speechlys as its Middle East head of construction in May this year, and after the firm lost a management duo to Baker Botts in Dubai earlier this year.