Financials 2020/21: Linklaters maintains Magic Circle resilience with double-digit profit hike

Financials 2020/21: Linklaters maintains Magic Circle resilience with double-digit profit hike

Despite the pandemic, the 2020/21 financial year proved to be an improved outing for Linklaters as revenues inched up and profits saw a robust increase.

Turnover nudged upwards by 2% to reach £1.67bn – a modest increase, but an improvement on the marginal 0.7% growth seen last year. More notable was the firm’s rebounding profits: pre-tax profit stands at £815.3m, a 12% jump from last year, while profit per equity partner (PEP) grew by 10% to hit £1.773m. Continue reading “Financials 2020/21: Linklaters maintains Magic Circle resilience with double-digit profit hike”

Financial results 2020/21: Travers overcomes Covid blip as revenue spikes 15% and PEP surges 22%

Financial results 2020/21: Travers overcomes Covid blip as revenue spikes 15% and PEP surges 22%

The financial performance of Travers Smith has seen a dramatic double-digit bounce-back as turnover increased 15% to £185.7m and profit per equity partner soared 22% to £1.22m. The eye-catching PEP result came even as the number of full equity partners remained broadly flat at 57 compared with 56 last year.

The provisional results for the year ended 30 June 2021 announced today (9 August) will be a welcome return to form after last year’s disappointing showing when the firm suffered a 1% revenue drop to £160.9m, stymying a decade-long run of uninterrupted turnover growth. PEP also fell 20% to £1m, with the results being adversely affected by a reporting period that ran to the end of June, rather than April, giving the firm greater exposure to the pandemic downturn. Continue reading “Financial results 2020/21: Travers overcomes Covid blip as revenue spikes 15% and PEP surges 22%”

Financials 2020/21: HFW breaks £200m revenue barrier as profits soar by 30%

Financials 2020/21: HFW breaks £200m revenue barrier as profits soar by 30%

HFW has continued to perform resiliently in the face of the pandemic, today (9 August) posting a 3% rise in revenue to £200m and a striking 30% increase in profit per equity partner to £683,000.

There were healthy increases across the board: net profit shot up more than 26% to £59.7m, profit per lawyer was up by 30% to £123,000 and revenue per lawyer grew 6% to £413,000. Continue reading “Financials 2020/21: HFW breaks £200m revenue barrier as profits soar by 30%”

Financials 2020/21: ‘Tremendous resilience’ from Freshfields yields 5% turnover and profit growth

Financials 2020/21: ‘Tremendous resilience’ from Freshfields yields 5% turnover and profit growth

Freshfields Bruckhaus Deringer has weathered the coronavirus crisis to report a 5% addition to its top line and profit per equity partner (PEP) respectively, a slight return to form after last year’s more subdued showing.

The firm said today (30 July) that revenue increased to £1.59bn from last year’s £1.52bn as PEP hit £1.91m – a notable increase on last year’s slight drop to £1.82m. Continue reading “Financials 2020/21: ‘Tremendous resilience’ from Freshfields yields 5% turnover and profit growth”

Financials 2020/21: Addleshaws to triple bonus provision following standout year

Financials 2020/21: Addleshaws to triple bonus provision following standout year

Addleshaw Goddard has kept pace with an emerging trend over the past month, posting robust financial results for 2020/21 following a pandemic-hit year previously.

Revenue this time around is up 12% to £321m from £288m in 2019/2020. The firm said this constitutes an eighth year of successive income growth, ‘delivered notwithstanding the challenges of the year’. Following further planned investments in new offices, infrastructure and people, the closing cash position of £108m is ‘a record for AG, underpinning the firm’s balance sheet strength’. Continue reading “Financials 2020/21: Addleshaws to triple bonus provision following standout year”

Financials 2020/21: Osborne Clarke shows spirit with 7% revenue growth and double-digit profit surge

Financials 2020/21: Osborne Clarke shows spirit with 7% revenue growth and double-digit profit surge

Osborne Clarke has rallied in the face of last year’s Covid-hindered financials to record a 7% international revenue increase to €341m as UK profit and profit per equity partner (PEP) saw double-digit elevations for 2020/21.

The global revenue increase from last year’s €318m means turnover has grown a respectable 55% over five years. OC’s UK showing has also received a shot in the arm from last year when the firm posted a subdued 3% revenue increase to £155m from £150m, while UK net profit diminished by 5% to £59.8m from £63m. Continue reading “Financials 2020/21: Osborne Clarke shows spirit with 7% revenue growth and double-digit profit surge”

Financials 2020/21: ‘Fortunate’ Macfarlanes adds 10% to top line as 26-50 LB100 firms post mixed results

Financials 2020/21: ‘Fortunate’ Macfarlanes adds 10% to top line as 26-50 LB100 firms post mixed results

Firms ranked 26-50 in the Legal Business 100 – Macfarlanes, TLT and Watson Farley & Williams – have posted a mixed bag of financials for 2020/21.

Macfarlanes has enjoyed its eleventh consecutive year of revenue growth amid a double-digit profit uptick and profit per equity partner figures that again bely fears of pandemic reversals. The robust 10% turnover increase to £260.96m builds on last year’s 9.5% rise to £237.65m, while PEP increased 9% to £2.09m, continuing last year’s solid 10% boost to £1.91m. Continue reading “Financials 2020/21: ‘Fortunate’ Macfarlanes adds 10% to top line as 26-50 LB100 firms post mixed results”

Financials 2020/21: RPC latest to shrug off lean spell to post robust financial growth

Financials 2020/21: RPC latest to shrug off lean spell to post robust financial growth

RPC is the latest LB100 firm to emerge from a ‘very challenging’ period to today (22 July) post exceptional financial results for 2020/21.

The firm’s total revenue for the financial year 2020/21 was £136m, an increase of 23% on FY20 (£110.1m) and 26% on 2018/19 (£108m). Continue reading “Financials 2020/21: RPC latest to shrug off lean spell to post robust financial growth”

Financials 2020/21: Ashurst breaks the £1m PEP barrier again as turnover climbs 10%

Financials 2020/21: Ashurst breaks the £1m PEP barrier again as turnover climbs 10%

In another set of buoyant pandemic financial results, Ashurst has breached the £1m-profit-per-equity-partner barrier for the first time since the global financial crisis, while revenues received a double-digit boost.

PEP stood at £1.038m, a striking 15% increase on last year’s £903,000 figure. In doing so, Ashurst has fulfilled managing partner Paul Jenkins’ ambition to top £1m in PEP , albeit a year later than hoped.  Continue reading “Financials 2020/21: Ashurst breaks the £1m PEP barrier again as turnover climbs 10%”

Financials 2020/21: ‘Strongest-ever quarter’ rescues revenue growth at Clifford Chance

Financials 2020/21: ‘Strongest-ever quarter’ rescues revenue growth at Clifford Chance

Clifford Chance had a late flurry of transactional activity to thank for a respectable set of Covid financials, as profit per equity partner climbed 9% and revenue inched up by 1%.

The firm’s PEP reached £1.85m, up on last year’s £1.69m, while revenue hit £1.828bn from £1.803bn. There was also an 8% uptick in partnership profit, growing to £716m from £666m. Continue reading “Financials 2020/21: ‘Strongest-ever quarter’ rescues revenue growth at Clifford Chance”