Dentons UKMEA LLP is understood to have increased its revenues by 6% to £155m in the 2014/15 financial year, while net profit rose by 18% to £34m.
The £8.7m increase in turnover at the LLP, which covers covers a spread of offices including London, Milton Keynes, Abu Dhabi, Singapore and Tashkent, was led by a strong performance in the banking, TMT and real estate practices in the UK while Middle East offices saw a double digit growth rate. The LLP’s net profit of £34m resulted in a profit per equity partner of £502,000 – a 23% increase on 2013/14.
The strong profit performance has been put down to an increase in productivity as fees per fee earner picked up by 7% while client collections were also better – up 11% or £15.1m on last year.
Dentons UKMEA also managed to close out the year with a positive cash balance of £4.2m after having recorded net borrowings of £7.3m at the end of 2013/14.
The Swiss verein has been undergoing a rapid expansion this year announcing combinations with both Dacheng and McKenna Long & Aldridge. In its 2013/14 LLP accounts published earlier this year the firm confirmed it had transferred its Moscow and Almaty offices to Salans FMC SNR Dentons Europe LLP.