Profits squeeze as top-50 firms open results season

  • Print
  • Share
  • Comment
  • Save

Preliminary results posted today by three top-50 firms show profits falling in 2012-13 on modest rises in turnover.

At Osborne Clarke, European mergers boosted turnover by 14% to £112m, according to its provisional results posted today.


However like-for-like revenue was down from £98m in 2011/12 to £97m last year and profits slipped 5% from £37m to £35m. The profit per equity partner figure has yet to be confirmed.

Managing partner Simon Beswick said the results are ‘pretty much’ as the firm expected in a year that has seen it add to its cost base – with international and London growth. ‘Overall revenue growth reflects our expanding European presence but masks a couple of slow periods for our transactional business in what has been a lumpy market.’

The firm has begun a redundancy consultation over 12 lawyers’ jobs ‘across the patch’, Beswick said.

Meanwhile SJ Berwin announced unaudited turnover up 2.5% to £184.6m. The firm did not announce profits, but confirmed that profit per equity partner is expected to be about 10% down on last year.

At Pinsent Masons provisional turnover rose 5% to £309m. No figure on profits was released. The firm said the turnover figure shows that revenues grew by 40% in the wake of the takeover of national firm McGrigors.

Have your say

You must sign in to make a comment

  • Print
  • Share
  • Comment
  • Save
Browse over 3,500 law jobs Get jobs by email

Sign up for email news alerts

Daily Update. Keep abreast of the latest developments that affect the profession

Browse the magazine

Current Issue

The Gazette offers you up-to-the-minute national and international news, opinion, features, in-depth articles plus a jobs and appointments section.

Please click the link below for a digital edition