Reynolds Porter Chamberlain has become the second City firm today (11 June) to announce a high double digit increase in revenue, with turnover up by 20% for 2012-13.
The top 50 LB100 firm has seen its revenue rise from £68m in 2011-12 to £82.1m this year. Its profits are yet to be announced.
The results come as top 20 City firm Clyde & Co also today revealed a hike in turnover of 17%, as the firm continues to reap the benefit of its 2011 merger with Barlow Lyde & Gilbert and following a period of international expansion.
The insurance focussed firm’s revenues have increased from £287m in 2012 to £336.6m in 2013, amidst a sluggish prevailing European economy. According to chief executive Peter Hasson, without including Barlow’s revenues, Clyde & Co would have reported a single digit growth of around 6%.
Clyde & Co has opened five new offices worldwide since the start of 2012, most recently in China (after obtaining a licence in Beijing), marking its eighth office in Asia. The firm also launched in Madrid with a four-partner insurance team from DAC Beachcroft in April, in Libya with the hire of local lawyer Albudery Shariha, and in Sydney and Perth after it hired an eight-strong local team from Allens.
Other UK firms to have revealed their 2012-13 results include Bird & Bird and Olswang. Bird & Bird has announced revenue growth of 6%, from £235m to £249m, marking 25 years of continuous growth. Profit figures are yet to be released although a firm spokesperson said that the expectation is that net profits will have risen again in 2012/13.
Meanwhile top 40 firm Olswang has reported a 3% growth in revenues, from £108m to £111.3m, slower growth than the 17% it posted last year. The 410-lawyer firm said that profit figures were subject to audit, it anticipated that its net income would be at roughly the same level as last year. However, this means average profit per equity partner will be around £510,000, down from £530,000 last year.