LLP latest: CMS Cameron McKenna posts revenue and profit drops for LLP but highest earner remains stable

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Top ten LB100 firm CMS Cameron McKenna has posted a revenue drop for its UK limited liability partnership (LLP) of 6.6% for the 2012/13 financial year alongside a 12.5% decrease in operating profit, accounts filed at Companies House showed yesterday (14 January).

Turnover fell to £212.6m from £227.6m in 2011/12 financial year while group operating profit slid to £47.7m from £54.5m in 2011/12. Continue reading “LLP latest: CMS Cameron McKenna posts revenue and profit drops for LLP but highest earner remains stable”

LLP filings 2012/13 – Nabarro’s highest earner sees pay increased by 31%

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Following a seven-month period in which its year-end profitability rose significantly but its half-year revenue was flat, top 30 LB100 firm Nabarro today (6 January) filed its limited liability partnership (LLP) accounts for the 2012/13 year, unveiling a 31% pay increase for its top fee-earner and a 13% drop in partner numbers.

The firm’s LLP accounts filed at Companies House show that the highest pay taken home by a member for the year was £635,000; up from £486,000 in the 2011/12 financial year. Continue reading “LLP filings 2012/13 – Nabarro’s highest earner sees pay increased by 31%”

LLP filings 2012/13 – BLP sees bank borrowing increase from £14m to £45m

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Following a year of partner departures and a significant drop in profit per equity partner, Berwin Leighton Paisner’s limited liability partnership (LLP) accounts have revealed a 221% increase in bank borrowing in the 2012/13 financial year.

The 790-lawyer firm’s borrowing has risen to £45m from £14m the previous year.

However, in what appears to be a re-financing of debt, the top 20 firm has significantly reduced its overdraft facility, which is down from £4.5m to £371,000 and overall the firm owes £76m to creditors, compared to £51.3m the previous year. Continue reading “LLP filings 2012/13 – BLP sees bank borrowing increase from £14m to £45m”

LLP results 2012/13 – CC reveals drop in management committee pay as LG records further decline in turnover

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Clifford Chance’s (CC’s) limited liability partnership accounts for the 2012/13 year have revealed a 5% drop in total remuneration paid to the firm’s management committee, according to the latest filings with Companies House.

Published on 23 December, the accounts show that the 16-strong management committee team received £18m this year, compared to £19m for the 2011/12 financial year.

Continue reading “LLP results 2012/13 – CC reveals drop in management committee pay as LG records further decline in turnover”

UK PI bandwagon – Slater & Gordon buys Fentons and reveals 2012/13 results

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Slater & Gordon today (21 August) made further inroads into the UK personal injury (PI) market as it formally announced to the Australian Stock Exchange (ASX) the acquisition of leading claimant firm Fentons, although discussions with earlier merger talks partner Simpson Millar have been deferred until early 2014.

The Australian-listed firm confirmed that due diligence on 120-lawyer Fentons, which has an annual revenue of £27.7m, is substantially completed and formal business sale agreements have been executed with the London and Manchester firm. Macfarlanes advised on the deal, led by corporate partners John Dodsworth and Jessica Adam, opposite Pinsent Masons for Fentons, led by corporate partner Gregg Davison. Continue reading “UK PI bandwagon – Slater & Gordon buys Fentons and reveals 2012/13 results”

UK financial roll call: Wragge & Co, Hill Dicks, Watson Farley and Trowers reveal 2012/13 numbers

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The UK top 100 financial roll call has seen Wragge & Co, Watson, Farley & Williams, Trowers & Hamlins and Hill Dickinson unveil their financial results for 2012/13, with a number suffering a significant dent in their profit figures.

Watson Farley broke through the £100m revenue barrier, reporting a firm-wide increase of 2% to £102.1m, up on last year’s £99.8m. However, PEP has dropped by 13% to £388,000 from £446,000 in 2012. Continue reading “UK financial roll call: Wragge & Co, Hill Dicks, Watson Farley and Trowers reveal 2012/13 numbers”

Financial Friday rolls on as Eversheds unveils increase in revenue and profits during 12/13

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Eversheds became the fifth major law firm to confirm its 2012/13 results today (5 July) with the top 15 UK law firm seeing revenues edge up 3% to £376m, while profits per equity partner increased 2% to hit £642,000 for its 133 full partners.

The firm cited a strong performance in its litigation practice, while its financial institutions and energy and national resources sector groups respectively expanded by 20% and 14%. A statement from Eversheds said that it had seen ‘double digit’ growth in its network in Asia and the Middle East, where the firm has been investing.

Continue reading “Financial Friday rolls on as Eversheds unveils increase in revenue and profits during 12/13”

Reporting season floodgates open as four major City firms reveal 2012/13 revenues

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Reporting season has opened in earnest in the City as Freshfields Bruckhaus Deringer today (5 July) reveals it has bucked the trend towards flat revenue growth among its Magic Circle rivals while Linklaters, Ashurst and Norton Rose Fulbright disclose a varying set of 2012/13 numbers.

In a year that has already seen a number of managing partners blame challenging market conditions for flat revenue streams, Freshfields reported a 7.2% revenue increase from £1.139bn to £1.22bn, while its profit per equity partner (PEP) rose by 7.6% to £1.398m. Continue reading “Reporting season floodgates open as four major City firms reveal 2012/13 revenues”

Financial results round-up: Freshfields tops UK elite firms

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Magic Circle firm shines with 7% revenue spike in flat market

Freshfields Bruckhaus Deringer has led the Magic Circle for 2012/13 financial results in a year that has seen the UK’s elite turn out flat annual turnover and profits, while many of the UK’s top 50 reveal spikes in revenue largely generated by international expansion.

Freshfields has revealed a 7% revenue increase from £1.139bn to £1.22bn, with profit per equity partner (PEP) rising by 11% to £1,439,000.

Headline deals for the firm have included its role advising the government on the long-running IPO of Royal Mail, and advising Betfair on CVC Capital Partners’ £910m takeover bid. For Q1 of 2013, Freshfields was ranked by mergermarket in third place for global M&A behind US firms Davis Polk & Wardwell and Wachtell, Lipton, Rosen & Katz, and second for global buyouts behind Kirkland & Ellis.

Continue reading “Financial results round-up: Freshfields tops UK elite firms”

Global 100: DLA Piper

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A highly symbolic year for DLA Piper, with the rapidly-assembled business services juggernaut becoming the world’s largest law firm in revenue terms with income up 9% to $2.44bn, while profit per equity partner (PEP) was up by 6% to $1.3m.

The 1,300-partner firm – which now has nearly 80 offices worldwide – also made ground in pushing up the value chain, a key aim behind the 2011 appointment of former Linklaters head Tony Angel as global co-chair. Profit per lawyer (PPL) was up 10% annually to around $150,000 as the number of lawyers decreased by 3% to 4,036 firm-wide. Continue reading “Global 100: DLA Piper”