Turnover down at Midlands law giants Wragge and Martineau
TWO OF Birmingham’s largest law firms – Wragge & Co and Martineau – have seen turnover fall in the past year, while Mills & Reeve has seen an increase at its Birmingham office and nationally.
Wragge & Co announced turnover for 2009/10 was £96.2 million, a decrease of 7% from last year’s £103.4 million.
Managing partner Ian Metcalfe said: “Our clients continue to feel the effects of a turbulent economic climate. We’re working hard to help them; looking at fee arrangements, sharing risk and adding value through commercial thinking or innovative problem solving. Turnover is down, but we are making investments now for the firm’s long-term prosperity.”
Martineau said turnover had ‘shrunk marginally’ and it made a profit of £6.1 million, while profit per equity partner had increased by 10 per cent, to £218,000. Bill Barker, the firm’s managing partner forecast that growing confidence in the economy because of the new government would help lift Martineau’s fortunes further.
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Mills & Reeve , the national firm with a significant presence in Birmingham’s Colmore Row, said turnover had risen to £67.3m nationally, up just over one per cent on last year. The Birmingham office outperformed the national figure with an increase in turnover of 1.3 per cent to £18.1m.
Guy Hinchley, managing partner, said: “This is a strong performance for the firm. We continue to expand in line with our 2012 business plans and, as in previous years, instead of taking more profits we have decided to share the benefits of our success across the whole firm in order to reward the hard work and professionalism of our employees in very difficult economic circumstances.”
Wragge & Co pointed to the expansion of its overseas offices as examples of its investment for the future, including a new office in Paris. The firm said the 10-partner office is already winning work and providing clients with advice on corporate, real estate, funds, tax, finance, dispute resolution, corporate recovery, IP, commercial and projects matters.
The firm said three new partners joined from other firms in the year. It added to its City-based corporate practice with a new private equity partner, David Marshall from Travers Smith. Bevan Brittan LLP senior litigation partner Tom Ellis joined the firm. Gateley Wareing partner Vicki Conway moved to Wragge & Co to head the Birmingham arm of its national corporate recovery practice.
