One of the UK’s leading ‘pacey’ mid-tier firms, Watson Farley & Williams (WFW), has seen its revenue growth rate fall to 3% following a record-breaking year.
The energy, transport and real estate specialist recorded an above-trend revenue growth of 20% to reach £159.8m last year. A modest 3% increase this year, by contrast, pushes WFW’s top line to £162.9m. Continue reading “Watson Farley using fewer smiley emojis as revenue growth falls back following strong run”
The firm was a stand-out performer in 2017, but Allen & Overy (A&O) could not keep up the blistering pace for a second year as the London leader today (6 July) confirmed a solid but unspectacular 4% hike to its top line, sending revenues up £54m to £1.57bn.
The result was matched by a 4% increase in profit per equity partner (PEP), which hit £1.64m, while pre-tax profits were up 3% to £690m. The performance leaves A&O as the second largest Magic Circle firm in revenue terms. Continue reading “The Magic Circle packs tight in 2018 results as A&O follows peers with modest growth”
Freshfields Bruckhaus Deringer has posted something of a rebound after announcing a 12% increase in profit per equity partner (PEP) to £1.734m while the firm added 5% to its top line.
The firm achieved total profits of £683m, a 12% increase, while revenues were up from £1.33bn last year to £1.403bn. The performance will be seen as a marked improvement on the 2016/17 season when Freshfields failed to hike income at all despite favourable movements in currencies. The hike in partner profits will be seen as particularly welcome at a time when many London leaders are seeing their star partners targeted by aggressive US rivals. Continue reading “Freshfields partner profits top £1.7m as City giant posts more confident year”
Herbert Smith Freehills (HSF) chief executive Mark Rigotti says the days of focusing on revenue growth ‘are gone’ after the firm revealed today (4 July) less than one percent turnover growth for 2017/18 against a 12% increase in profit per equity partner (PEP).
Revenue at HSF during what it described as a period of encouraging growth was £926.8m, barely up on last year’s £920.5m. HSF’s profits, meanwhile, rose 8% to £277.2m and PEP was up from £760,000 to £852,000. The firm’s financial figures are not currency-adjusted but foreign exchange impacts were described as marginal. Continue reading “Top-line growth no longer a priority as profit jumps 12% at HSF”
For months lawyers have been talking of unexpectedly robust trading conditions but the first clear indication from the City elite come today (3 July), as Clifford Chance (CC) announces a 5% income hike for 2017/18, while partner profits surged to £1.6m.
The first set of results from a Magic Circle outfit show revenue up from £1.54bn to £1.623bn, while the firm’s overall profits pool was up just over 13% to £626m. The number of equity partners over the year dipped from 403 to 392, driving profits per equity partner up nearly 16% from £1.375m to £1.596m. The number of lawyers at the firm also dipped to 2,905 from 2,999 last year. Continue reading “A relative result: CC hikes partner profits to £1.6m as first Magic Circle player unveils 2018 numbers”
Another year of international expansion has seen the 27th consecutive year of revenue growth for Bird & Bird as the firm posted a 6% rise to €382.3m and an 11% hike in sterling terms to £337m, as Gordon Dadds passed the £30m mark in its first results since its public listing.
In what chief executive David Kerr described as ‘strong growth’, Bird & Bird increased profit per equity partner (PEP) by 10% to £550,000 with the number of equity partners growing from 105 to 113. Continue reading “More growth for global traveller Bird & Bird as post-float Gordon Dadds hikes income 25%”
Stephenson Harwood has recorded a 6% rise in revenues to £189m but suffered a consecutive year of falling profit per equity partner (PEP), down 6% to £664,000.
The results are less polarised than last year, where revenue grew 11% but PEP fell by 9%. Continue reading “Financials 2017/18: Revenue ticks over for Stephenson Harwood but profits dip again”
In what management has billed as ‘a strong performance globally’, Ashurst has reported a modest 4% uptick in revenue for 2017/18 while the firm sustained the 11% growth in profit per equity partner (PEP) achieved last year.
The firm’s revenue for the last financial year was £564m, up from £541m, while PEP stood at £743,000 compared with £672,000 in 2017. Continue reading “Financials 2017/18: Ashurst posts 4% revenue uptick and second year of double-digit PEP growth”
Simmons & Simmons has posted one of its strongest results since the banking crisis, with the City firm announcing a 12% hike in revenues to hit £354m. After a year of sustained recruitment and foreign expansion, the 280-partner firm also saw net profits surge 19% to £110m and profit per equity partner (PEP) up 8% to £686,000.
The headline 12% growth rate comes after a 7% increase for 2016/17 and looks set to be one of the most robust showings in its weight class this year even against the backdrop of active markets. In common with many large City firms over the last decade, Simmons has struggled to sustain strong growth. Continue reading “Expansive Simmons shrugs off sluggish post-Lehman form to drive income up 12% to £354m”
Pinsent Masons has recorded slower revenue growth for the 2017/18 financial year, with turnover increasing by 6% to £449.8m compared to the 11% growth the firm recorded last year.
Profit per equity partner (PEP) increased by 4% to £653,000, a significant slowdown from the 14% growth registered last year, however the increase comes despite the addition of six equity partners at the firm since July 2017. Continue reading “‘Continued growth an excellent result’: year of investment brings slowdown for Pinsents”
