Osborne Clarke continues its upward growth trajectory with an announcement today (6 June) of a 46% increase in profit per equity partner (PEP) compared with last year’s figures.
PEP now stands at £513,000, largely as a result of a significant increase in the firm’s revenue, which it revealed last week is up globally by 26% to €169m for the most recent financial period.
These figures follow a period of international expansion, with the top 40 firm recently continuing its assault on Europe with an office opening in Amsterdam, announced on 2 June. Last summer saw openings in Brussels and Paris, meaning the firm now has a total of 18 offices in eight countries – with managing partner Simon Beswick confirming to Legal Business that further expansion is on the cards.
In 2011/12 Osborne Clarke had just six offices in three countries.
Other milestones for the firm include a UK partner headcount above 100 for the first time ever, and a jump in profit per partner of 33% to £357,000.
The revenue figure hit this year also meant a bonus was triggered and all staff will be paid a profit share of 2% of their annual salary, with additional performance bonuses for high performers.
Speaking to Legal Business, managing partner Simon Beswick said that the firm attributes much of its success to the fact ‘the lights came on’ in the economy last year and to the firm’s decision in 2009 to focus on four sectors globally: digital business; financial services; energy; real estate and infrastructure. In the UK there are six sectors, including life sciences, healthcare, transport and automotive.
Commenting on the success of the firm in a prepared statement today, Beswick said: ‘This has been a very strong year for the firm. Revenue is up 26% across the international firm and 16% in the UK. UK PEP is up 46% and UK net profits are up 32%. At the same time, we have a larger partnership than ever before – and are drawing close to as many partners outside the UK as in the UK.
‘Pretty much everything we do at OC is driven by our clients’ needs. That’s why we have invested significantly by adding four new offices Paris, Brussels, New York and San Francisco in the last 12 months and we are looking at further internationalisation over the next year. It’s also why we’ll continue to strengthen our sectors through additional lateral hires this year.’