PwC Legal has performed solidly for the financial year ending 30 June 2015 with revenue rising 15% to £41m, while the firm has set itself an audacious target of £100m to reach by the end of 2018.
It’s a marked increase on last year in which the firm saw revenue marginally improve to £35.6m compared to £35.1m in 2012/13. Speaking to Legal Business, senior partner Shirley Brookes says growth this year was due to a mix of corporate M&A work ‘picking up’ alongside immigration work which has gone ‘from strength to strength.’
‘We’re really pleased. We do have a revenue target to reach £100m by the end of 2018 and in the short term we have a lot more recruitment planned – there are four or five hires to be made in the next few months.’
PwC last year revealed that it was looking at a number of different options in the legal sector, including conversion to an ABS, to allow it to offer a more joined up service with its separate legal arm. It has further invested heavily in lateral hiring including the recruit of Mayer Brown banking and finance partner Jorg Wulfken in Frankfurt as the firm looks to build a ‘sizeable’ financial services offering outside of the US.
Last year it also made investments in its UK offering with the hire of Addleshaw Goddard partner Neal Shepherd to spearhead regional growth, particularly in the North of England, as well as McDermott Will & Emery partner Mark Crofskey, who now leads the M&A team in London, and Fieldfisher partner Stewart Room to its cyber security practice.