Pannone hails progress as profits rise

LAW firm Pannone has posted a 3% hike in profits to £11.9m on turnover down 6% at £49.5m.

Profits per equity partner rose marginally to £229,000 in the year to the end of April, up from £228,000 in 2009.

The Manchester firm also announced the line-up of its new top team, with managing partner Steven Grant moving to senior partner and Emma Holt – who was elected as his successor in May – taking over from today.

Mr Grant, inset, had been due to stand down as managing partner at the end of the year, but after the recent departure of senior partner Joy Kingsley to JMW, it was decided that he should become senior partner now.

New managing partner Emma Holt hailed a “solid set of results” in a tough market, adding: “The figures, which take into account restructuring costs, are reflective of the hard work and dedication of everyone at the firm.

“It is exciting times for Pannone and these results provide an excellent platform from which to fulfil our ambitious growth plans.”

Commenting on Steven Grant’s move to senior partner she said: “Steven has successfully steered the firm through challenging economic conditions and his wealth of experience and knowledge will prove to be invaluable as Pannone enters the next stage of its development.”

Mr Grant added: “I am very much looking forward to working closely with Emma who will be an outstanding managing partner.”