DLA Piper has pulled off a fifth consecutive year of profit growth for its International LLP while breaking the £2bn barrier for global turnover and exceeding £1m in profit per equity partner (PEP).
The eye-catching set of results will be a shot in the arm for the firm, even as the coronavirus pandemic continues to threaten international businesses, and builds on a similarly robust showing last year in spite of sustained investment in DLA’s infrastructure.
The accounts reveal turnover for its International LLP, which covers all non-US offices, grew 13% to £1.1bn from £974m last year. Globally, revenue hit £2.1bn from £1.9bn in 2018/19 and PEP grew 3% to £1.1m, while the non-US businesses saw a 4% PEP increase from £814,398 to £848,301.
Meanwhile, London office revenue accounted for £170m, a 5% uptick on £162m last year.
DLA’s global net profit increased 7% to £555m and net profit relating to the International LLP rose 9% to £222m from £203m last year.
Practice group-wise, litigation was the largest contributor, generating 36% of revenue at £760m, followed by corporate, which generated £570m, some 27% of the firm’s turnover.
In a bid to mitigate the impact of Covid-19, DLA in April furloughed some of its non-fee-earning staff using the UK Government’s job retention scheme. More than half of those that were furloughed have now returned with the remainder following suit once the office has reopened.
DLA also deferred its partner profit distribution round, originally slated for May, until the end of August.