Osborne Clarke is the latest top 50 firm to announce positive results for the first half (H1) of the 2013/14 financial year as it posts a 12% rise in group revenues to €71.6m, which includes the firm’s international offices, while the UK boasts an 8% increase to £39.1m.
The 500-lawyer firm, ranked as number 32 in the LB100, attributes the success of the group revenue in part to its 14th and 15th office openings in Brussels and Paris, which opened in June and July respectively.
Revenues from key client relationships have grown by 16%, according to the firm, which highlighted in particular its growth in Spain, where revenues are up 25%.
These results, which the firm said in a statement has put them on track to beat targets set in the summer, comes after a two-year period of investment for the firm, which it says has resulted in a wider offering in terms of jurisdiction and cross-border expertise.
Last month the firm opened in New York, its second satellite office in the US, to attract new clients. The firm has had a similar office in the Silicon Valley since 2001 from which it attracted a series of US TMT clients, and has advised over 400 institutions and SMEs, including Yahoo and Facebook, on EU in-bound commercial issues. New York is not included in its H1 figures.
Speaking separately this month to Legal Business, managing partner Simon Beswick (pictured) said: ‘We have spent the past seven to eight years reshaping our business to ensure that we moved with the times to deliver services to our clients that are relevant and fair value in today’s market and give them a competitive advantage.
‘We are fortunate to have loyal and new clients alike who see the benefits to them in what we have to offer and as they start to be more active our services are more in demand. We believe that the increased demand will continue into 2014 and the latest conversations with our clients about their plans for next year support that belief. However, we have not forgotten the fragility of the market in the recent past and will move forward with caution.’
Significant transactions for the firm from the year so far include acting for longstanding client Grifols on its $1.7bn acquisition of Novartis and advising Foresight Solar Fund Limited on the acquisition of the largest UK solar plant, Wymesworld Solar Plant, for £43.7m.
The firm also advised FTSE-listed self-managed investment trust company Caledonia Investments on its £86 million acquisition of Choice Care Homes from funds managed by Sovereign Capital.
At the end of last financial year, Osborne Clarke posted revenues up 2% to £112.8m although average profit per equity partner (PEP) fell by 15%.