A turbulent year of partner losses has culminated in disappointing financials for Travers Smith as revenue edged up only 1% to £197.5m from £195m in 2021/22.
Profit per equity partner (PEP) too was flat at £1.1m compared to last year’s £1.105m after a 9% drop in 2021/22 from £1.22m. Continue reading “‘Sharpens the focus’: Turnover and PEP stall at Travers after challenging year”
The board of Allen & Overy has chosen Abu Dhabi capital markets partner Khalid Garousha (pictured) as interim global managing partner as the dust has started to settle on the shock resignation of Gareth Price.
The move, announced today (27 July), came after senior partner Wim Dejonghe covered the role since the firm on 13 July announced Price’s departure for ‘personal reasons’ at the same time as releasing its financial results. Continue reading “A&O names Garousha interim managing partner ahead of Shearman merger vote”
Slaughter and May has stuck its head above the parapet on the thorny issue of social mobility, outlining ambitious targets for 2033, in what will be seen as a bold move at the elite end of the profession.
Over the next decade the firm aims to increase its representation of individuals from a lower socio-economic background (LSEB) by 25% across its total workforce population from a baseline of 18.8%. Broken down across fee earners and business services professionals, Slaughters intends to increase its lawyer population from such backgrounds to 15% from a baseline of 10% and its business services population to 40% from a baseline of 34.7%. These targets measure a person’s socio-economic background by using parental occupation at the age of 14 as a metric. Continue reading “‘Holding ourselves accountable’: Slaughter and May tackles social mobility challenge with 2033 targets”
Following the announcement last week that Eversheds Sutherland has entered into a formal cooperation agreement with Chinese firm King & Wood Mallesons (KWM), Legal Business spoke to Eversheds’ chief executive officer Lee Ranson about the arrangement and the implications for both firms.
Under the terms of the deal, KWM will exclusively refer all its clients requiring legal advice in the UK, Europe, Middle East, Africa and South America to Eversheds, while Eversheds will refer all its international clients in need of PRC legal counsel solely to KWM. Continue reading “‘No-one has managed to build out of the key locations’: Eversheds’ Ranson discusses Asia strategy following KWM tie-up”
Freshfields Bruckhaus Deringer today (26 July) announced its 2022/23 financial results, marking a seventh consecutive year of revenue growth for the firm.
Its revenue has increased by 8% to £1.84bn from £1.7bn in the previous financial year, a similar increase to last year’s 10% rise. Freshfields is the last of the four international magic circle firms to reveal its results. However, unlike Allen & Overy and Clifford Chance, Freshfields is yet to break the £2bn barrier. In its recently released financials, A&O’s revenue increased by 8% from £1.94bn to £2.1bn, while CC achieved a revenue increase of 5% from £1.969bn to £2.062bn.
Freshfields’ profit per equity partner (PEP) has remained flat with a 1% increase to £2.09m from £2.07m last year, in contrast to last year’s solid 8% growth. Continue reading “‘The strategy delivers’: Freshfields sees 8% revenue rise but PEP growth stalls”
With financial reporting season in full swing, Linklaters is the latest Magic Circle firm to drop its financial results, reporting a 7% revenue increase from £1.8bn to £1.9bn, seeing it fall just short of the $2bn turnover barrier passed by both Allen & Overy and Clifford Chance recently.
Pre-tax profit is down by 2% to £854m from last year’s £872m, translating to a 5% decline in PEP from £1.87m to £1.78m. Continue reading “Linklaters sees 2% profit decline as revenue falls short of the £2bn milestone”
Fieldfisher has reported an 11% rise in firm-wide revenue to £370m from £330m, marking ten years of consecutive revenue growth for the firm. However, profit per equity partner (PEP) fell 11% to £930,000 from £1.05m in the previous financial year.
Broken down geographically, the firm recorded a 9% rise in revenue at its London office, a 12% rise in revenue at its Birmingham office and a 13% rise in revenue at its Manchester office. In Europe, the firm recorded a 22% rise at its German office, a 20% rise at its Belgium office, a 9% rise at its Ireland office, and an 8% rise at its French office. Continue reading “‘We are on the right course’: Fieldfisher sees double-digit revenue jump as PEP falls by same percentage”
Macfarlanes has today (24 July) posted results that show declines in turnover, profit, and PEP for the past financial year. Turnover dropped 2% to £296.6m, while operating profit fell 6% to £151.4m. The decline in PEP was steepest: a fall of 16% took it to £2.1m.
The results mean an end to a 12-year streak of growth that saw its PEP surge past its rivals, with last year’s £2.49m placing it behind just Slaughter and May and Stewarts in the list of firms with the fastest-growing PEP in our 2022 LB100. Continue reading “‘Outcome still satisfactory’: revenue, profit and PEP drop at Macfarlanes as Mishcon continues growth”
Herbert Smith Freehills has marked a decade of consecutive annual growth with its latest financial results, posting the highest revenue, profit and PEP in the firm’s history.
Revenue has increased by 8% from £1.103bn to £1.186bn, while net profit and PEP are up by a more modest 2% and 1% respectively. PEP moved from £1,163,000 to £1,173,000 for 2022/23. Continue reading “‘Improving growth has not been an easy task’: HSF posts record financials amid challenging conditions”
Clifford Chance (CC) today (19 July) became the second Magic Circle firm to post revenues in excess of £2bn after Allen & Overy achieved that milestone last week.
CC’s headline turnover figure of £2.062bn showed an increase of 5% on last year’s £1.969bn, and marks the eighth consecutive year of revenue growth for the firm. Continue reading “Mixed bag for Clifford Chance as it joins the £2bn revenue club but profits and PEP stall”
Pinsent Masons has revealed a soaring 14% increase in turnover from £531.1m to £605.9m, with the rate of revenue growth more than doubling since this time last year.
PEP is also up by 8% to £797,000 which, in contrast to the increase in revenue, is directly half the rate of growth of 16% last year. Continue reading “‘A record year for us’: Pinsents doubles top-line growth as profit moves up 8%”
Legal Business Law Firm of the Year Shoosmiths has today (19 July) reported another year of growth, with a 7% rise in revenue taking the firm’s turnover to £194.1m following last year’s 8% increase.
Profitability was also up by 3%, hitting £62.7m, while profit per equity partner (PEP) PEP nudged up by £1,000 to £676,000.
These growth rates are down on last year when profits rose by 9% and PEP by 3%. But the firm was nonetheless positive. ‘It’s been a challenging environment for all businesses’, said chief executive David Jackson. ‘To have produced these results at a time of such turbulence is pretty impressive. We’re pleased to have continued our upward trajectory. Continue reading “‘Pleased to have continued our upward trajectory’: Shoosmiths continues revenue and profit growth”
Leading the moves this week, Goodwin has hired McDermott partner Arvin Abraham for its private equity practice in London. He brings with him experience advising on transactions for private equity sponsors, venture capital funds and strategic investors, mainly in the fintech, healthcare and life sciences sectors.
Speaking to Legal Business about why he decided to move, Abraham said: ‘Partly due to several overlapping client relationships and synergies. But, equally so for the firm’s collaborative culture and demonstrated strengths in each of my areas of focus. I can’t think of a firm that better combines expertise in private equity and venture capital transactions and sector specialism in fintech, healthcare and so much more.’ Continue reading “Revolving Doors: Lateral market continues apace as private equity and regulatory dominate in the City”
Simmons & Simmons has today (13 July) reported revenue growth of 12%, up to £521m from last year’s £465m, double the previous year’s growth rate of 6%. Meanwhile, profit growth was slower – 2% compared to last year’s 8%, for a total of £189m. PEP, meanwhile, was steady at £1m, as partner headcount increased by 12.
The firm saw the most significant revenue growth in its healthcare and life sciences sector group, up by 29%. It also reported strength in financial institutions – another of the key sectors highlighted in Simmons’ business plan for 2023-26, alongside technology, media and telecoms and asset management and investment funds, which each showed double-digit growth. Continue reading “‘We’re very pleased with the results’: double-digit revenue growth for Simmons as PEP holds steady”
Allen & Overy today (13 July) announced the shock resignation of managing partner Gareth Price amid a set of financial results that saw the Magic Circle firm break £2bn in revenue for the first time.
The firm said Price’s resignation was due to ‘personal reasons’ and came as revenue jumped nearly 8% from £1.94bn last year to £2.1bn in 2022/23. While eye-catching, the level of turnover growth fell slightly short of the 10% uptick achieved last year, of which more than half was attributed to A&O’s US business. Continue reading “A&O managing partner Price departs pre-merger as revenue passes £2bn”
Ashurst has marked its seventh consecutive year of revenue growth, with a 10% increase in turnover for 2022/23 from £798m to £879m. While this represents slower growth than than last year’s 12% jump, this is still above its seven-year average of 8% annual growth.
However, PEP was down very slightly: £1.17m, compared to £1.175m last year. This stalling stands in contrast to last year’s 13% increase, though it is offset by an increase in partner headcount, from 447 last year to 469 this year. The firm made 28 lateral hires in the last financial year, and lost six partners, for a net gain of 22. Continue reading “‘Challenges and opportunities are interlinked’: revenue growth cools slightly at Ashurst as profits stall”
The board of DWF Group Plc has confirmed market speculation that it is in negotiations with mid-market private equity firm Inflexion over a potential buyout.
The UK’s largest listed law firm, DWF, released a statement on the London Stock Exchange, detailing that DWF shareholders will be eligible to receive a total consideration of 100 pence per share, including a cash consideration of 97 pence per share and a three pence per share dividend for the six-month period ended 30 April 2023, reliant on the sale going through. Continue reading “DWF in talks to delist as private equity buyer circles”
Shearman & Sterling has lost another two partners in London, as infrastructure and projects partners Ben Shorten and Trinh Chubbock moved over to Gibson Dunn, where Shorten will head the firm’s EMEA projects team.
‘Gibson Dunn has a fantastic energy practice,’ said Shorten. ‘When the opportunity came up, it was too good to miss out on.’ Chubbock concurred: ‘The platform speaks for itself.’ Continue reading “Revolving doors: More departures from Shearman as firms focus on financial services and infrastructure hires”
With the financial reporting season in full swing, Taylor Wessing has unveiled its latest results, becoming a €500m firm for the first time.
The firm experienced slower growth compared to the previous season, as it did not achieve double-digit growth as it did in 2021/2022. The firm saw a 4% increase in global revenue to £439m in this year’s financial results, up from £420.6m last year, which its highest recorded international revenue to date. Continue reading “Financials 2022/23: Taylor Wessing sustains global growth for fifth year in a row”
HFW has posted its best-ever financial results for the financial year 2022/23. After a slight dip of 1% to £198.7m in 2022, revenue climbed by more than 13% to £225.3m. Profit per equity partner and revenue per lawyer were up too: PEP rose by more than 17% to £786,000, while RPL hit £455,000.
In London revenue increased by 16%, accounting for about 40% of the firm’s total revenue. The most impressive increases around the world, meanwhile, were in the Middle East (32%) and Australia (24%). Continue reading “Financials 2022/23: HFW posts best-ever results”
