Some challenges: Travers ups NQ pay range following 11% revenue growth and subdued PEP

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Some challenges: Travers ups NQ pay range following 11% revenue growth and subdued PEP

Travers Smith has marked a tenth consecutive year of revenue growth with an 11% increase in turnover, although profit per equity partner (PEP) grew at a more subdued 4%.

Revenue at the firm grew to £162.5m for the 2018/19 financial year – good for growth of more than 70% over the last five years – while PEP hit £1.25m. The firm subsequently joined the raft of firms increasing pay for newly-qualified solicitors (NQs), lifting their base rate salary to £85,000. NQs have the potential to receive between £93,500 and £110,500 with bonuses and other discretionary payments. Continue reading “Some challenges: Travers ups NQ pay range following 11% revenue growth and subdued PEP”

Dice falls in Linklaters’ favour as partner profits shoot up 10% and £100m added to top line

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Dice falls in Linklaters’ favour as partner profits shoot up 10% and £100m added to top line

Linklaters has posted the strongest financial performance of its peer group with a 7% revenue uptick to £1.63bn and double-digit profit growth.

The results today (11 July) show profit per equity partner (PEP) at the Magic Circle law firm rose 10% to £1.7m in 2018/19 after being flat in a mixed 2017/18. Continue reading “Dice falls in Linklaters’ favour as partner profits shoot up 10% and £100m added to top line”

Continuing apace: Stevens & Bolton posts eighth year of growth amid 9% revenue rise

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Continuing apace: Stevens & Bolton posts eighth year of growth amid 9% revenue rise

South East heavyweight Stevens & Bolton has completed its eighth successive year of growth, posting a 9% turnover increase to £28.3m.

The 2018/19 results came off the back of last year’s 9% revenue hike to £26.8m and continued a pacey run for the Guildford-headquartered firm. Continue reading “Continuing apace: Stevens & Bolton posts eighth year of growth amid 9% revenue rise”

Pinsents holds back ‘significant’ investment from partner profits amid 7% revenue growth

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Pinsents holds back ‘significant’ investment from partner profits amid 7% revenue growth

Pinsent Masons has ring-fenced ‘significant funds’ from partner profits in a bid to prioritise investing in the business, in turn cutting profit per equity partner (PEP) by 5%.

Revenue at the firm for the 2018/19 financial year rose 7% to £482m, slightly ahead of last year’s 6% increase and good for growth of more than 40% over the last five years. Gross profit rose 2.5%, but PEP fell to £620,000 from £653,000 as the firm put aside funds for investment in areas including IT and cybersecurity. Continue reading “Pinsents holds back ‘significant’ investment from partner profits amid 7% revenue growth”

Macfarlanes’ revenue continues to defy gravity but PEP holds steady

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Macfarlanes’ revenue continues to defy gravity but PEP holds steady

City stalwart Macfarlanes has posted a mixed bag of financial results as the ninth consecutive year of revenue growth failed to translate into a rise in profit per equity partner (PEP) following last year’s 26% surge to £1.74m.

The results announced today (10 July) show turnover grew 8% to £216.98m in 2018/19, a significantly slower pace than last year’s exceptional 20% rise to £201.5m. Continue reading “Macfarlanes’ revenue continues to defy gravity but PEP holds steady”

Revenue continues to fly at Bird & Bird as PEP growth lags behind

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Revenue continues to fly at Bird & Bird as PEP growth lags behind

Global traveller Bird & Bird has recorded its 28th consecutive year of revenue growth, hiking its top line 7% to £361m in 2018/19 as profit per equity partner (PEP) rose 4% to £575,000.

Announced today (9 July), the results show the pace of growth slowed down in sterling terms compared to last year’s 11% uptick to £337m, but in euro terms it slightly improved, with a 7% hike to €409.5m compared to last year’s 6% growth. Continue reading “Revenue continues to fly at Bird & Bird as PEP growth lags behind”

Ashurst set to reach £1m PEP target after 31% surge as revenue tops £641m

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Ashurst set to reach £1m PEP target after 31% surge as revenue tops £641m

Paul Jenkins, Ashurst’s indomitable managing partner, is aiming to reach profit per equity partner (PEP) of £1m in the next financial year as the City stalwart unveils its best financial results to date.

On the back of three consecutive years of growth, the firm added £77m to its top line to hit £641m for the year to 30 April 2019, a significant 14% increase on the £564m turnover of last year. Continue reading “Ashurst set to reach £1m PEP target after 31% surge as revenue tops £641m”

Getting on with it: resilient market provides growth for Scottish independents

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Getting on with it: resilient market provides growth for Scottish independents

Scottish independents Brodies and Shepherd and Wedderburn have continued their strong growth tracks despite ongoing uncertainty.

Brodies, Scotland’s largest firm, had a particularly strong year, as revenue rose 12% to £76.9m and profit came in at £37.4m, up 14%. This was up on the previous year’s flat growth of 3% and 4% respectively, with revenue up 49% over the last five years. Continue reading “Getting on with it: resilient market provides growth for Scottish independents”

We’re in control: DACB clears debt as revenue lifts 6% in ‘more difficult’ market

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We’re in control: DACB clears debt as revenue lifts 6% in ‘more difficult’ market

DAC Beachcroft (DACB) has cleared nearly £40m of debt in about four years, providing the icing on a financial cake which has sweetened for a fifth successive year.

Revenue at the firm grew 6% to £243m in the year to 30 April 2019, building on an 11% uptick the previous year, and coupled with a 10% increase in profit to £52m. Profit per equity partner (PEP) similarly increased 7% to about £570,000. Continue reading “We’re in control: DACB clears debt as revenue lifts 6% in ‘more difficult’ market”

Corporate picks up disputes slack as HSF profits climb 11%

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Corporate picks up disputes slack as HSF profits climb 11%

Revenue growth at Herbert Smith Freehills (HSF) remains sluggish after a strong year for the corporate practice was offset by a relative slowdown in disputes.

Revenue grew a steady 4% to £966m, whereas profits grew 11% to £307m. Profit per equity partner (PEP) matched overall profit growth, rising 11% to £949,000. Continue reading “Corporate picks up disputes slack as HSF profits climb 11%”