UK top-100 firm Bevan Brittan and international outfit Clyde & Co have contributed to this year’s trend of buoyant financial results among leading commercial firms.
Bevan Brittan reported a 23% hike in profit, from £7.8m to £9.6m, while Clyde & Co’s surplus grew 10% to £140.5m. Profit per equity partner (PEP) shot up by 41% at Bevan Brittan, reaching £443,000 this time around compared to £313,000 in 2016/17.
Clyde & Co said 63 lawyers (lateral hires and promotions) were appointed to partner roles during the course of the year, taking the total number of partners to more than 400 for the first time. Average PEP was £660,000, compared to £650,000 in 2017.
Turnover at Bevan Brittan was £44m, up 12% on last year’s £39.2m. The firm said it was the sixth successive year in which revenue had risen. Managing partner Duncan Weir said: ‘These results demonstrate our ability to deliver sustainable growth and profitability and represent a confident and successful year for the firm. We have a very sound financial platform to continue to deliver an excellent service for our clients in the years ahead.’
Simon Konsta, Clyde & Co’s global senior partner, said: 'We are pleased with these results, which reflect the hard work of our people and the support of our clients. The climate for global business remains complex and our priority is to continue to adapt the services we offer and the delivery of them to ensure we are always providing clients with the very best service locally and globally.’