With an average revenue growth of 5% in 2016, the business climate for small to medium size (SME) firms with income under £123m in the UK has been generally positive, according to the latest NatWest Legal Benchmarking report out today (30 March). Continue reading “NatWest SME law firm report warns lock-up a concern although business climate positive”
Hogan Lovells International, which covers the firm’s operations outside of the US, has seen an 8% increase in turnover compared to the previous year, according to the firm’s filings on Companies House. This saw revenue jump from £591m in 2015 to £638.2m for the year ended April 2016. Continue reading “Hogan Lovells International posts 26% PEP boost as firm moves to pay down pension liability”
Ashurst’s latest LLP accounts show a spike in capital expenditure and a stark fall in operating profit defined a tough year for the Anglo-Australian firm in 2015/16, in which revenues fell for the second year in a row.
With complex structures and global operations, it has become increasingly difficult to benchmark financial performance of major law firms… which is why it is often revealing to compare public accounts to initial disclosures.
The latest case in point is Anglo-Australian giant Herbert Smith Freehills (HSF), which has just confirmed 2015/16 revenues nearly £40m lower than its initial disclosure, citing the dramatic impact of fluctuating currencies over the year.
Freshfields Bruckhaus Deringer‘s Companies House filings state turnover as £40m lower than its previously reported revenue figures for 2015/16, with the firm claiming exchange rates are the reason for the discrepancy. Continue reading “Freshfields LLPs reveal revenue £40m short of previously stated turnover”
Pinsent Masons‘ LLPs have revealed that the firm’s highest paid member took home £810,490, down 5% on last year’s figure of £856,293 while key management compensation was up about 2% from £5m to £5.1m. Continue reading “Pinsents’ highest paid member takes home 5% less than last year as key management bank over £5m”
RPC has seen its total pay to key management personnel drop to £6m for the 2015/16 financial year, down from £6.3m the year before, while remuneration to the firm’s highest paid member also fell. Continue reading “RPC accounts show management pay falls to £6m as consulting makes up 1% of revenue growth”
Bird & Bird‘s turnover increased 5% to €344.5m for the 2015/16 financial year, according to the firm’s recently filed accounts. Alongside the increase in turnover, the firm saw its profits rise by 2% to €96m and net debt tumble by 15% to €39.5m. The accounts partially attribute this downslide to the stronger Euro against Sterling. Continue reading “Bird & Bird profits rise 2% after €17m spend on new City headquarters, accounts reveal”
Addleshaw Goddard‘s highest paid partner took home £1.1m in 2015/16, up from £936,000, its recently filed LLPs reveal. The accounts show turnover at £195.1m, an increase of 4%. Continue reading “Addleshaws highest paid member took home more than £1m, LLP accounts reveal”
DLA Piper International’s operating costs have increased by £10.6m to £502.7m according to the firm’s latest LLP accounts, which DLA said is ‘largely attributable to inflationary salaries and key investments into delivering effective and efficient client service’ including project management capabilities and the transfer of 200 business support jobs in the UK to Warsaw last year. Continue reading “DLA LLPs reveal costs up by £11m due to inflation and ‘key investments’ including Warsaw”