The latest Legal Business 100 results show the total revenue of the UK’s top 100 law firms has topped £19bn for the first time, while the number of lawyers across those firms has passed the 60,000 mark, also a first. However, this top-line growth is largely the result of another year of fervent merger activity, masking the fact that on a granular level many firms are struggling to achieve revenue and profit growth. Total revenue for the LB100 for 2012/13 is £19.1bn, an increase of 8%, while total lawyer headcount swelled 10% to 61,299. Continue reading “Merger frenzy hikes Legal Business 100 income but growth masks another tough year”
Financial results 2013: Bakers reveals double-digit profit growth against global turnover increase of 5%
Baker & McKenzie has revealed above average financial performance for 2012/13, with a global revenue increase of 5% to $2.419bn and profits per equity partner up by 10% to $1.2m. This growth comes in above the Legal Business Global 100 average of 4% increase in turnover and flat profits for the past financial year.
Financial results 2013: Burness Paull (minus the Williamsons) outstrips Scottish rivals with post-merger results
In the first few months since its eye-catching merger at the beginning of December last year, Burness Paull has climbed the ranks to post revenue and profit growth that contrasts starkly with the fortunes of the traditionally elite Scottish firms in recent years.
The 57-partner firm, formed following the union of Burness in Edinburgh and Glasgow and Aberdeen’s Paull & Williamsons, recorded a turnover of £38.7m, up 59% on legacy firm Burness’ turnover last year of £24.3m. The firm has also rebranded as Burness Paull, dropping the Williamsons part of its post-merger name. Continue reading “Financial results 2013: Burness Paull (minus the Williamsons) outstrips Scottish rivals with post-merger results”
Financial results 2013: LG’s revenue falls for a third year while Irwin Mitchell posts turnover and profit growth
Top 25-firm Irwin Mitchell has today (26 July) posted strong revenue and profit growth for the last financial year, while Lawrence Graham (LG) has posted declining turnover for the third year running.
In its latest results for 2012/13, Irwin Mitchell’s turnover was up by 9% to £200.2m from £183.7m for 2011/12. Profit for the group as a whole is £19.1m, up by 3.1% on the previous financial year. The firm’s profit per equity partner is £619,000 – a 9% increase from last year’s £569,000. Continue reading “Financial results 2013: LG’s revenue falls for a third year while Irwin Mitchell posts turnover and profit growth”
Financial results 2013: steady as she goes for Burges Salmon
It’s been another year of solid organic growth for stalwart Burges Salmon, with revenue, profit and profit per lawyer (PPL) all up 4% at the end of last financial year.
The UK top 50 firm posted its highest ever revenue figure of £73.7m, up from £71m at the end of financial year 2011/12, with net income up to £23.5m from £22.6m and PPL up to £76,000 from £73,000. Profits per equity partner are flat, at £420,000 this year. This follows a 7% increase in turnover during the previous financial year. Continue reading “Financial results 2013: steady as she goes for Burges Salmon”
Financial results 2013: the good, the bad and the ugly as Howard Kennedy FSI, Clarke Willmott and Manches reveal results
The latest results for firms in the second half of LB100 are a mixed bag, as Howard Kennedy reports inflated revenues reflecting its recent merger with Finers Stephens Innocent, Clarke Willmott posts a fifth consecutive year of falling revenues and Manches unveils a sharp fall in turnover and profit.
Clarke Willmott’s revenues edged down 1% from £33.5m to £33.1m, while profits per equity partner (PEP) is down 14% to £141,000 from £163,000. Top of the equity is £152,000, compared to £110,000 at the bottom. Continue reading “Financial results 2013: the good, the bad and the ugly as Howard Kennedy FSI, Clarke Willmott and Manches reveal results”
Financial results 2013: Scottish elite numbers make grim reading as Maclay reveals results
Following Dundas & Wilson’s announcement last week that its revenues and profits had tumbled dramatically for the second year running, the latest figures from Scotland’s two other elite firms shows it is not alone in suffering from poor financial performance.
Maclay Murray & Spens (MMS) has managed to outdo the beleaguered Dundas in terms of underperformance, with revenues down 13% to £40.9m from £46.9m last year, while profits have dropped by 24% to £9.7m, equating to a fall in PEP of £59,000 to £211,000 – down 22%. These figures are marginally worse than Dundas, which saw revenues dip 11% and profits fall 21%. Continue reading “Financial results 2013: Scottish elite numbers make grim reading as Maclay reveals results”
Financial results 2013: BLP confirms bad year as revenues drop by 5%
It appears today (19 July) is a good day to try and bury bad news. With Dundas & Wilson earlier revealing significant falls in revenues and profit, Berwin Leighton Paisner (BLP) has confirmed suspicions that it has had a bad year: revenues are down 5% from £246m to £233m.
The firm has yet to announce profit figures but PEP is widely expected to be down substantially from last year’s figure of £660,000. Continue reading “Financial results 2013: BLP confirms bad year as revenues drop by 5%”
Financial results 2013: Dundas & Wilson fails to halt the slide as profits fall 21%
It was once Scotland’s most revered firm but Dundas & Wilson continues to experience misery heaped upon misery, rounding off a second annus horribilis by announcing a successive double-digit drop in turnover today (19 July).
Turnover was down 11% at the end 2012/13 to £48.7m from £54.5m, with profit down 21% to £12.8m from £16.2m the previous year. Profits per equity partner have also fallen significantly, down to £164,000 from £210,000 – a fall of 22%. Continue reading “Financial results 2013: Dundas & Wilson fails to halt the slide as profits fall 21%”
Comparing apples with, err, pears: Dentons’ financials show slight increase in revenue as Withers and Travers reveal numbers
If the financial results of 2013 are useful for one thing, it will be to remind us of the sheer volume of transcontinental mergers, nearly-ran mergers, and the growth in popularity of the Swiss verein model.
The tail end of the financial reporting season has seen Dentons post its first, broadly flat set of results since the three-way merger of SNR Denton, Salans and Fraser Milner Casgrain, while Withers and Travers Smith (which stands out all the more for its fierce independence) have both seen a small increase in turnover. Continue reading “Comparing apples with, err, pears: Dentons’ financials show slight increase in revenue as Withers and Travers reveal numbers”