LLP accounts: Gowling’s UK revenue and profit fall while top-earner’s pay drops 6%

LLP accounts: Gowling’s UK revenue and profit fall while top-earner’s pay drops 6%

Revenue and profit at Gowling WLG’s UK LLP have fallen despite the overall firm, including its Canadian arm, increasing revenue by nearly 17% last year.

Gowling’s UK LLP accounts for the year to 30 April 2018 say revenue fell 5% to £179.9m. Profit, meanwhile, fell to £51.9m from £60m, a 14% drop. Continue reading “LLP accounts: Gowling’s UK revenue and profit fall while top-earner’s pay drops 6%”

LLP accounts: Strong returns for CC leadership with bumper 38% pay rise as Eversheds executives see take home remain static

LLP accounts: Strong returns for CC leadership with bumper 38% pay rise as Eversheds executives see take home remain static

Clifford Chance’s (CC) 13-strong executive leadership team took home £22m in the 2017/18 financial year, according to the firm’s filings with Companies House.

It means the firm’s leaders have seen remuneration swell by 38% since last year, when the group of 13 pocketed £16m. Continue reading “LLP accounts: Strong returns for CC leadership with bumper 38% pay rise as Eversheds executives see take home remain static”

LLP accounts: Linklaters posts fall in profits as top earner doubles income at Macfarlanes

LLP accounts: Linklaters posts fall in profits as top earner doubles income at Macfarlanes

Operating profits at Linklaters dipped 1% to £472.3m, while Macfarlanes’ highest-earning partner brought home almost £4m in 2017/18, the two firms’ LLP accounts showed this week.

In a mixed bag of financial results, the fall in profits at Linklaters came despite a 6% rise in turnover to £1.51bn. The operating profit figure reported is more than £200m lower than the £676.2m pre-tax profit the firm posted in July . Continue reading “LLP accounts: Linklaters posts fall in profits as top earner doubles income at Macfarlanes”

DWF revenue jumps to £236m ahead of stock exchange float

DWF revenue jumps to £236m ahead of stock exchange float

DWF has added 18% to its top line as the thrusting national operator gears up to become the largest UK law firm float yet.

Revenue at the top 25 firm for the year to 30 April, announced today (13 September), was £236m, up from £199m last year. The firm also said profit per equity partner (PEP) increased, without specifying a figure, but this year’s LB100 estimates it rose 9% to £327,000. Continue reading “DWF revenue jumps to £236m ahead of stock exchange float”

The LB100 overview: Crisis? What crisis?

The LB100 overview: Crisis? What crisis?

Brexit negotiations stalling, trade wars looming, the high street hit by a raft of collapses – at first sight, there is plenty to suggest the UK has taken a trip back in time. Yet for those with a finger on the pulse in the City, it will come as no surprise to find this year’s Legal Business 100 (LB100) speaks of a standout year for Britain’s legal elite. Turmoil has mattered very little against the backdrop of booming transactional activity, interest rates near historic lows and the cheap pound.

While commercial lawyers spoke with wary optimism of healthy markets in the summer of 2017, caution progressively turned into bemused enthusiasm as the City realised it was living through its busiest winter for years during a period that seemed to resemble the Winter of Discontent. By spring, some were hailing the best financial year since the banking crisis. This year’s survey confirms that there is some substance to such claims. Continue reading “The LB100 overview: Crisis? What crisis?”

LB100 Second 25: The ex-pistols

LB100 Second 25: The ex-pistols

The story of last year’s Legal Business 100 (LB100) was the emergence of a group of mobile mid-tier outfits that were threatening to take the market by storm. For some, that has become a reality, with the pacesetting Fieldfisher surging into the top 25 on the back of another stellar year. For those it left behind in the 26-50 bracket, the going has been generally tougher.

Despite a modest 5% jump in average revenue to £122.6m for the mid-market cohort, there was a 3% slump in average profit per lawyer to £65,000. Average revenue per lawyer also slipped 2% to £267,000, although there was a 3% rise in the average profit per equity partner (PEP) figure to £501,000. Continue reading “LB100 Second 25: The ex-pistols”

LB100 Second 50: London stalling?

LB100 Second 50: London stalling?

With initial post-referendum Brexit shock giving way to pre-breakaway uncertainty, the boutique and mid-market London firms in the second half of the Legal Business 100 are maintaining a brave front in the face of political and economic uncertainty.

Overall the story is encouraging for London firms in the second 50, with total revenue up 6% to £774m, with an average revenue of £40.7m across the 19 City firms in the second – the same number as last year. Average profit per equity partner (PEP) spiked by 12% to £409,000. Continue reading “LB100 Second 50: London stalling?”

LB100 Second 50: Regional view – Comfortably numb

LB100 Second 50: Regional view – Comfortably numb

Consolidation, planning, investment and ‘cautious optimism’ proved dominant themes for the smaller regional and national firms in this year’s Legal Business 100 (LB100). The 31 non-City firms in the 51-100 bracket grew steadily amid a slow summer and dip in confidence during the 2016/17 financial year. Last year, however, the group’s collective revenue only managed a weak 1% rise to £1.27bn, with an average revenue of £41m. While real estate and construction continue to boom, deal flows are noticeably beginning to slow for many.

While regional firms are typically less productive per capita than London counterparts, that gap has widened. Revenue per lawyer was £181,000, down 8% and much lower than the £264,000 in London. Profits tell a similar story: profit per lawyer down 10% at £38,000, against £80,000 in the City. Continue reading “LB100 Second 50: Regional view – Comfortably numb”

LB100 shrugs off Brexit fears as fees hit £24bn but leaders wary of chaotic winter ahead

LB100 shrugs off Brexit fears as fees hit £24bn but leaders wary of chaotic winter ahead

Framed by mounting unease in the face of bitter Brexit negotiations, an uncertain business outlook and an inconclusive 2017 general election, the Legal Business 100 (LB100) has defied expectations to post one of its strongest performances of the last decade.

Despite a wider environment harking back to the turmoil and divisions of 1970s Britain, the LB100 shows the UK’s leading law firms driving group turnover up 10% to £24.2bn. The group generated total profits of £7.6bn, for comparison roughly ten times that of FTSE 100 retailer Sainsbury’s, or twice that of banking giant Barclays. Continue reading “LB100 shrugs off Brexit fears as fees hit £24bn but leaders wary of chaotic winter ahead”