It has been a year of management and team departures but Olswang today reported that its revenues for the financial year 2014/15 are up 8% to £126.7m from £117.6m, while profits per equity partner (PEP) are expected to hold steady at £490,000.
The first Magic Circle firm to release its financial results, Linklaters posted a 1% rise in revenue to £1.27bn as it struggled to capitalise on the return to form of its heavyweight corporate team in London.
After flat turnover growth in recent years, Nabarro has recorded £126m in revenue for the 2014/15 financial year, an 8% rise on last year and its largest annual increase since 2008, alongside a 21% jump in profit per equity partner (PEP) to £576,000, constituting a double digit increase for a third consecutive year.
UK-based firms Osborne Clarke, Browne Jacobson, Clarke Willmott and Fladgate have all recorded double-digit revenue growth for the 2014/15 financial year, while Berwin Leighton Paisner (BLP)’s partner profits reached new heights.
In a sign that the UK legal market is at its most buoyant since the 2008 financial crisis, each of Browne Jacobson’s five national offices scored sharp workload rises, with Manchester surging by 73% and London turnover up by 61%. The firm made an additional £8.7m in the last financial year, climbing to £58.9m.
‘Not job done but it is the first step’: Addleshaws’ turnaround emerges as revenues grow 12% to £193m
After having elected managing partner John Joyce (pictured) to help turnaround what had been a string of lethargic results following the financial crisis, Addleshaw Goddard has posted double digit revenue growth of 12%, up from £171m in 2013/14 to £193m for the financial year 2014/15, while profits per equity partner (PEP) are expected to return to 2012/13 levels.