LLP accounts: Clifford Chance leadership team pockets £16m following strong year

LLP accounts: Clifford Chance leadership team pockets £16m following strong year

The 13-strong executive leadership team at Clifford Chance (CC) took home £16m for the 2016/17 financial year, according to its latest LLP accounts filed with Companies House.

While the combined remuneration package is up 7% on the previous year, it represents only a slight per head increase on last year’s figure, where the 12-person executive received £15m. The firm’s 2014/15 accounts showed that leadership took home £14m, meaning the figure has increased in £1m increments for the past two years. Continue reading “LLP accounts: Clifford Chance leadership team pockets £16m following strong year”

‘The idea is working’: Dentons Europe recorded double-digit revenue growth, LLPs show

‘The idea is working’: Dentons Europe recorded double-digit revenue growth, LLPs show

Revenue at Dentons’ continental European arm grew 11% to €275.8m in the year to 31 December 2016, according to LLP accounts published this week.

In a year marked by five office launches and 32 lateral hires, the global giant’s continental operations also saw profits increase 13% to €72.3m, up from €64.2m in 2015. Continue reading “‘The idea is working’: Dentons Europe recorded double-digit revenue growth, LLPs show”

‘Significant progress’: Irwin Mitchell posts 6% revenue increase to £235m

‘Significant progress’: Irwin Mitchell posts 6% revenue increase to £235m

Irwin Mitchell has posted a revenue increase of 6% for the last financial year from £221.3m to £235.2m, with profit before tax of £12.3m.

The results represent a solid performance in the first full year of combined financials with south-east firm Thomas Eggar, which Irwin Mitchell combined with in 2015. Last year the firm posted an 8% turnover rise to £221.3m, which included four months of trading with Thomas Eggar. Continue reading “‘Significant progress’: Irwin Mitchell posts 6% revenue increase to £235m”

‘Bumpy year’: Burness Paull posts flat revenue and profit as muted Scots performance continues

‘Bumpy year’: Burness Paull posts flat revenue and profit as muted Scots performance continues

Scottish independent Burness Paull has posted flat financials for 2016/17 with turnover up 1% from £53.3m to £53.8m, while profit per equity partner stands at £453,000 compared to £451,000 last year.

Additionally, overall profit was down 2% from £22.5m to £22m in what the firm’s chairman Philip Rodney described a ‘bumpy year for the Scottish economy’. In 2015/16, the firm saw stronger revenue growth of 4% but PEP was down by 6%.

Continue reading “‘Bumpy year’: Burness Paull posts flat revenue and profit as muted Scots performance continues”

Clients back New Law model as LOD posts post-merger revenue surge

Clients back New Law model as LOD posts post-merger revenue surge

Berwin Leighton Paisner‘s (BLP) freelance spin-off Lawyers on Demand(LOD) has posted 15% turnover growth in its first full-year results since it merged with Australia’s AdventBalance in March 2016, in what was the largest New Law merger to date.

As the global flexible lawyering business saw its turnover grow to £35m for 2016/17, LOD co-founder and managing director Simon Harper (pictured) said the satisfying results – which came ahead of LOD’s tenth anniversary last month – were down to ‘new service lines’.

Continue reading “Clients back New Law model as LOD posts post-merger revenue surge”

Troubled water: Hill Dickinson in talks to sell insurance business to Keoghs as revenue and profit dip again

Troubled water: Hill Dickinson in talks to sell insurance business to Keoghs as revenue and profit dip again

Insurance and shipping specialist Hill Dickinson is in talks with fellow LB100 firm Keoghs to sell off part of its insurance business group.

Both firms – each based in the North West – confirmed they had held ‘high-level, preliminary discussions’ on the potential transfer of £23m worth of business, including 16 partners and more than 400 other staff but excluding Hill Dickinson’s marine and clinical negligence work. Continue reading “Troubled water: Hill Dickinson in talks to sell insurance business to Keoghs as revenue and profit dip again”

Financials 2016/17: Trowers & Hamlins steadies ship with double-digit turnover rise

Financials 2016/17: Trowers & Hamlins steadies ship with double-digit turnover rise

Top-50 UK firm Trowers & Hamlins has recorded increases in turnover and profit per equity partner (PEP) to recover from last year’s mixed financial results.

Revenue at the 400-lawyer firm rose 12% from £85.6m to £97m, while PEP also saw a marginal 1% increase from £310,000 to £312,000 for the 2016/17 financial year. The growth in PEP was underpinned by a 10% increase in net income, from £19.5m to £21.5m. However the firm’s equity spread remained largely flat, with top of equity at £450,000 and the bottom at £180,000. Continue reading “Financials 2016/17: Trowers & Hamlins steadies ship with double-digit turnover rise”

Financials 2016/17: Baker McKenzie resilient in face of full year of global headwinds

Financials 2016/17: Baker McKenzie resilient in face of full year of global headwinds

Baker McKenzie has unveiled stable revenue and profits for the year end 30 June, the first global firm to unveil its financial performance covering a full 12 months after the UK referendum on exiting the EU and the US presidential election.

The firm increased its global revenues by 2% to $2.67bn. On a constant currency basis, gross income was up 5% on last year’s $2.65bn. Continue reading “Financials 2016/17: Baker McKenzie resilient in face of full year of global headwinds”

Financials 2016/17: Bond Dickinson posts flat turnover as PEP drops 4%

Financials 2016/17: Bond Dickinson posts flat turnover as PEP drops 4%

Bond Dickinson has posted flat turnover for 2016/17 of £104m, while profit per equity partner (PEP) has slipped 4% from £275,000 to £265,000.

Meanwhile, profit per lawyer at the firm is up 2% to £38,000, albeit against a 7% fall in total lawyer headcount to 478. Equity partner numbers at the firm have increased by two to 68, explaining the fall in PEP. Continue reading “Financials 2016/17: Bond Dickinson posts flat turnover as PEP drops 4%”

‘A rollercoaster ride’: Addleshaw Goddard reports mixed financial performance after turbulent year

‘A rollercoaster ride’: Addleshaw Goddard reports mixed financial performance after turbulent year

UK firm Addleshaw Goddard has reported £198m in revenue for 2016/17, a 2% fall from the figure announced last year.

However, while the figure represents a drop on 2015/16’s reported revenues of £202m, a spokesperson for the firm said this sum included an uplift for income from conditional fee arrangements. Actual revenue last year was £194m, meaning underlying growth in real terms of 2% to this year’s top line. Continue reading “‘A rollercoaster ride’: Addleshaw Goddard reports mixed financial performance after turbulent year”