2015 Legal Business Law Firm of the Year Osborne Clarke has continued its sound financial performance of the last few years, reporting impressive first-half results for 2015/16. The firm has outpaced its peers by a stretch, reporting a 25% rise in first-half turnover.
While not all firms disclose their revenues at the halfway point, Deloitte has found UK law firm revenues were up by an average of 4.5% for the first half of the financial year 2015/16.
Osborne Clarke, which reported a lift in turnover to €111m, attributed the 25% rise to its sector focus and being closer to clients. The firm had posted a 17% increase at this stage last year.
UK managing partner Ray Berg told Legal Business he was optimistic about the second half of the financial year following a strong December and January.
‘The outlook is positive, but with a degree of caution. We all know we have to make the most of favourable economic conditions, but for me it’s about the focus of the firm. Conditions are better, and this means we can pick up market share and get a reputation for ourselves.’
Other firms to report double-digit growth in first-half turnover include another firm with origins in the South West, TLT, which reported an increase of 14% from £31.3m to £35.3m, and recently-listed Gateley, which posted a revenue increase of 11% to £29.6m in its audited first-half results, from £26.7m. Gateley chief executive Michael Ward said the group had faced an improving but challenging period, but its flexible plc status had enabled it to grow and make strategic acquisitions.
Fieldfisher, Browne Jacobson and Clyde & Co also had strong starts to 2015/16, all posting 8% lifts in revenue. Firms to report turnover growth under 5% include Nabarro, Allen & Overy, DAC Beachcroft and Simmons & Simmons.
DAC Beachcroft managing partner David Pollitt said firms with modest first-half results were likely to post better full-year results as the second half of the year was usually busier.
victoria.young@legalease.co.uk
FIRST HALF 2015/16 FINANCIAL RESULTS
| Firm | Percentage increase from year prior |
First half turnover 2015 |
First half turnover 2014 |
|---|---|---|---|
| Osborne Clarke | 25% | €111m | €89.1m |
| TLT | 14% | £35.3m | £31.3m |
| Gateley | 11% | £29.6m | £26.7m |
| Fieldfisher | 8% | £58.4m | £54.3m |
| Clyde & Co | 8% | £192m | £178m |
| Browne Jacobson | 8% | £30.8m | £28.6m |
| Watson Farley & Williams | 5% | £59.5m | £56.8m |
| Nabarro | 4% | £56.3m | £54.1m |
| Allen & Overy | 4% | £642m | £619.7m |
| DAC Beachcroft | 2% | £100.8m | £98.8m |
| Simmons & Simmons | 1% | £142m | £140m |