In what is perhaps an early bellwether of 2023 financial performance for the market at large, or a hangover from the second half of 2022, Baker McKenzie has released its financial results following its year end on 30 June, reporting a revenue of $3.3bn, the same as 2021/22, when turnover increased by 6%.
The firm’s net income has also stayed the same as the previous year at $1.2bn. Continue reading “Warning signs? Baker McKenzie records stagnant financials in year-end results”
The annual flood of financial results has engulfed the market once again, with Legal Business 100 firms observing how the Magic Circle firms in particular have performed compared to City peers.
Financial performance reported among UK firms so far reveal an estimated average growth of 8% in revenue, only slightly down on the average revenue growth of 9% recorded in our 2022 LB100 report. However, the picture is different for profit per equity partner (PEP), where growth has been minimal or flat and falling short of average performance in 2022, where PEP also grew by 9%. Continue reading “Numbers unveiled: 2022/23 financial results show 8% average revenue growth”
Although the frenzy of financial reporting season has begun to subside, this week saw Irwin Mitchell release its financial results for 2022/2023.
The report shows that the whole group’s overall revenue has remained steady at £276m since last year, while the group’s core businesses generated 2% more revenue than this time last year, rising from £266m to £271m. Continue reading “‘Despite the considerable headwinds, we will deliver progress’: Irwin Mitchell records flat revenue in latest financials”
CMS has reported a 6% uptick from last year’s €1.746bn to €1.862bn in global revenue growth in its recent set of financial results this week, with UK turnover also up by 6% to £686m from FY21/22’s £644m.
Despite the continued financial growth, revenue has slowed considerably since last year, which saw an 18% spike to the global top line and a 14% increase in UK turnover. Continue reading “Financial results 22/23: CMS sees deceleration in revenue growth following last year’s standout figures”
Kingsley Napley has reported an 11% rise in revenue to £61.2m from £55.2m, an all-time high for the firm. However, profit per equity partner (PEP) fell dramatically by 33% to £226,000 from £337,000 last year.
Speaking to Legal Business about the reasons behind the fall in PEP, managing partner Linda Woolley (pictured) said: ‘We brought in eight partners during the year and promoted four to partner internally. This was quite a big investment on our behalf but a planned investment. Also, you do not just recruit a partner, you recruit other people to support them. Continue reading “Financials 2022/23: Kingsley Napley sees double-digit revenue growth but PEP tumbles”
Litigation specialist firm Stewarts today posted financial results that saw revenue fall by 25% to £85.1m. Net profit and PEP both fell by 56%, with profit down to £25.6m and PEP down to £1.2m, its lowest figure since 2019.
The firm also reported its equity spread, which shows that its highest earner took home £1.7m, while payouts at the bottom of the ladder were just over £592,000. This is down from £3.4m at the top end and £1.2m at the bottom last year. The number of equity partners was steady at 21. Continue reading “Revenue and PEP plummet at Stewarts as ‘non-linear growth’ continues”
Addleshaw Goddard has repeated last year’s outstanding performance in another set of promising financial results today (3 August), reporting a 18% increase in revenue growth from £377m to £443m, matched by an 18% rise in total profit from £155m to £184m.
PEP is estimated to be £909,000 by Legal Business, an increase of 5%. Continue reading “Addleshaw stands out from subdued market with 18% revenue and profit rise”
Bird & Bird today (3 August) posted a strong set of financial results showing growth in revenue, profit, and PEP. Turnover went up by 10% to hit £495m. This is in line with last year’s growth, though currency fluctuations mean the increase is less impressive in euros: up 9% to hit €573m, compared to euro growth of 15% last year.
Net profit increased by 8% when measured in sterling and 7% in euros, to £108.4m/€125.4m. PEP, too, ticked up slightly, increasing by 2% in sterling to £669,000 (1% in euros, to €774,000). Continue reading “‘Good growth in a challenging market’: Bird & Bird notches 31st consecutive year of growth as turnover hits £495m”
TLT has reported a 9% rise in revenue to £157m from £144m last year. This follows a standout year in 2021/2022, which saw turnover rocket by 30%.
However, the firm has seen profit per equity partner take a dramatic dip, falling 27% to £600,000 from last year’s £826,000, while equity partner headcount has increased marginally from 39 to 42. Continue reading “Financials 2022/23: Revenue up 9% at TLT but PEP dives 27%”
Dentons has released its financial results for its UK, Ireland and Middle East business, reporting a significant decrease in the rate of revenue growth from last year’s 14% spike to a modest 2% increase from £260.4m to £265.1m this year.
In an interview with Legal Business, chief executive for the UK and the Middle East, Paul Jarvis (pictured), spoke about the significant deceleration in the rate of revenue growth: ‘Our financials are following a trend that we are seeing across the industry. Last year was a record performance for us, but we are not disappointed with our results this year. We are in a high-inflation environment, and we are clear that our strategy is not about growing revenue for revenue’s sake, but to ensure that we continue to grow in a sustainable way.’ Continue reading “‘Following a trend across the industry’: Dentons reveals deceleration in revenue growth against backdrop of high inflation”
