DWF, suffering a second year of lacklustre performance, is the latest law firm to report evidence of difficulties for those with large insurance practices as it posts financial results showing a 1% rise in revenue and a 16% drop in profit per equity partner (PEP).
After having carried out two redundancy rounds over the year, Hill Dickinson has seen its revenues for 2014/15 fall 6% from £112m to £104m while profit per equity partner (PEP) is down 4% from £271,000 last financial year to £261,000.
Helped by its Scottish and Northern Ireland mergers, BLM has surpassed the £100m turnover mark and posted £104m in revenues for the 2014/15 financial year.
Top-50 UK law firm Burges Salmon has posted another year of solid growth as results released for the 2014/15 year show revenue up by 6% to £80.8m from £76.5m while profit per equity partner jumped 11% to £485,000.
Scottish firm Brodies has once again turned in a strong financial performance, reporting a double-digit growth in both revenue and profits per equity partner (PEP) in its audited accounts for the 2014/15 financial year.
On the back of speedy internationalisation plans in recent months, private client firm Withers has posted an 8.7% increase in revenues to £134m from £123m for the 2014/15 financial year while Charles Russell Speechlys has recorded combined revenues of £135m in its first financials post-merger.
UK top-50 firm Trowers & Hamlins has recovered from the mixed set of financial results last year but is yet to match previous form as the firm posted revenues of £79.4m for the 2014/15 financial year – up on last year but still down 11% on a five year view.
Following its recent landmark move to become the UK’s first listed law firm, West Midlands-based Gateley has stated in its first trading statement that revenues had increased by 10% to ‘not less than’ £60m for the 2014/15 financial year.
Tech specialist Bird & Bird, despite stating that it has faced ‘challenging economic conditions in many of our major markets’, has posted a 6% rise in revenues to hit €325.5m.
City outfit Travers Smith has become the latest UK law firm to post strong results for the past financial year, registering a 9% rise in revenue to break the £100m boundary.