Clyde & Co has posted a 17% rise in turnover totalling £224m for the first half of the 2016/17 financial year, improving on last year’s 8% increase over the same period to £192m.
According to the firm, the rise in first-half fee income would have been closer to 10% on a currency constant basis, which is typically what it aims to achieve each year. The 10% lift doesn’t include fees from Simpson & Marwick because the Scottish firm’s turnover was not included for the full six months at the same point last year. The merger with the Scottish firm went through in October 2015.
In May the firm acquired five-partner litigation outfit Thornton Davis Fein, launching its Miami office. The firm also opened the doors to its Düsseldorf office in September taking on five lawyers from local firm Noerr.
‘The mergers at the back end of last year have delivered what we expected.’ Chief executive Peter Hasson (pictured) told Legal Business. ‘We get a small benefit from currency. All the bits of the business are performing within the areas we’d expect. We’ve had a decent first half in the US; Singapore and Australia have done well, but its consistency. The investments we’ve made across the past few years are delivering the returns.’
In September senior partner James Burns decided to stand down and become the firm’s new head for the Americas. Several weeks later global insurance head Simon Konsta, labelled the ‘obvious choice’ by partners within the firm, was named Burns’ replacement after an uncontested election.
Since its tie-up with Barlow Lyde & Gilbert in 2011 revenue has climbed by 111% from £211.8m to £447.1m, and Clydes has more than doubled its number of offices from 20 to 46.
madeleine.farman@legalease.co.uk
Read more: ‘Sideways – A lateral move in leadership and big US ambitions for Clyde & Co‘
