Clyde & Co today (1 August) reported a 22% increase in revenue to £786.6m – a combination of 6% organic growth and the impact of its merger with BLM, which finalised last July. This marks the firm’s 25th consecutive year of growth, with revenue up 115% over the decade.
Profit was also up 6% to £169.2m, while PEP held steady at £708,000.
The firm reported higher growth in each key metric than last year when revenue rose by 2% , profit went up by 4%, and PEP dipped by a little under 1%.
These results are impressive in a year that has seen firms from Linklaters to Fieldfisher post declines in PEP. While Clydes’ PEP remains short of 2021’s figure of £715,000, the firm notes that it brought in 38 lateral hires, added 46 new partners through the BLM merger, and made 26 internal promotions.
The firm now reports 3,200 legal professionals, of which 490 are partners – an increase of 52 partners (11%), and total headcount growth of 45%.
The proportion of revenue generated outside the UK fell from 56% to 54%, though the total figure increased 16% to £425m. North America accounted for the same proportion as last year (22%), the Middle East and Africa 12%, Asia Pacific 12%, Europe 6%, and Latin America 2%.
The firm continued to expand, with new offices in Bangkok, Boston, Calgary, and Milan, an associated office in Cairo, and the addition of BLM’s offices in Belfast, Birmingham, Derry/Londonderry, Liverpool, and Southampton. The combination with BLM helped Clydes bring UK growth up 28% – the highest growth of any region. North America was in second with 21% growth, while Europe and the Middle East and Africa both grew by 18%.
Corporate and advisory and regulatory and investigation will be key areas of focus moving forwards, with the two practice areas accounting for 14 of the past year’s 38 lateral hires.
‘Our results over the past year speak of a firm in good health and in growth mode’, CEO Matthew Kelsall (pictured) said in a statement. ‘Doubling our revenues in the space of 10 years is a testament to the enduring strength of our strategy and the value it provides clients thanks to our clear and long-held sector focus and our strengths across disputes, regulatory and corporate disciplines. Our focus remains on building and maintaining market-leading positions in all our sectors and practices, while continuing to invest in our people and our technology to ensure the most effective delivery of legal services to our clients.’
Senior partner Carolena Gordon took a similar view: ‘Our clients have continued to place their trust in our people across the globe this year. We have continued to build out our capabilities and have integrated successfully following our merger with BLM. I am confident that what we have built, including the exceptional talent we have across the firm, puts us in a uniquely strong position to provide clients with the global and commercial-minded support they need to successfully navigate risk and maximise opportunity in today’s complex and uncertain business environment.’