Clyde & Co has posted a 5.3% increase to £178m in turnover for the first half of 2014/15 financial year as the firm has kept up its international ambitions with several office launches.
Although an increase on last year, the performance was affected by currency fluctuations that worked against the dollar resulting in a rise considerably lower than the first-half of 2013/14 when revenues shot up 16.5% to £169m. At the time, the firm attributed the increase to a combination of underlying growth and improvements in working capital management.
It also comes in a season which has seen some firms post strong increases for the half year with Osborne Clarke recording revenue growth of 17%, Stephenson Harwood up 12%, RPC 16% and Addleshaw Goddard up 11%.
At the end of the financial year 2013/14, Clyde & Co’s turnover rose 8% to £365.1m, while profit per equity partner grew 3% to £599,000, that consolidated impressive results the previous year which saw the firm’s turnover increase 17% to £336.6m for 2012/13.
The firm has made some ambitious moves to break more ground internationally and over the last six months has opened an office in southern California, a fully integrated office in Riyadh with association firm Abdulaziz Al-Bosaily and a fourth Australian office in Brisbane. These followed the launch of two offices in South Africa in May, with the hire of a five-lawyer, four-partner team from Linklaters’ local ally, Webber Wentzel.
jaishree.kalia@legalease.co.uk
