Partner profits dip at Pannone

MANCHESTER law firm Pannone has recorded an 18% fall in profits per equity partner.

The firm, which has two satellite offices in Cheshire, saw profits per partner drop to £228,000 in 2008-09.

But it saw fee income rise by 2.6% to £52.5m during the period.
 
Managing partner Steven Grant said: “Given market conditions I think this is a very sound performance. The worst effects of the economic downturn have been mitigated by our full service strategy and I am delighted that many of our departments have exceeded target, compensating for the reduction of activity in the corporate and property markets.

“There are some signs that these markets are beginning to recover although it is still too early to know if this can be sustained. We are well positioned to capitalise on any recovery.”

The firm was forced to cut 35 support staff earlier this year as it reacted to the recession.