Withers saw profit per equity partner (PEP) enjoy a hefty rise over 2019/20, with a period of international expansion beginning to bear fruit at the top-30 LB100 firm. Revenue, meanwhile, enjoyed a double-digit rise as the firm steels itself for a ‘volatile’ year ahead.
PEP enjoyed a striking 41% hike to £501,000, up from £354,000 last year when partner profits endured a 12% drop, although the firm’s equity ranks did shrink by five partners across 2019/20. Overall profit now stands at £42.1m, a 34% increase, while revenues enjoyed a 14% rise to £219m, up from £193.2m.
Withers has engaged in an expansive international strategy in recent years. In 2015 the firm launched three outposts in California and has since acquired City firm JAG Shaw Baker and merged with Singapore outfit KhattarWong. Meanwhile, In September 2018 Withers recruited Bryan Cave Leighton Paisner international arbitration team head Emma Lindsay in New York, and in February 2019 it added a three-lawyer California team from Los Angeles firm Mitchell Silberberg & Knupp.
Commenting on the results, chief executive Margaret Robertson (pictured) said: ‘Going into lockdown, we had a full pipeline of work and had experienced a very good financial year thanks to investments made in the prior few years. Although the final three months of the year were quieter in some areas, client demand actually grew in dispute resolution, technology, and estate planning and structuring. This all led to a strong financial performance. We are approaching next year cautiously but, as a firm focused on private capital, we find our clients are very active in volatile times and we hope that will continue to fuel our growth.’