Having posted broadly flat financials in recent years and endured a tough period, more than many top-30 firms, Nabarro has today (11 December) unveiled a 3% revenue rise for the 2014/15 half year to £54.1m for the six months to end October, compared to the £52.5m recorded the previous year.
The firm said financials have been positive across the firm with particularly ‘strong performances from corporate, funds and real estate as well as a burgeoning infrastructure, construction and energy practice launched in May’.
The firm added it continues to have no debt, a strong cash position and an unused overdraft. The performance constitutes a marked upturn for the firm which last year recorded flat H1 revenues for 2013/14, with figures rising by a marginal 0.3% from £52.3m to £52.5m.
Annual financials by the firm this year unveiled broadly flat turnover of £116.7m, a rise of 0.3%. Profit per equity partner rose 12% to £480,000, constituting a double digit increase for a second successive year while profit per lawyer also increased 11% to £83,000.
The firm this year moved its London headquarters into newly refurbished offices at 125 London Wall in October, a deal which it expects to make annual savings of £1m.
This year also saw the French firm August & Debouzy leave Nabarro’s European alliance, which also includes Germany’s GSK Stockmann + Kollegen, Italian firm Nunziante Magrone and Spanish firm Roca Junyent, blaming its departure in part on the desire to grow its own network. It announced a new French partner in Lefèvre Pelletier & associés in October, however, and the agreement brought a North African presence to the network with offices in Algiers and Casablanca as well a Chinese contingent with outposts in Guangzhou and Hong Kong.
Further international expansion included opening a Middle East hub in Dubai in what became its third international office, while internal affairs for the firm saw the partnership re-appoint Andrew Inkester as managing partner after an uncontested election.
Senior partner Graham Stedman (pictured) said: ‘This is a good set of results and a positive half year for Nabarro. Although the global economic outlook and political uncertainty in the UK may pose some challenges in the second half of the year, our pipeline of high quality work gives us cause to be optimistic.’
Other firms to announce half year results of late includes Olswang, which despite enduring the highly publicised and unexpected resignation of its chief executive David Stewart several weeks ago, posted an 11% increase in turnover to £63.9m, compared to £57.6m. Osborne Clarke also enjoyed double digit growth with revenues across the international business increasing by 17% from €77m (£61.1m) to €89.1m (£70.7m).
sarah.downey@legalease.co.uk