Financials 2022/23: Revenue up 9% at Charles Russell Speechlys as firm targets overseas growth

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Financials 2022/23: Revenue up 9% at Charles Russell Speechlys as firm targets overseas growth

Charles Russell Speechlys today (2 August) posted financial results that saw revenue tick up by 9% to hit £193.7m, while profit dipped by 8% to £37.1m. PEP also fell very slightly, from £524,000 to £521,000. The firm reported a total of 73 equity partners, down from 77 last year, while total lawyer headcount increased from 546 to 603.

Revenue from outside the UK was up 18%, after increasing by 24% last year. Overall growth across the UK’s sector teams was just below 7%, with the higher increase in the business advisory and transactions  and dispute resolution  divisions, which each grew by 9%. The private client  division, meanwhile, saw revenue increase by 4%. Continue reading “Financials 2022/23: Revenue up 9% at Charles Russell Speechlys as firm targets overseas growth”

‘Testament to the enduring strength of our strategy’: Clyde & Co reports increase in revenue and profit as BLM merger beds in

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‘Testament to the enduring strength of our strategy’: Clyde & Co reports increase in revenue and profit as BLM merger beds in

Clyde & Co today (1 August) reported a 22% increase in revenue to £786.6m – a combination of 6% organic growth and the impact of its merger with BLM, which finalised last July. This marks the firm’s 25th consecutive year of growth, with revenue up 115% over the decade.

Profit was also up 6% to £169.2m, while PEP held steady at £708,000. Continue reading “‘Testament to the enduring strength of our strategy’: Clyde & Co reports increase in revenue and profit as BLM merger beds in”

‘The strategy delivers’: Freshfields sees 8% revenue rise but PEP growth stalls

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‘The strategy delivers’: Freshfields sees 8% revenue rise but PEP growth stalls

Freshfields Bruckhaus Deringer today (26 July) announced its 2022/23 financial results, marking a seventh consecutive year of revenue growth for the firm.

Its revenue has increased by 8% to £1.84bn from £1.7bn in the previous financial year, a similar increase to last year’s 10% rise. Freshfields is the last of the four international magic circle firms to reveal its results. However, unlike Allen & Overy and Clifford Chance, Freshfields is yet to break the £2bn barrier. In its recently released financials, A&O’s revenue increased by 8% from £1.94bn to £2.1bn, while CC achieved a revenue increase of 5% from £1.969bn to £2.062bn.

Freshfields’ profit per equity partner (PEP) has remained flat with a 1% increase to £2.09m from £2.07m last year, in contrast to last year’s solid 8% growth. Continue reading “‘The strategy delivers’: Freshfields sees 8% revenue rise but PEP growth stalls”

‘We are on the right course’: Fieldfisher sees double-digit revenue jump as PEP falls by same percentage

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‘We are on the right course’: Fieldfisher sees double-digit revenue jump as PEP falls by same percentage

Fieldfisher has reported an 11% rise in firm-wide revenue to £370m from £330m, marking ten years of consecutive revenue growth for the firm. However, profit per equity partner (PEP) fell 11% to £930,000 from £1.05m in the previous financial year.

Broken down geographically,  the firm recorded a 9% rise in revenue at its London office, a 12% rise in revenue at its Birmingham office and a 13% rise in revenue at its Manchester office. In Europe, the firm recorded a 22% rise at its German office, a 20% rise at its Belgium office, a 9% rise at its Ireland office, and an 8% rise at its French office. Continue reading “‘We are on the right course’: Fieldfisher sees double-digit revenue jump as PEP falls by same percentage”

Linklaters sees 2% profit decline as revenue falls short of the £2bn milestone

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Linklaters sees 2% profit decline as revenue falls short of the £2bn milestone

With financial reporting season in full swing, Linklaters is the latest Magic Circle firm to drop its financial results, reporting a 7% revenue increase from £1.8bn to £1.9bn, seeing it fall just short of the $2bn turnover barrier passed by both Allen & Overy and Clifford Chance recently.

Pre-tax profit is down by 2% to £854m from last year’s £872m, translating to a 5% decline in PEP from £1.87m to £1.78m. Continue reading “Linklaters sees 2% profit decline as revenue falls short of the £2bn milestone”

‘Improving growth has not been an easy task’: HSF posts record financials amid challenging conditions

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‘Improving growth has not been an easy task’: HSF posts record financials amid challenging conditions

Herbert Smith Freehills has marked a decade of consecutive annual growth with its latest financial results, posting the highest revenue, profit and PEP in the firm’s history.

Revenue has increased by 8% from £1.103bn to £1.186bn, while net profit and PEP are up by a more modest 2% and 1% respectively. PEP moved from £1,163,000 to £1,173,000 for 2022/23. Continue reading “‘Improving growth has not been an easy task’: HSF posts record financials amid challenging conditions”

‘Pleased to have continued our upward trajectory’: Shoosmiths continues revenue and profit growth

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‘Pleased to have continued our upward trajectory’: Shoosmiths continues revenue and profit growth

Legal Business Law Firm of the Year Shoosmiths has today (19 July) reported another year of growth, with a 7% rise in revenue taking the firm’s turnover to £194.1m following last year’s 8% increase.

Profitability was also up by 3%, hitting £62.7m, while profit per equity partner (PEP) PEP nudged up by £1,000 to £676,000.

These growth rates are down on last year when profits rose by 9% and PEP by 3%. But the firm was nonetheless positive. ‘It’s been a challenging environment for all businesses’, said chief executive David Jackson. ‘To have produced these results at a time of such turbulence is pretty impressive. We’re pleased to have continued our upward trajectory. Continue reading “‘Pleased to have continued our upward trajectory’: Shoosmiths continues revenue and profit growth”

‘A record year for us’: Pinsents doubles top-line growth as profit moves up 8%

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‘A record year for us’: Pinsents doubles top-line growth as profit moves up 8%

Pinsent Masons has revealed a soaring 14% increase in turnover from £531.1m to £605.9m, with the rate of revenue growth more than doubling since this time last year.

PEP is also up by 8% to £797,000 which, in contrast to the increase in revenue, is directly half the rate of growth of 16% last year. Continue reading “‘A record year for us’: Pinsents doubles top-line growth as profit moves up 8%”

Mixed bag for Clifford Chance as it joins the £2bn revenue club but profits and PEP stall

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Mixed bag for Clifford Chance as it joins the £2bn revenue club but profits and PEP stall

Clifford Chance (CC) today (19 July) became the second Magic Circle firm to post revenues in excess of £2bn after Allen & Overy achieved that milestone last week.

CC’s headline turnover figure of £2.062bn showed an increase of 5% on last year’s £1.969bn, and marks the eighth consecutive year of revenue growth for the firm. Continue reading “Mixed bag for Clifford Chance as it joins the £2bn revenue club but profits and PEP stall”

‘We’re very pleased with the results’: double-digit revenue growth for Simmons as PEP holds steady

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‘We’re very pleased with the results’: double-digit revenue growth for Simmons as PEP holds steady

Simmons & Simmons has today (13 July) reported revenue growth of 12%, up to £521m from last year’s £465m, double the previous year’s growth rate of 6%. Meanwhile, profit growth was slower – 2% compared to last year’s 8%, for a total of £189m. PEP, meanwhile, was steady at £1m, as partner headcount increased by 12.

The firm saw the most significant revenue growth in its healthcare and life sciences sector group, up by 29%. It also reported strength in financial institutions – another of the key sectors highlighted in Simmons’ business plan for 2023-26, alongside technology, media and telecoms and asset management and investment funds, which each showed double-digit growth. Continue reading “‘We’re very pleased with the results’: double-digit revenue growth for Simmons as PEP holds steady”