Nabarro has today (1 December) released steady half-year results for the 2015/16 financial year with revenue increasing 4% to £56.3m for the six months to the end of October, compared to the £54.1m recorded the previous year.
The firm said financials were ‘positive across the firm’ with transactional teams ‘continuing to perform well’ particularly within real estate and disputes.
The top-40 LB100 firm continues to focus on delivering its new three-year strategy, launched in May, aiming to generate growth through four sectors – healthcare & life sciences, infrastructure, real estate and technology – as well as increase work from international clients to a third of its revenue by 2018.
Senior partner Graham Stedman said: ‘We continue to grow turnover, increase profitability and invest with focus to deliver the strategy we launched in May. I am positive about our prospects for the second half of the year and the programme of change the firm will be introducing over the coming months.’
After moving its London headquarters in 2014 a bid to generate property savings, Nabarro is exploring opportunities for a joint law venture in Singapore, where its outpost is headed by partner Steven Lim.
These latest results mark a modest increase on the firm’s 2014/15 half-year financials. It unveiled a 3% revenue rise to £54.1m for the six months to end October, having recorded £52.5m in revenue the previous year.
While the firm suffered from largely flat revenues in recent years, it recorded £126m in revenue for the 2014/15 financial year, an 8% rise on 2013/14 and its largest annual increase since 2008, alongside a 21% jump in profit per equity partner to £576,000, constituting a double-digit increase for a third consecutive year.
Nabarro is currently gearing itself up for a spring election as Stedman has announced he will retire from the firm next April. Stedman will continue to head Nabarro alongside managing partner Andrew Inkester until a successor is chosen.
Nabarro’s half year report follows financial results from Allen & Overy, Osborne Clarke, Fieldfisher and Fladgate.
sarah.downey@legalease.co.uk
