Nabarro has posted flat half year (H1) revenues for the 2013/14 year, with figures rising by a marginal 0.3% from £52.3m to £52.5m, the firm announced yesterday (4 December).
Speaking to Legal Business, senior partner Graham Stedman (pictured) attributed the static results to a ‘quiet August and September’ but noted the firm has experienced a ‘pickup in real estate and corporate.’
He added: ‘As you come out of recession, although the market is still challenging, you would expect the non-contentious parts of the firm to pick up and that’s what we’re seeing now.
‘We’re very pleased with the direction we’re going in, and we’ve got a clear strategy. We’re very excited about the Dubai office so a key focus will be investment in that. We’ve still got a strong cash position and no overdraft.’
In a pre-prepared statement, Stedman added: ‘We have had a solid first half of the financial year and traditionally have a stronger second half. Investment and profitability will be watch words for the next six months.’
In mid-November the firm, ranked 30th in the Legal Business 100, announced it is to launch an office in Dubai early next year – after obtaining a licence from the Dubai government – in what will become its third international office. The firm posted a modest 3% revenue growth for the 2012/13 financial year to £116.3m, alongside a 29% rise in profit per equity partner to £427,000.
Nabarro’s H1 results are modest in comparison with a swathe of positive reports from LB100 firms, including Olswang, which saw revenue up by 15% to £57.6m and Osborne Clarke, up by 12% to €71.6m.
Elsewhere, a trio of firms announced their half year results on Tuesday (3 December), including Taylor Wessing, which turned out a double digit increase in revenue, unveiling a 10% increase in its UK turnover. Bird & Bird also attributed a 5% increase in its half-year revenues to the strengthening of its international offering, and newly-merged Ashurst reported a 5.8% increase in turnover during the first half of 2013/14 to £298m, noting the rise in improved economic conditions and an uptick in transactional work.
sarah.downey@legalease.co.uk