London firm Fladgate LLP reports all-time highest PEP

Reading time: one minute

London law firm Fladgate LLP has become one of the first City law firms to post its financial results, reporting another record year for profit per equity partner (PEP).

The firm’s PEP increased to at least £930,000 in the year to 31 March 2023 (from £875,000 the previous year), which reflects an overall income increase of 10% to £74 million.

Managing Partner Grant Gordon commented on the firm’s success, noting that the current “volatile” political and economic environment makes it “all the more pleasing to report positive results”.

The firm has seen income rise 43% in the past two years as well as an increase in leadership headcount, with six new partners joining since April 2022 through lateral hires. Alongside five internal promotions, the total number of partners at the firm has increased to 92.

In the statement reporting its results, Fladgate said the results reflect “continued growth and progress in delivering the firm’s business strategy, which aims to accelerate the model of providing an ‘Unlimited Partnership’ (a differentiated personal, agile and enterprising approach to service that is clearly differentiated) to its client base”.

Gordon’s comments reiterated this: “Indeed, ongoing economic challenges actually present quite a few opportunities for our clients and therefore for the firm.”