Magic circle firm Linklaters has failed to keep pace with its magic circle peers in a year of rapid profit growth across the City.
Profit totalled £676m in 2017/18 (up 0.5% on a constant currency basis) while PEP was £1.54m, marginnally down from £1.56m.
Turnover climbed 6% to £1.5bn.
Gideon Moore, Linklaters firmwide managing partner, said: ’The firm has performed strongly again this year, achieving a 4.8% increase in income at constant currency. Our performance has been driven by the efforts of our people, our deep client relationships and our sector focus.
‘During the course of the financial year we rolled out the global implementation of our Firmwide Strategy Refresh: increased focus on investing in clients, our people and technology. We’re already seeing the results of some of the initiatives we’ve put in place and I’m excited about how we take the firm forward this year, acting for clients as a united, global team.’
Linklaters’ magic circle peers Allen & Overy and Freshfields posted bullish financial results last week.
PEP at Freshfields increased by 12% to £1.73m in the year ended 30 April. Net income rose 12% to £683m on revenues up 5% to £1.4bn.
At A&O profit per equity partner in 2017/18 rose 4% to £1.64m, with profit before tax rising 3% to £690m. Revenue increased 4% to £1.57bn.
Clifford Chance was first to report on 3 July, posting the best results in its history.