Financials 2020/21: ‘Tremendous resilience’ from Freshfields yields 5% turnover and profit growth

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Financials 2020/21: ‘Tremendous resilience’ from Freshfields yields 5% turnover and profit growth

Freshfields Bruckhaus Deringer has weathered the coronavirus crisis to report a 5% addition to its top line and profit per equity partner (PEP) respectively, a slight return to form after last year’s more subdued showing.

The firm said today (30 July) that revenue increased to £1.59bn from last year’s £1.52bn as PEP hit £1.91m – a notable increase on last year’s slight drop to £1.82m. Continue reading “Financials 2020/21: ‘Tremendous resilience’ from Freshfields yields 5% turnover and profit growth”

Financials 2020/21: Addleshaws to triple bonus provision following standout year

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Financials 2020/21: Addleshaws to triple bonus provision following standout year

Addleshaw Goddard has kept pace with an emerging trend over the past month, posting robust financial results for 2020/21 following a pandemic-hit year previously.

Revenue this time around is up 12% to £321m from £288m in 2019/2020. The firm said this constitutes an eighth year of successive income growth, ‘delivered notwithstanding the challenges of the year’. Following further planned investments in new offices, infrastructure and people, the closing cash position of £108m is ‘a record for AG, underpinning the firm’s balance sheet strength’. Continue reading “Financials 2020/21: Addleshaws to triple bonus provision following standout year”

Financials 2020/21: Osborne Clarke shows spirit with 7% revenue growth and double-digit profit surge

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Financials 2020/21: Osborne Clarke shows spirit with 7% revenue growth and double-digit profit surge

Osborne Clarke has rallied in the face of last year’s Covid-hindered financials to record a 7% international revenue increase to €341m as UK profit and profit per equity partner (PEP) saw double-digit elevations for 2020/21.

The global revenue increase from last year’s €318m means turnover has grown a respectable 55% over five years. OC’s UK showing has also received a shot in the arm from last year when the firm posted a subdued 3% revenue increase to £155m from £150m, while UK net profit diminished by 5% to £59.8m from £63m. Continue reading “Financials 2020/21: Osborne Clarke shows spirit with 7% revenue growth and double-digit profit surge”

Financials 2020/21: ‘Fortunate’ Macfarlanes adds 10% to top line as 26-50 LB100 firms post mixed results

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Financials 2020/21: ‘Fortunate’ Macfarlanes adds 10% to top line as 26-50 LB100 firms post mixed results

Firms ranked 26-50 in the Legal Business 100 – Macfarlanes, TLT and Watson Farley & Williams – have posted a mixed bag of financials for 2020/21.

Macfarlanes has enjoyed its eleventh consecutive year of revenue growth amid a double-digit profit uptick and profit per equity partner figures that again bely fears of pandemic reversals. The robust 10% turnover increase to £260.96m builds on last year’s 9.5% rise to £237.65m, while PEP increased 9% to £2.09m, continuing last year’s solid 10% boost to £1.91m. Continue reading “Financials 2020/21: ‘Fortunate’ Macfarlanes adds 10% to top line as 26-50 LB100 firms post mixed results”

Financials 2020/21: RPC latest to shrug off lean spell to post robust financial growth

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Financials 2020/21: RPC latest to shrug off lean spell to post robust financial growth

RPC is the latest LB100 firm to emerge from a ‘very challenging’ period to today (22 July) post exceptional financial results for 2020/21.

The firm’s total revenue for the financial year 2020/21 was £136m, an increase of 23% on FY20 (£110.1m) and 26% on 2018/19 (£108m). Continue reading “Financials 2020/21: RPC latest to shrug off lean spell to post robust financial growth”

Financials 2020/21: Ashurst breaks the £1m PEP barrier again as turnover climbs 10%

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Financials 2020/21: Ashurst breaks the £1m PEP barrier again as turnover climbs 10%

In another set of buoyant pandemic financial results, Ashurst has breached the £1m-profit-per-equity-partner barrier for the first time since the global financial crisis, while revenues received a double-digit boost.

PEP stood at £1.038m, a striking 15% increase on last year’s £903,000 figure. In doing so, Ashurst has fulfilled managing partner Paul Jenkins’ ambition to top £1m in PEP , albeit a year later than hoped.  Continue reading “Financials 2020/21: Ashurst breaks the £1m PEP barrier again as turnover climbs 10%”

Financials 2020/21: ‘Strongest-ever quarter’ rescues revenue growth at Clifford Chance

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Financials 2020/21: ‘Strongest-ever quarter’ rescues revenue growth at Clifford Chance

Clifford Chance had a late flurry of transactional activity to thank for a respectable set of Covid financials, as profit per equity partner climbed 9% and revenue inched up by 1%.

The firm’s PEP reached £1.85m, up on last year’s £1.69m, while revenue hit £1.828bn from £1.803bn. There was also an 8% uptick in partnership profit, growing to £716m from £666m. Continue reading “Financials 2020/21: ‘Strongest-ever quarter’ rescues revenue growth at Clifford Chance”

‘An element of the exceptional’: Simmons latest to post striking pandemic financials with double-digit revenue growth and soaring profits

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‘An element of the exceptional’: Simmons latest to post striking pandemic financials with double-digit revenue growth and soaring profits

Simmons & Simmons managing partner Jeremy Hoyland said there was ‘an element of the exceptional’ in the firm’s financial results announced today (16 July), with revenue growing 12% to £437m and profits shooting up 35% to £171m.

There was also a steep increase in profit per equity partner, growing 30% to reach £980k. Overall, this year’s results far outstrip the unremarkable 4% revenue growth and 6% profit increase from last year , as Hoyland explained that the firm benefited from a significant boom in instructions due to the pandemic. Continue reading “‘An element of the exceptional’: Simmons latest to post striking pandemic financials with double-digit revenue growth and soaring profits”

Financials 2020/21: Profits soar 30% and revenues surpass £1bn at Herbert Smith Freehills

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Financials 2020/21: Profits soar 30% and revenues surpass £1bn at Herbert Smith Freehills

Herbert Smith Freehills announced a striking 30% increase in profitability as part of its 2020/21 financials today (13 July), with strong international contributions underlining the firm’s robust overall pandemic performance.

The firm’s profit jumped to £366.9m from last year’s £283.2m. This represents an emphatic comeback after profits tumbled by 8% last year amid steep operating costs. Continue reading “Financials 2020/21: Profits soar 30% and revenues surpass £1bn at Herbert Smith Freehills”

Financials 2020/21: European contributions crucial as Fieldfisher and Kennedys post resilient revenues

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Financials 2020/21: European contributions crucial as Fieldfisher and Kennedys post resilient revenues

Thanks in part to their respective European networks, Fieldfisher and Kennedys have both posted robust 2020/21 revenues in the face of the pandemic.

There was an inevitable slowdown in growth at Fieldfisher, today unveiling a modest 6% uptick in revenues to reach £290m. It is the firm’s eighth consecutive year of growth, but it does not match double-digit increases seen in recent years. The firm chalked up the deceleration to ‘the impact of the pandemic.’ Continue reading “Financials 2020/21: European contributions crucial as Fieldfisher and Kennedys post resilient revenues”