As Bristol-based TLT yesterday posted a double-digit hike in turnover and announced a dual hire to launch an office in Manchester, in contrasting fortunes Glasgow-based Maclay Murray & Spens became the latest UK firm to announce a redundancy consultation in a move that could affect up to 30 roles. Continue reading “TLT announces 10% hike in turnover as Maclay Murray kicks off redundancy round”
Reports season 2013 – DWF’s acquisition trail sees bumper revenue and profit increase
It has swiftly moved from obscure regional player into one of the most closely watched practices on the national scene and financial results announced today (6 June) confirm the extent of its dramatic ascent. DWF, which has completed five mergers in under 18 months, has unsurprisingly reported significant revenue and profit increases for the 2012/13 financial year.Turnover at the law firm is up 84% to £188m, while the firm’s net profit is up 41%, with profit per equity partner standing at £429,000, against £408,000 the previous year.
Reports season 2013 – Bird & Bird and Olswang post healthy revenue increases
Two international firms with strong European practices and a core media focus, Bird & Bird and Olswang, have posted solid revenue increases for the 2012/13 financial year.
Bird & Bird has announced revenue growth of 6%, from £235m to £249m, marking 25 years of continuous growth. Profit figures are yet to be released although a firm spokesperson said that the expectation is that net profits will have risen again in 2012/13.
The performance was described by the firm as solid and in line with budget ‘in the face of challenging economic conditions in our major markets’. Continue reading “Reports season 2013 – Bird & Bird and Olswang post healthy revenue increases”
Reports season 2013 – Addleshaws sees income slide but holds profits steady
Addleshaw Goddard today (31 May) became one of the first major UK law firms to announce its 2012/13 financial results, confirming that revenue has dipped by 2% to £167m against its previous financial year. The top 25 UK law firm saw profits per equity (PEP) partner edge up 2% to £457,000.
Despite the generally subdued outlook and weak demand in the UK market the performance will be viewed as disappointing for Addleshaws, which has struggled to achieve sustained growth over the last five years. Continue reading “Reports season 2013 – Addleshaws sees income slide but holds profits steady”
Financials update: Taylor Wessing increases global revenues by 7%; UK up 4%
Taylor Wessing has posted modest turnover growth after an expansive 2012, announcing its global revenue for the financial year 2012/13 has increased by 7% from £212m in 2011/12 to £228m, while UK revenue grew by 4% to £104.5m.
Tim Eyles, who was re-elected as UK managing partner of the firm in May last year, said he was ‘pleased to have achieved continued revenue growth’ despite tough market conditions. Continue reading “Financials update: Taylor Wessing increases global revenues by 7%; UK up 4%”
What credit crunch? – Forsters gives reporting season a boost with 16% hike in revenues
Europe may be stuck in the doldrums and the UK property market mired in a five-year slump but no one seems to have told West End boutique Forsters, which posted a revenue rise of 16% in its latest financial year.
Total fee income at the 120-lawyer firm grew to £32.5m for the 2012/13 year, up from £28m, while profits increased 11%. Profits per equity partner (PEP) rose 6% to £431,000 from £392,000 in 2012, while earnings per partner grew 3% to £308,000.