Withers CEO Margaret Robertson
Withers has seen its profit per equity partner (PEP) soar by 25% for the 2016-17 financial year, taking PEP up to 381,000, from 305,000.
The rise, which comes alongside a 25% hike in net profit from 26m to 32.5m, represents a significant improvement on 2015-16 when PEP fell 17% to 305,000. This fall in PEP came despite net profit increasing 14% to 26m.
Last week, Withers announced an 8% revenue rise for 2016-17 alongside the promotion of eight lawyers to its partnership, including six in London.
Turnover climbed to 174.5m for the year ending 30 June, up from 161.5m last year. The firm has grown consistently over the past 10 years, with revenues more than doubling since 2006-07, when the firm took in 78.2m.
The promotions, which took effect on 1 July, mark an increase on last year, when the firm made up seven lawyers.
Other UK firms to have announced their financials this month include Mills & Reeve which posted a 7.8% rise last week in PEP to 403,000; specialist litigation firm Stewarts Law which saw a 30% jump in PEP to 2m and Travers Smith which announced a 4.4% dip in PEP to just below the 1m mark at 970,000.