Top-30 LB100 firm Nabarro is the latest to unveil its 2013/14 financials, with annual turnover broadly flat at £116.7m, a rise of 0.3%, while profit per equity partner (PEP) is expected to rise 10.5% to £475,000, constituting a double digit increase for the second successive year.
While the figures are preliminary, net profits are also expected to increase by 8% to £34.1m. The firm said in a statement today (1 July) that in addition to investing in its future, it continues to maintain a strong cash balance and no overdraft.
Nabarro senior partner Graham Stedman (pictured) said: ‘This has been a positive year for Nabarro. We have made important investment decisions to support long term growth of the firm in line with our strategy to increase our international work and invest in our key sectors. Profitability is an important measure and it is good to see us continuing to make progress on that front as well as recording a healthy increase in PEP for the second successive year.’
Annual turnover last year moved up 2.6% from £113.4m in 2011/12 to £116.3m in 2012/13. The firm also saw PEP rise by 30% from £332,000 to £430,000 during the course of the financial year, while preliminary figures showed net profits increased by 11% from 2012/13.
Major advisory leads for the firm this year saw its heavyweight real estate team, led by Ciaran Carvalho, advise on a £800m deal between Hermes Real Estate and The Co-Operative Group to become equal partners on the regeneration of buildings and land in central Manchester. It further played a central role in advising Land Securities on its £656m acquisition from Lend Lease of a 30% stake in Bluewater, the iconic Kent shopping centre.
The firm made several prominent lateral hires since September, including Addleshaw Goddard real estate head Mark Haywood and partners Nathan Jansen and Monica Brij to launch in Manchester; DLA Piper IT litigation head Lee Gluyas in March; and Osborne Clarke employment partner Richard Brown in September. It did, however, lose a trio of climate change and energy lawyers, including energy head Tom Bainbridge, partner Louisa Cilenti and senior associate Sandy Abrahams, to City technology boutique Temple Bright this week.
The UK firm also saw French firm August & Debouzy leave its European alliance, which also includes Germany’s GSK Stockmann + Kollegen, Italian firm Nunziante Magrone and Spanish firm Roca Junyent, blaming its departure in part on the desire to grow its own network.
Nabarro did, however, enhance its international reach via the opening of Middle East hub in Dubai earlier this year in what became its third international office.
sarah.downey@legalease.co.uk
For our latest analysis of Nabarro, see Always a bridesmaid: can Nabarro revive itself post-Lehman without a partner?