Member Article

Pannone profits up despite reduced turnover

Leading Manchester law firm Pannone has reported profits of £10.4m in its results for the year ending April 2013.

That represents a growth of 12%, albeit with a reduced turnover, down 1.2% to £45.6m. Profit per equity partner (PEP) rose 7% to £239,000, compared with £224,200 last year.

In May the firm announced a fixed-price mediation strategy following the Jackson reforms.

Managing partner Emma Holt, who was elected to the role in 2010, said placing greater emphasis on pricing and reshaping the business had put the firm in an ‘excellent position to adapt to the ever-evolving legal sector’.

She added: “This is a solid set of results and our double digit profit growth is an excellent achievement.”

Profits grew across the firm’s five areas of practice in corporate services, dispute resolution and regulatory, serious injury, affinity and family, personal and financial.

Pannone is putting greater focus on the way the firm priced work as well as the shape of its teams.

The firm has 140 non-lawyer fee-earners and also has a paralegal apprenticeship programme.

Pannone’s team specialising in abuse work has been instructed by a large number of alleged victims of Jimmy Savile and Stuart Hall.

This was posted in Bdaily's Members' News section by Simon Malia .