The fashion is for UK firms to announce good results early and first out of the blocks this year have been Osborne
Clarke (OC), Forsters, TLT and Browne Jacobson all posting robust results for the financial year 2015/16.
OC was the first of the Legal Business 100 to release figures this year, with a 23% rise in global revenues to €236.3m. As the firm posted a UK revenue rise of 17% from £96.5m in 2015 to £112.9m, managing partner Ray Berg identified OC’s sector focus as a factor in its continued success.
TLT posted the second-best turnover increase of the season so far, with a 15% bump to hit £71.6m for the 2015/16 financial year. The firm attributed its result to an ambitious three-year strategy, during which revenues increased 45% and headcount by 60% to top 1,000.
Forsters’ 11% jump in revenue to £46.2m marks the West End firm’s sixth consecutive year of double-digit growth. This increase was driven by a 20% bump in private wealth fees and a 14% increase from real estate.
Browne Jacobson, meanwhile, posted a 9% turnover increase to £64m and, like OC, attributed the growth to a sector strategy.
TLT managing partner David Pester told Legal Business: ‘It is a market where buyers are very discerning and there is a real point about having a really effective delivery model.
‘If you look at each of the firms who have posted [early] results, it’s about being clear about strategy and it’s worth repeating that the market is about making sure you understand your clients, and identify the ground you are working on and what you are going to be famous for.’
He added that, while the end of last year had been strong, the start of this financial year had been noticeably flatter, so firms have needed to be more focused.
victoria.young@legalease.co.uk