Olswang has seen a 11% drop in its turnover for the financial year 2015/16 with revenues tumbling by £14.2m to £112.5m, while firm’s profits per equity partner (PEP) remained steady at £490,000.
The 11% dip follows the firm posting a healthy 8% increase to its revenues for the 2014/15 financial year. Olswang lays blame for the drop to ‘decoupling’ from its 50 lawyer, 14 partner Berlin office which was acquired by Greenberg Traurig last year. The firm’s headcount was down by 10%, while Olswang equity partner count fell from 50 to 46 for the financial year 2015/16.
The firm said half of its revenues came from its TMT sectors, with strong results in its finance and real estate groups in the UK. It also halved its bank debt in the last year from £10.1m to £5.3m.
Investment has also been made in its new Olswang equIP platform which offers legal advice and support to UK scale-ups and entrepreneurs. The firm has signed up 20 clients since its launch in November last year.
Chief executive Paul Stevens said: ‘We have posted consistent profitability in a year of transition, and I am extremely pleased to see our bank borrowings significantly reduced. This financial discipline, along with many of the projects and initiatives currently underway, such as our move toward agile working and various IT improvements, will position us well in the years to come.’
Olswang is now believed to be in merger talks with CMS Cameron McKenna. A combination between the pair would create a £848m firm.