Helped by its Scottish and Northern Ireland mergers, BLM has surpassed the £100m turnover mark and posted £104m in revenues for the 2014/15 financial year.
The enlarged firm, which has 77 equity and 133 non-equity partners, posted profits of £18.3m with a profit per equity partner (PEP) figure of £265,000. Although that equates to the same profit margin as before its two tie-ups last year, 18%, the firm’s PEP is up by £16,000. In 2013/14, Berrymans Lace Mawer posted revenues of £89m with a PEP of £249,000.
With clients demanding insurance firms offer services across the UK, Berrymans merged with HBM Sayers on 1 May last year to become BLM, creating a £100m risk and insurance-focused firm with 170 partners and additional offices in Glasgow and Edinburgh. Further expansion saw the firm combine with Campbell Fitzpatrick Solicitors in December 2014, gifting the firm with offices in Belfast and Londonderry, eight partners and an additional 21 legal staff.
Senior partner of the 950-lawyer firm, Mike Brown, commented: ‘We continue to act for 12 of the top-15 UK and Ireland insurers and whilst risk and insurance certainly remains at our core, given our substantial presence in the general insurance, London Market and broking sectors, we’re increasing profile within our other sectors, growing revenue and securing new business from leading corporates, health and care organisations and public sector bodies.’
The recent expansion of insurance-focused firms north of the border has seen Kennedys open two offices in Glasgow and Edinburgh through partner hires from commercial litigation firm Francis Gill & Co and McClure Naismith, while DAC Beachcroft, Shoosmiths, and DWF all now have offices in Scotland, most of which were achieved through the takeover of a struggling domestic firm. Clyde & Co has also confirmed that it is in merger discussions with Simpson & Marwick.
michael.west@legalease.co.uk