Clyde & Co has posted a 17% hike in turnover for 2012-13 as the firm continues to reap the benefits of its 2011 merger with Barlow Lyde & Gilbert.
The insurance focussed firm’s revenues have increased from £287m in 2012 to £336.6m in 2013, amidst a sluggish prevailing European economy. According to chief executive Peter Hasson, without including Barlow’s revenues, Clyde & Co would have reported a single digit growth of around 6%.
Meanwhile, profit per equity partner (PEP) is up by 4% from £558,000 to £580,000 during the same period. The profit margin at the firm remains static at 25%.
Last year Clyde & Co’s revenues shot up by 38% in the more immediate aftermath of its merger with Barlows but the firm’s PEP was down by 7% on the previous year.
Hasson said: ‘Our growth reflects in large part the success of the merger which was driven by our strategy of focussing on our core sectors across the markets where our clients operate.’
Asia was the firm’s fastest growing region, with the disputes practice performing particularly well. Nevertheless, the UK continued to generate the most revenue – around £200m – with the US and the Middle-East next in line, at approximately £50m each.
The results come after a period of international expansion for the firm, which has opened five new offices worldwide since the start of 2012, most recently in China (after obtaining a licence in Beijing), marking its eighth office in Asia. The firm also launched in Madrid with a four-partner insurance team from DAC Beachcroft in April, in Libya with the hire of local lawyer Albudery Shariha, and in Sydney and Perth after it hired an eight-strong local team from Allens.
However, last April saw the firm’s Hong Kong office lose seven former Barlow Lyde & Gilbert partners to the local offices of Reynolds Porter Chamberlain, Bird & Bird and Simmons & Simmons. The firm’s net headcount is up by 309 on 2012 figures.
jaishree.kalia@legalease.co.uk