RPL (£K): 153
South East firm Coffin Mew failed to achieve its 2009-10 prediction of doubling turnover last year, with revenue staying almost flat for 2010-11 at £11.2m. Net profit, though, was up by 36.3 per cent to £2.18m. This is largely thanks to the successful growth of the commercial litigation and personal injury groups, plus a reduction in costs of around £900,000.
The drop in costs follows a number of redundancies in residential conveyancing, with total personnel dropping by 6 per cent. Average profit per equity partner fell by 21.1 per cent to £86,000. The firm also hopes for a further reduction in overheads due to the merging of its Fareham Point and North Harbour Portsmouth offices.
Finance partner Miles Brown anticipates the growth in Coffin Mew’s key departments to continue, although he expects social housing to slow down following the Government’s funding cuts.
Coffin Mew streamlined its management last year, removing the chief executive role in the process.