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”
Rich Youle, Skadden’s much-admired co-head of private equity, has taken over from Pranav Trivedi as the head of Skadden’s London office.
Youle (pictured) took the helm on 1 July and will continue as global co-head of the firm’s private equity group alongside Ken Wolff in New York. Continue reading “‘A powerful position’: Youle succeeds Trivedi as Skadden London head”
Following their appointment as joint administrators for Ince on 28 April 2023, Andrew Hosking and Sean Bucknall of Quantuma Advisory have filed a statement of administrator’s proposal (the Quantuma proposal) at Companies House.
A pre-pack sale of Ince’s business and assets to Axiom Ince has now been completed. The Quantuma proposal states: ‘Of the total sale consideration of £2,200,000, £1,000,000 has been received to date and the remaining £1,200,000 will be collected as and when it falls due for payment.’ Continue reading “Ince unable to pay creditors in full as administration draws to a close”
Eversheds Sutherland has revealed a 17% increase in its net profit from £150.3m to £175.2m in this year’s financial results. The rate of growth is six percentage points lower than last year’s bumper 23% spike, reflecting the challenges which law firms currently face. Revenue also grew from £678.4m to £730.9m, matching last year’s 8% rise.
In contrast to the significant 26% jump in profit per equity partner (PEP) in 2022, this year’s performance shows a far more modest 4% increase from £1.2m to £1.29m, despite the significantly higher rate of net profit growth. Continue reading “‘The legal industry isn’t immune’: Profits rise again at Eversheds following record performance in 2022”
Brodies has become the first independent Scottish firm to pass the £100m revenue mark.
The LB100 firm posted a turnover of £106.25m, marking an 8% growth compared to last year’s figure of £98.5m. Continue reading “Scottish round up: Brodies and Morton Fraser achieve record breaking revenues, Freeths expands into Scotland”
Osborne Clarke has kicked off this year’s financial reporting season, revealing a 9% international revenue increase from €407m in 2022 to €442m in 2023, which the firm sees as real progress against the backdrop of weaker global economic conditions and a stagnant deals market.
In the UK, the firm’s income also grew by 9% from £199.1m in 2022 to £217.3m, which is a notable contrast to last year’s revenue increase of 19% and 20% respectively for international and domestic growth, and an indicator of the obstacles that many firms are facing. Continue reading “‘It would be remarkable for us to deliver 20% growth’: Turnover still up at Osborne Clarke following last year’s outstanding performance”
Leading the high-profile moves this week, Baker McKenzie has recruited Allen & Overy partner Fernando Torrente to head up its M&A and capital markets practice in Madrid. Torrente currently leads A&O’s corporate, M&A and capital markets practice and has built a strong track record spanning three decades in takeovers, IPOs, flotations, and other equity financing structures.
Meanwhile, Clifford Chance has revealed the name of the sixth partner to join its recently opened Houston office. Partner David Sweeney joins after spending six years at Akin Gump, acting for clients on M&A, energy finance transactions and operational matters across the globe. Continue reading “Revolving Doors: More hires in Houston as London’s energy, employment and corporate sectors witness key moves”
BCLP global inclusion and diversity client relationship partner Daisy Reeves on why the UK can’t rest on its laurels in the fight for inclusion and the role Big Law needs to play in change.
What was your experience like coming out in the professional world and were there any challenges you faced? Continue reading “Pride Month 2023: ‘There is a real risk we are retrenching the hard-fought rights of our LGBTQ+ populations’”
‘I’m of the view that there’s no such thing as an ESG lawyer. What we can do, by educating the trainees as they come in, is help them to understand ESG, so that it can permeate their practices throughout their careers.’ Rachel Richardson, Macfarlanes
On the back of our third annual ESG report, key decision makers share their perspectives on key issues affecting law firms
Dr Vera Naegeli and Marie-Cristine Kaptan discuss the evolving ESG legal field in Switzerland and how companies can abide by the new regulations.
