Legal Business Blogs

Hill Dickinson sees H1 revenues up 6% following summer cash call

Top-40 LB100 firm Hill Dickinson has posted a half year increase in revenues from £54.9m from £51.9m this time last year, after asking members to increase their capital contributions during the summer.

The 520-lawyer firm issued a £2.8m cash call in August after a year of heavy investment, including opening an office in Monte Carlo and Hong Kong. The firm then underwent a strategic review earlier this year which included the sale of its Chester office in July to Knights Solicitors and announcing 83 redundancies.

‘The last six months have seen a significant re-alignment of the business to ensure our continued success in a market which, despite signs of improvement, continues to provide challenges,’ said managing partner Peter Jackson.

‘It is really pleasing to see that this is clearly resulting in growth which allows us to continue to invest in the firm for its future success. It is also interesting to see particularly strong results in areas which reflect the growing increase in business confidence across the country. Over the next 12 months we will continue to invest in our people, especially nurturing new talent and continuing to deliver exceptional results for our clients,’ he added.

For the 2012-13 financial year, despitye a marginal increase in turnover to £112.8m, Hill Dickinson saw both its profit per lawyer and profit per equity partner figure fall by 15% – at £33,000 and £264,000 respectively. The firm’s half year results come amid other UK firms posting similarly optimistic figures, with DWF leading the pack with a revenue increase of 57.5% to £93.6m, largely due to the firm’s appetite for mergers.