Clyde & Co’s partner profits dipped last year despite an increase in overall profit, though the international firm recorded its 24th consecutive year of revenue growth.

Average profit per equity partner (PEP) was down by 1% from £715,000 to £708,000, which the firm said reflected ‘the increased number of equity partners and the long-term investments made in the business’. Clyde & Co’s profit increased by 4% to £159m following larger rises in last year’s results, when profit and PEP were both up by nearly 8%.

Turnover was up by 2.6% in the year ending 30 April 2022 to £650m – and Clyde & Co projects that its merger with rival BLM, which was finalised last month, will produce total revenues of £740m. More than half of the firm’s revenue (56%) came from outside the UK last year, with North America generating 22% of its income.

Clyde & Co’s CEO Matthew Kelsall said: ‘Our results over the past year speak of a firm in good health and show the benefits of our well hedged business. Growing for the 24th year in a row is a huge testament to the continuing strength of our business model and professional management structure, not to mention the reputation we have as leaders in our core sectors.’

Meanwhile, fellow international firm CMS saw PEP climb by 14% to £1.04m in the UK after it reported last month that global turnover was up by 18% to €1.746bn (£1.477bn).

Revenue at its UK LLP – Cameron McKenna Nabarro Olswang LLP, which includes its offices in Europe, the Middle East, Hong Kong and elsewhere – also rose by 13.6% to £644m from £567m in the previous year’s results.

Stephen Millar, managing partner for CMS UK, said: ‘Notwithstanding the devastating war in Ukraine, it’s been a year of real momentum and growth for the firm. With UK LLP revenues climbing 13.6% and all of our key practice and sector groups reporting solid growth, we’re in a strong position to continue to invest in our business and people and support clients as they navigate the post-pandemic world.’