The first half (H1) of the 2013/14 year is proving to be more benign than last as Field Fisher Waterhouse joins a number of top 40 firms to post a revenue increase, seeing turnover up by 7% to £49.9m compared to £46.8m at the same time last year.
These results are set against the 358-lawyer firm’s overall drop of 3% in revenue in 2012-13 to £95m and an 8% decrease in profit per equity partner to £398,000.
Field Fisher’s managing partner Michael Chissick (pictured) said in a statement that the firm is currently ahead of budget, adding that ‘after a turbulent couple of years we are now in much better shape and can look forward to the second half of the year’. He noted that it was the firm’s best start since 2008.
Announcing its H1 results the firm singled out Paris and Brussels, which ‘had great starts to the year’ while the strongest performing practice areas are corporate, dispute resolution and financial services and funds.
So far H1 results have been positive for UK firms as Olswang posted a turnover increase of 15% to £57.6m while Gateley and Trowers & Hamlins declared a H1 revenue growth of 4%. Weightmans reported a 7% increase to £41m and Clyde & Co set the standard for the top 20 with a revenue increase of 16.5% on last year to £169m.
In a sign that firms are benefiting from better management arising out of the lean years, the top 15 insurance firm said in a statement that its growth ‘has been achieved through a combination of underlying growth and improvements in our working capital management.’
Chissick added: ‘Some of our peers are currently posting double digit growth for the first six months and so we mustn’t be too complacent. There is still a lot of work to do.’