Income at Manchester-based JMW Solicitors has risen by 14.6 per cent from £15m to £17.2m, with a 15.6 per cent rise in unaudited profits from £3.2m to £3.7m for the 2013/14 financial year. JMW posted a 26 per cent rise in turnover from £6.3m to £7.98m for the first six months of the 2013/14 financial […]
The Lawyer editor Catrin Griffiths explains why profitability is still a valid metric when examining law firm performance. Dentons’ decision to stop disclosing its average PEP (profit per equity partner), expressed in a letter to The American Lawyer, has sparked a storm. To summarise, Dentons global CEO Elliot Portnoy and global chair Joe Andrew first […]
Dentons has ramped up its war of words with the media and industry analysts over financial transparency. The firm has responded to critical questioning in the American Lawyer over its decision to stop reporting average profit per equity partner (PEP). The magazine’s article, “In Defense of PPP”, referred to Dentons’ move, which the firm defended as […]
Kennedys has reported a 10 per cent increase in turnover to £128.5m for 2013/14 from £117m in 2012/13. It was the third consecutive year of growth for the firm, following a 9 per cent rise in turnover from £109m in 2011/12, and an 11.6 per cent rise the previous year. Around a third of the […]
Shepherd & Wedderburn’s chief executive Stephen Gibb has pledged to invest in internal training programmes after turnover at the firm rose 7 per cent in 2013/14. Financials at the Scottish firm rose across the board in the year ending April 2014, with turnover up from £35.9m to £38.3m, average profit per equity partner (PEP) rising 10 […]
Addleshaw Goddard has overhauled its management lineup in the wake of falling net profit figures after a year of upheaval at the firm. Turnover showed a slight increase, climbing three per cent from £166.5m to £171.4m, but net profit dropped by 11 per cent over the last financial year from £44.9m to £39.8m.. The latest […]
Clyde & Co has increased its revenues by 8.5 per cent from £336.6m to £365.1m for the 2013/14 year-end. Clydes chief executive Peter Hasson said average profit per equity partner (PEP) was expected to come in at £600,000, 3.5 per cent ahead of the £580,000 posted in 2012/13, although this was yet to be confirmed. The […]
CMS has announced its financial results for the year to 31 December 2013 and revealed flat global revenue, rising by 0.5 per cent from €837.7m (£711.5m) to €842.1m (£715.2m). CMS said net profit had risen by 3.3 per cent but refused to divulge a financial amount. Partner headcount grew by 31, including eight lateral hires. […]
Watson Farley & Williams (WFW) increased its revenue in 2013/14 by 14.6 per cent last year, resulting in a jump in revenue from £102.1m to £117m. The results are a significant uptick on last year’s financials, when the firm grew turnover by just 2 per cent from £99.9m to £102.1m (16 July 2013). The total […]
Taylor Wessing has posted a 6.4 per cent rise in total turnover along with a 21 per cent increase in average profit per equity partner (PEP) for the 2013/14 financial year. Total firm-wide turnover reached £241.2m last year while its UK-only PEP hit £657,000, compared to £228m and £544,000 the year before (29 May 2013). The […]
Watson Farley & Williams has overhauled its remuneration to fixed-share partners in the wake of HM Revenue and Customs’ (HMRC) national insurance (NI) crackdown. Each of the firm’s London-based non-equity partners has agreed to contribute just over 20 per cent of their remuneration into a separate pooled fund. This will be redistributed to FSPs in the […]
Browne Jacobson has announced an 11.5 per cent increase in turnover for the 2013/14 financial year, with revenues rising from £45m to £50.2m. It is the fourth year in succession the firm has achieved record results, and the second time in three years with double-digit growth. The firm said growth had come across the board, […]