Macfarlanes has reported double-digit revenue growth, with turnover rising to a new record and partner profits breaking through the £3m mark for the first time.
Revenue at the City firm has risen to £371.4m, a 10.1% increase on the annualised 2023-24 figure of £337.2m.
While last year the firm reported revenues of £309.1m for 2023-24, that figure accounted for an 11-month financial year, and so has been adjusted to provide an accurate year-on-year comparison.
Meanwhile, profit per equity partner has risen to to a new record of £3.1m, up from £2.87m.
The PEP increase was driven by an 8.8% increase in operating profit to £206.5m, up from £189.8m last year.
The news comes as the firm announced today (22 July) that senior partner Sebastian Prichard Jones is set to step down at the end of his second term in March 2026. He will be succeeded by Damien Crossley, the head of the firm’s tax practice.
Prichard Jones (pictured) thanked the firm’s clients and people for what he described as a ‘good result’.
‘Our transactional practices performed strongly despite a slightly muted market,’ he said. ‘The UK general election and its aftermath underpinned a standout performance from our private client and tax practices. We were fortunate that our clients remained active throughout.’
Private client specialist Prichard Jones became senior partner in April 2020, having been named as successor two years previously in 2018 following a consultation process with the partnership rather than a formal election.
During Prichard Jones’ tenure, the firm’s revenue has grown by more than half, rising 56% from £237.7m in 2020, while PEP has climbed 63% from £1.9m to £3.1m. Since 2022 he has worked alongside managing partner Luke Powell.
Macfarlanes made up nine partners in its most recent promotion round, its largest since 2019. In a further sign of growth, it also signed a lease last week for an additional 10,753 square feet of office space at 100–108 Fetter Lane, a stone’s throw from its headquarters at 20 Cursitor Street. The new space will accommodate the firm’s litigation team.
Commenting on the upcoming change in leadership, Prichard Jones said: ‘I am delighted to be handing over as senior partner to Damien. He has led the tax team through a period of exponential growth and impact. I am looking forward to seeing the firm continue to fly under his leadership.’
