Macfarlanes has smashed through the £3 million PEP mark for the first time, with partner profits hitting £3.1 million alongside a 10% rise in revenue to £371 million.
Firm says tax partner Damien Crossley will take over as senior partner in March 2026.
Macfarlanes has unveiled a record set of financial results for FY25, with PEP breaking the £3 million barrier for the first time.
The results saw revenue jump 10% to £371.4 million, while PEP rose 20% to £3.1 million, up from £2.6 million last year.
The bumper partner profits put significant distance between Macfarlanes and many of the UK legal market’s biggest players. Linklaters, which announced its results on the same day, reported record PEP of £2.2 million. Of the firms that disclose the figure, Macfarlanes is very likely to be top of the pack once reporting season is over.
Leadership change
The firm also confirmed that senior partner Sebastian Prichard Jones will step down in March next year after two terms at the helm. He will be succeeded by Damien Crossley, who has led Macfarlanes' tax team for the past 10 years and spearheads its private capital solutions initiative, which offers legal and non-legal services to private capital manager clients.
What they said
Prichard Jones said: "Our transactional practices performed strongly despite a slightly muted market. The UK general election and its aftermath underpinned a standout performance from our private client and tax practices.
"We were fortunate that our clients remained active throughout, and I want to thank them, and our people, for delivering what turned out to be a good result for us."
On his successor, he commented: "I am delighted to be handing over as senior partner to Damien. He has led the tax team through a period of exponential growth and impact. I am looking forward to seeing the firm continue to fly under his leadership."
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