Smith & Williamson boasts 18% income boost
Smith & Williamson bucked the trend in the middle market, where most firms have suffered static results in the last two years, with an 18% increase in fee income to #45.3m, writes Phillip Inman.
The 14th largest accountancy firm said the number of fee-earning partners in the firm has increased by three over the last year to 72.
Group managing director Gareth Pearce said two-thirds of the increase came from existing businesses, with the balance made up from the three new offices in Birmingham, Worcester and York.
Pearce, whose firm has never been invited to join the informal association of mid-tier rivals known as Group A, said fees per partner had risen from #556,522 to #629,167, a jump of 13%. A majority of the fees came from the firm’s financial services, corporate finance and management consultancy divisions, while tax advice stayed the same, at 22% of income.
Pearce said he looked forward to the merger of Price Waterhouse and Coopers & Lybrand and the outfall of business to mid-tier firms.