Private equity provides the pace as Freshfields posts second year of steady growth while net profits edge up

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Private equity provides the pace as Freshfields posts second year of steady growth while net profits edge up

Freshfields Bruckhaus Deringer  has become the second of the Magic Circle to reveal 2019 results, posting a 6% uptick in profit per equity partner (PEP) to £1.84m, while sustaining last year’s income growth to push its top line up 5%.

The firm’s turnover grew £70m to £1.472bn on last year’s £1.403bn as net profit edged up 1% to £688m from £683m in 2017/18. PEP stood at £1.839m compared with £1.734m last year. While the 5% revenue increase matched last year’s performance, the 2018/19 figures are less striking in terms of profit after Freshfields enjoyed a 12% PEP hike for the 2017/18 financial year. Continue reading “Private equity provides the pace as Freshfields posts second year of steady growth while net profits edge up”

‘Uncertainty is now having an impact’: revenue and profit growth slow at Simmons

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‘Uncertainty is now having an impact’: revenue and profit growth slow at Simmons

Simmons & Simmons saw growth slow last year following a ‘much tougher’ second half in the UK, as uncertainty begins to weigh following a strong few years for the firm.

Revenue for the 2018/19 financial year rose 6% to £374m, while profit per equity partner (PEP) increased 4% to £710,000. Net profit growth also slowed, up 9% over the last financial year to £119m, compared to a 19% increase last year. Continue reading “‘Uncertainty is now having an impact’: revenue and profit growth slow at Simmons”

CC reveals first Magic Circle 2018/19 results as PEP grows just 1% and revenue nears £1.7bn

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CC reveals first Magic Circle 2018/19 results as PEP grows just 1% and revenue nears £1.7bn

Clifford Chance (CC)’s managing partner Matthew Layton spoke of ‘times of investment’ and pointed to his firm’s four-year performance after it followed up on last year’s strong financials with a muted 1% rise in profit per equity partner (PEP) to £1.62m.

Kicking off Magic Circle law firms’ financial reporting season for the second year in a row, CC announced today (2 July) a 4% revenue increase to £1.693bn in 2018/19, meaning it added £70m to its top line, but profit failed to keep pace rising by just 2% to £637m. Continue reading “CC reveals first Magic Circle 2018/19 results as PEP grows just 1% and revenue nears £1.7bn”

Fieldfisher reducing UK reliance following third consecutive year of double-digit growth

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Fieldfisher reducing UK reliance following third consecutive year of double-digit growth

Fieldfisher is looking to further reduce the percentage of overall turnover generated in the UK following a year defined by geographic expansion.

Turnover at the mid-market pace-setter hit £242m, up a better-than-expected 17% in the third consecutive year of double-digit growth at the firm. Profit per equity partner (PEP) rose 7% to £805,000, and has nearly doubled over the last five years. Continue reading “Fieldfisher reducing UK reliance following third consecutive year of double-digit growth”

Return to growth for Stephenson Harwood as PEP rises 9% and revenue tops £213m

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Return to growth for Stephenson Harwood as PEP rises 9% and revenue tops £213m

Stephenson Harwood’s profit per equity partner (PEP) bounced back from two consecutive years of decline, rising 9% to reach £727,000 as the firm’s top line grew 12% to hit the £213m mark.

The results will come as a welcome improvement on last year’s performance, which saw steady revenue growth of 6% to £189m offset by a disappointing 6% drop in PEP to £664,000. Continue reading “Return to growth for Stephenson Harwood as PEP rises 9% and revenue tops £213m”

CMS grows UK revenue 5% in second year post-merger but keeps profits under wraps

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CMS grows UK revenue 5% in second year post-merger but keeps profits under wraps

Revenue at CMS Cameron McKenna Nabarro Olswang hit £545.8m in 2018/19, 5% up on the previous year in what managing partner Stephen Millar (pictured) described as ‘pleasing results in a market which is experiencing a degree of uncertainty’.

The results today (18 June) cover the second financial year since the three-way UK merger between Camerons, Nabarro and Olswang went live in May 2017 and are the first allowing for a full like-for-like comparison with the previous year. The firm said in a statement that the results exceeded budget. Continue reading “CMS grows UK revenue 5% in second year post-merger but keeps profits under wraps”

Eversheds records double-digit growth as ‘uncertainty barometer’ rises

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Eversheds records double-digit growth as ‘uncertainty barometer’ rises

Eversheds Sutherland (International) has built on its 2017 transatlantic merger with a second year of strong revenue and profit growth.

However, chief executive Lee Ranson (pictured) has cautioned that the ‘uncertainty barometer is increasing’, although this will not dampen the firm’s appetite for further investment. Continue reading “Eversheds records double-digit growth as ‘uncertainty barometer’ rises”

No Buzz Lightyear complex as Kennedys’ revenue tops £200m for the first time

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No Buzz Lightyear complex as Kennedys’ revenue tops £200m for the first time

Kennedys senior partner Nick Thomas will be ‘very disappointed’ if the firm does not have another year of double-digit growth after its revenue broke through £200m for the first time this year.

Global turnover at the insurance and shipping specialist for the year to 30 April 2019 grew 11% to £218m, as fee-earner headcount grew 7% to exceed 2,000 for the first time. The firm made a number of lateral hires last year, most recently a 10-lawyer team – including two partners – from Norton Rose Fulbright. Continue reading “No Buzz Lightyear complex as Kennedys’ revenue tops £200m for the first time”

Dentons UK and Middle East revenue nears £230m in first post-Scotland results

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Dentons UK and Middle East revenue nears £230m in first post-Scotland results

Dentons’ UK and Middle East revenue rose 13% to £229.8m in 2018/19 but growth in profit per equity partner (PEP) slowed, rising 4% to £676,000 compared to a 36% spike the previous year.

The firm announced today (5 June) the first financial results for its UKME LLP covering a full financial year of operations since the merger with Scottish firm Maclay Murray & Spens, which went live in November 2017  and added three offices in Aberdeen, Edinburgh and Glasgow to the firm’s network. Continue reading “Dentons UK and Middle East revenue nears £230m in first post-Scotland results”

Taylor Wessing breaks £150m UK revenue barrier as PEP rises 13%

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Taylor Wessing breaks £150m UK revenue barrier as PEP rises 13%

Taylor Wessing has kicked off the financial reporting season for the UK top-25 with another year of double-digit growth in profit per equity partner (PEP).

In the first financial results since Shane Gleghorn took over as managing partner, the tech-focused firm increased UK turnover by 8% to £156.6m in 2018/19. Continue reading “Taylor Wessing breaks £150m UK revenue barrier as PEP rises 13%”