In some of the strongest growth figures to come out this year, private wealth specialist Withers has lifted its top line figure up 21% to £161.5m.
The firm’s international strategy appears to have paid off. Withers grew its turnover from last year’s £134m, when revenue also rose 9%.
Profit per equity partner was also up, increasing 11% to £305,000 from £275,000 reported in the 2014/15 LB100.
Withers formed an alliance with KhattarWong in April 2015 and opened new offices in California in June, which saw the firm take on 50 new partners at the end of the 2014/15 financial year.
The firm’s booming growth comes after a spate of international openings in the past two years. Last year, the firm launched a Tokyo-based tax practice, Withers Japan Zeirishi Houjin and launched three new offices in the US with the hire of a nine partner team, most of whom came from McKenna Long & Aldridge ahead of its combination with Dentons.
This summer Withers opened a new tax practice in Dubai with the hire of EY’s Middle East and North Africa private client head Stijn Janssen.
Withers managing partner Margaret Robertson said: ‘The past year has been one of intense focus on integrating our newly expanded international network, having opened six new offices in the past 18 months, and this work will continue to be our priority in the year ahead.’
The firm said it had become ‘truly global’, with revenues up across its regions, with 48% coming from Europe, 35% from the US and 17% out of Asia.
Robertson (pictured) added: ‘We remain confident that a broad international base of operations is the best way to secure the firm’s long-term profitability and this view has only been strengthened by the tumultuous political and economic conditions that have recently been experienced around the world.’
This week, Withers reported its latest partner promotions round, making up seven partners in six of the firm’s jurisdictions, bringing it to 165 worldwide.
Another firm which saw business boom this year was Osborne Clarke, which reported another year of stellar results, increasing global revenues 23% from €191.6m to €236.3m.
matthew.field@legalease.co.uk
