Results released this week by the UK insurance litigation firm have revealed a 19 per cent drop in net profit from £18.3m to £14.8m for the most recent financial year. The weak result has similarly pushed the firm’s profit per equity partner down from £265,000 to £192,000, despite the equity partner headcount decreasing by 12 last year to 57 last. 

Investment 

The disappointing profit figures come alongside a 3.5 per cent lift in turnover at the firm to £107.7 million, its highest ever. Senior partner Mike Brown says the results reflect a ‘year of investment’: ‘The growth of our business and its strength in the future will be the result of the investment we make now; investment in technology, in the right people and in the right locations, and with the right skills, are crucial,’ he said.

Sources: Legal Week; The Lawyer