Mishcon de Reya has become the latest firm in the LB100 to resist the economic onslaught of Covid-19 in its financial year end, the firm’s figures show, with revenues up for another year while profits regained momentum.
Turnover increased a healthy 6% from £177.8m to £188.3m over 2019/20, while profit per equity partner was up 5% to £1,050,000. Though the revenue growth is a comparative slowdown on last year’s pacier 10% rise, the rise in profits will be welcome after falling flat in 2018/19, and dropping 9% the year prior to that.
DLA Piper has pulled off a fifth consecutive year of profit growth for its International LLP while breaking the £2bn barrier for global turnover and exceeding £1m in profit per equity partner (PEP).
The eye-catching set of results will be a shot in the arm for the firm, even as the coronavirus pandemic continues to threaten international businesses, and builds on a similarly robust showing last year in spite of sustained investment in DLA’s infrastructure.
Stephenson Harwood saw revenue growth grind to a halt over the last financial year, the firm’s latest financial results show, while key profit figures are undisclosed.
Revenues remained at £213m over 2019/20, the figure hit last year after a pacey 12% growth. Meanwhile, the firm did not disclose its profit per equity partner figure, which rose 9% to £727,000 last year after two consecutive years of decline. The firm’s net profit figure – which last year stood at £68.2m – was also witheld.
The first week of August saw the lateral recruitment market resume in earnest, with a bumper spate of partner hires unveiled.
Unsurprisingly the majority of acquisitions were made in corporate, with the deal market showing real signs of improvement . Herbert Smith Freehills led the way in the City with the addition of Kirkland & Ellis partner David D’Souza, a well-known private equity specialist who has regularly advised sponsors such as BC Partners, Blackstone and Permira.
Osborne Clarke’s latest financial results have proven to be a mixed bag as it recorded a 5% uptick in international revenue to €318m even as profit fell amid a year of investment.
Nevertheless, the revenue uplift from last year’s €304m is a positive showing and stands out as a 63% increase over five years.
Addleshaw Goddard adhered to an increasingly familiar trend over the last financial year, the firm’s latest figures show, with revenues proving resilient in the last months of 2019/20 while partner profits took a minor dent.
Turnover was up 4% to £288m from £275m the previous financial year, when the firm exceeded all expectations as revenue soared 14%. However, profit per equity partner (PEP) endured a modest decline, falling 5% to £690,000 from £727,000 in 2018/19, when the figure jumped by 12%. Over 80% of revenue was generated through energy and utilities, financial services, health, real estate, retail and consumer, and transport.
Difficult as it may be to imagine an upside amid a pandemic, clients have proved surprisingly resourceful in the face of adversity, handing corporate advisers on both sides of the pond opportune mandates in the past week.
CPA Global’s investment in New York-listed analytics business Clarivate was particularly notable, not least because of the $6.8bn enterprise value it gave the company.
I’m the son of immigrants and they were intent that I had an education, so I had to become a professional. To be honest, I was only going to practise law for two years and then do something else.
The first thing I ever did as an associate was spend all night perfecting a document, checking every page. Two-months qualified at the signing, I handed over the execution page. I’d misspelt the client’s name. You spend all this time getting it right and everything’s perfect except for the most important word in the document. His bloody name!
DAC Beachcroft (DACB) has notched its sixth consecutive year of turnover and profit growth, the firm’s latest financial results show, while also announcing that managing partner David Pollitt has secured a second term at the helm following an uncontested leadership election.
Revenue at the firm grew 6% to £258m, up from £243m last year, while profit before tax increased 7% to £56m. Profit per equity partner also grew, up a modest 3% to £590,000. Meanwhile, the firm improved its net cash position to £8m, having put in place ‘significant liquidity retention measures in response to the Covid-19 crisis’.
Scottish leader Brodies is the latest firm in the LB100 to display its fiscal resilience, growing revenue and operating profit despite a significant Covid-19-induced slowdown during the closing months of 2019/20.
Revenue at the Scottish independent was up 7% to £82m from £76.9m last year, making it 10 years of consecutive growth at Brodies and a 20% increase over the last two years. Operating profits, meanwhile, underwent a more muted 3% rise to £38.5m while profit per equity partner (PEP) suffered a 4% drop to £680,000 amid headcount increases.