Penningtons Manches sees revenue rise and PEP tumble

The costs of investment and a merger have been felt at Penningtons Manches, which has reported a lift in revenue but a tumble in profits per equity partner (PEP) for the financial year 2015/16.

Revenue was up 7 per cent from £57.5m to £61.6m, a slowed pace of growth compared with 2014/15 when revenues rose by 23 per cent.

In contrast, PEP fell by 16 per cent from £319,000 to £269,394. Chief executive David Raine attributed the drop to costs associated with implementing a new IT system and consolidating offices.

Takeover and expansion

Penningtons Manches was formed after the high-profile takeover of Manches was taken over by Penningtons back in 2013. The next year, the firm opened an office in San Francisco to provide English law advice on corporate, IP, immigration, and employment matters for US businesses undertaking corporate activity in the UK and Europe.

Penningtons Manches sees revenue rise and PEP tumble

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