Cheer for SNR Denton partners as profits soar 48%
SNR Denton’s financial performance has seen a 'material improvement' after its 'disappointing' results last year, according to figures announced today. Unaudited results for the EMEA region report profits per equity partner of £350,000 - up 48% on last year, and pre-tax profits of £28m - a 38% increase over last year, on revenues of £145m.
Head count at the firm fell for partners, non-partner lawyers and business support staff. EMEA chief executive Matthew Jones said: ‘A significant element of the firms strategy focused on cost control and reduction.’
Managing partner Brandon Ransley said that litigation and arbitration had been ‘extremely busy and profitable'. He said the firm’s Milton Keynes office had seen a ‘significant increase’ in turnover and profitability.
Ransley said: ‘The EMEA region had a backdrop of severe economic challenges, which no aspect of the business or of our clients businesses had been immune from.’ He said activities in the Gulf were improving, while operations in Paris and Istanbul had seen reduced business, and would be looked at carefully.
Commenting on the results, Jones said: ‘It was clear that last year was a disappointing result for us. The new management team had clear objectives to improve the business, focusing on client services and efficiencies, and they have delivered on that.’
He said: ‘Our primary goal for the past year was to achieve a material improvement in our performance, while continuing to deliver excellent client service - and we accomplished that in the midst of a particularly challenging economic environment.’
‘We have successfully introduced greater efficiencies in our operations and our service delivery. We have also intensified our focus on integrating sector knowledge, geographic reach and service line expertise for the benefit of our clients and have continued to see increasing examples of the combination that created SNR Denton in 2010 enabling us to attract new clients, work and lateral recruits.’