With results continuing to stream in, the initial picture is that the UK’s largest law firms are shrugging off the economic challenges of recent years.
Financial results season is once again in full swing, and the UK’s largest law firms have plenty of reasons to be cheerful, with healthy returns across the board. Continue reading “Financial results 2023-24: early figures point to rosier picture for LB100 leaders”
Burges Salmon has reported record financial results, with a 27% increase in revenue to £163m, up from last year’s £128.2m.
Profit per equity partner (PEP) surged by 42%, rising from £466,000 to £661,000, marking a significant turnaround from last year’s nearly 10% dip. Meanwhile, net profit climbed 46%, from £34.6m to £50.5m.
‘These results demonstrate the collective strength and dedication of all of our people, during a year that has seen the value of our strategic investments come to fruition’, managing partner Roger Bull said in a statement.
He added: ‘We’ve seen positive growth across the entire firm, stemming from a deep focus on our markets, our people, and, importantly, our clients. Our commitment to understanding and meeting our clients’ needs has been a driving force behind this success.’
The firm credited its performance to its sector specialisms and key practice areas. Its core sector groups – built environment, energy and utilities, financial services, infrastructure, private wealth, public sector, and transport – achieved an average revenue growth of 32%. Leading the charge were the built environment and energy & utilities sectors, which reported impressive growth rates of 40% and 38%, respectively.
A notable highlight of the year was Burges Salmon’s celebration of the five-year anniversary of its Edinburgh office launch in May. Since its opening in 2019, the Edinburgh office has nearly tripled its partner count, growing from three to eight, as part of an 80-strong team. The firm further enhanced its dispute resolution capabilities in the Scottish capital with the hire of Magnus Miller from Davidson Chalmers Stewart in June, marking the first partner in its dispute resolution team in Scotland.
‘Our chosen markets have not only shown resilience but thrived,’ said Bull. ‘We have benefited from these positive market conditions thanks to our targeted approach and sustained investment over the years. Scotland, in particular, stands out as a testament to our growth strategy, where we’re proud to have celebrated our five-year anniversary in Edinburgh with significant organic expansion and the attraction of exceptional talent.’
The firm has also sustained its growth momentum through strategic lateral hires and organic expansion. Since the launch of its 2021-26 strategy, Burges Salmon has appointed 31 new partners and increased its overall headcount by 30%. Among this year’s key appointments is Steven Hull, who joined from Eversheds Sutherland as a partner in the pensions and lifetime savings team. Additionally, the firm made 19 promotions in May, including five new partners: Chris Brown (pensions), Ros Harris (real estate), Tim Williams (tax), Caroline Brown (dispute resolution), and Lydia Cullimore (projects).
Looking forward, Bull concluded: ‘We are excited to build on this momentum and continue to progress the firm’s ambitious strategy for growth.’
Keystone Law has released its financial results for 2023-24, posting a 15.1% revenue boost to reach £87.9m.
The results, which cover the financial year to 31 January 2024, come after a sustained period of recruitment for the firm, which is continuing to sign up lawyers attracted to its non-traditional, decentralised model. Continue reading “‘We have an insatiable appetite for recruiting’: Keystone posts double-digit revenue rise as hiring picks up”
Norton Rose has reported an 8.7% increase in global revenue, marking a turnaround from two years of declining revenue.
Profit per equity partner (PEP) jumped almost 33% from $1.05m to $1.4m in 2023, as the number of equity partners declined by 21% from 644 to 506.
Continue reading “Norton Rose and DLA post rising revenues as global footprint drives growth”
Sidley Austin has continued its decade-long streak of growth in London, posting a 12.4% hike to reach $209.7m, with firmwide revenues reaching the $3bn mark.
While global revenues grew 6.1% on last year, with profit per equity partner (PEP) up 10.3% to $4.6m, the Chicago-headquartered firm’s London office stood out with another year of double-digit growth.
White & Case has taken another step towards the $3bn turnover mark, posting a 4.3% increase in global revenues to $2.95bn for 2023, despite London turnover dipping 1.6% to $444m.
The international firm saw global revenues rise from $2.83bn in 2022, when London turnover stood at $451m. Profit per equity partner (PEP) increased by 12.7% during 2023 to $3.16m, while revenue per lawyer rose 6.9% to $1.16m. Continue reading “White & Case nears $3bn mark as expense control drives double-digit PEP hike”
Greenberg Traurig has announced a 6% increase in revenue, reaching $2.3bn, while PEP rose 4%, climbing from $2.32m to $2.4m.
While slightly slower than last year’s 9% revenue increase, this growth still marks Greenberg’s tenth consecutive year of record revenue. Continue reading “‘Activity was phenomenal after a slow start’: Greenberg sustains global growth for tenth consecutive year”
Quinn Emanuel today announced its firmwide financial results for calendar year 2023, with the litigation powerhouse joining an elite band of firms to notch revenue over $2bn, with a 26% jump taking it from $1.65bn last year to $2.08bn.
The firm also broke $1bn in profit, which reached $1.35bn. Revenue per lawyer was up nearly 16% from $1.61m to $1.86m, despite an increase in total headcount of 108, to 1,120. The results are even more impressive on PEP, which rose 39% from $5.23m to $7.29m – higher than any firm in last year’s Global 100 apart from first-place Kirkland & Ells ($7.52m) and second-place Wachtell ($7.29m). Continue reading “‘Clients want to come to the best’: Quinn Emanuel breaks $2bn barrier with 26% revenue jump”
In keeping with Hogan Lovells’ recently released financial results, Akin has reported strong financials for 2023, contradicting fears of diminished returns for the global elite.
Revenue at the firm is up 11% to $1.37bn from $1.23bn, while profit per equity partner (PEP) has jumped 22% to $3.15m from $2.58m. This follows a sluggish 2022 for the firm, which saw global revenue grow by only 1% and PEP drop by 17%.
The firm highlighted its financial restructuring, private credit, traditional energy, energy transition, international trade and litigation practices as particularly high performers over the last financial year. Continue reading “‘Firing on all cylinders’: Akin sees double-digit growth in revenue and PEP”
As financial reporting season kicks off in earnest, Hogan Lovells has today (13 February) reported a 10% boost in global revenue to $2.68bn as profit per equity partner (PEP) jumped 20% to $2.74m.
This performance represents a $250m increase in the firm’s top line, contrasting with a $174m decline last year. After a 7% drop in revenue and an 8% decrease in PEP in 2022/23, this year’s double-digit growth strikes an optimistic tone for other Global 100 players. Continue reading “‘It’s a differentiating year’: Hogan Lovells sees double-digit growth in revenue and PEP”
