DLA Piper has seen global turnover drop to $2.47bn for 2016 as overall profits improved by 6%. Revenue fell 3% from last year’s $2.54bn, while net profit was up to $643.4m from $605.4m the previous year.
The fall in turnover came as the firm cut back on its total headcount, reducing the number of lawyers by more than 140 from 3,756 to 3,615, a fall of 4%.
Profit per equity partner saw a further boost of 6%, an increase from the previous year’s $1.57m to $1.66m. Revenue per lawyer edged up 1% to $683,000 for 2016 from $677,000 in 2015.
The drop in overall turnover was attributed by the firm to exchange rate fluctuations across the global firm’s international business, which is divided between an international LLP and a US LLP. In sterling, DLA said turnover was up 3%.
The firm’s international expansion has seen the opening of new offices in South Africa and a new launch in Puerto Rico.
In the City, DLA added a major real estate team as part of the administration of King & Wood Mallesons’ European arm. The firm hired real estate partner William Naunton as well as six other partners.
The dip in turnover comes as international mid-market rival Baker McKenzie posted an 8% revenue boost to $2.62bn for the firm’s year ending June 2016.
For the details on DLA’s finance practice, see ‘The Finance View – repositioning DLA’s finance team for the firm’s global ambitions’