Undoubtedly some of the most anticipated financial results of the 2013-14 financial reporting season, Berwin Leighton Paisner (BLP) has unveiled its latest figures, with the top 20 firm’s revenue and profit per equity partner (PEP) up by 6% and 35% respectively, to £246m and £542,000.
One of the earliest top City firms to unveil its financial results, these numbers, and the timing of their release are in marked contrast with last year, when the firm became the last to disclose that its PEP was down by 39% and its revenues were flat.
BLP’s managing partner Neville Eisenberg said: ‘These results demonstrate the resilience of the firm’s business and reflect an increase in the number and quality of new mandates across the firm as a whole.
‘Our international offices showed strong growth, with Russia and Germany turning in particularly good performances. Profit growth was generated from an increase in high quality client mandates, growth in international offices and cost savings. Our bank borrowings are significantly reduced. We continued to invest in developing high quality new solutions for clients, consistent with our commitment to market- leading innovation.
‘Activity levels in the firm are strong and I am confident that we are well placed in our markets for the coming year.’
BLP’s near return to 2012/13 levels of profitability follow a number of partner departures, particularly from the 786-lawyer firm’s real estate finance (REF) team, where highly rated REF lawyer Jo Solomon most recently left in March to join Hogan Lovells.
The firm has been widely perceived to have been besieged by partner departures over the last financial year and has lost some key players, however, according to one partner at the firm, the number who have left the firm during the last 12 months voluntarily has been the same as during the past three years.