It has also emerged the firm is freezing all UK-based lawyer and staff salaries for four months amid the fallout from last month’s Brexit vote, the first law firm to do so.
The results signal a strong run at the firm after PEP plummeted by 38 per cent during the 2012/13 financial year, from £660,000 to £401,000. At the time BLP’s net profit also fell by 38 per cent, from £63.6m to £39.4m. PEP has continued to rise since then after increasing by 35 per cent to £542,000 in 2013/14.
BLP’s turnover fell by 1.9 per cent last year, from £259m to £254m. The firm’s net cash position now stands at £6m.
Source: The Lawyer
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