Fees: financial integration plan for US, Europe and Asia

The European and Asian arm of DLA Piper Rudnick Gray Cary has shrugged off the potential distraction of its transatlantic merger in January to post fee income of £324 million for the 2004-05 financial year, up 18% on the previous year's figure of £275 million.


Profits per equity partner for the old DLA also rose by 12.6% from £475,000 to £535,000.


Nigel Knowles, DLA Piper's European and Asian managing partner, said: 'An increase of £60,000 in profit per partner when that figure is already in the top £400,000s, is good. But to do it in a merger year takes quite a bit of effort and is a smart performance.'


In January, the combined US business of Piper Rudnick and Gray Cary Ware & Freidenrich unveiled fee income of $794 million (£434 million) for the year ending 31 December 2004. The firm estimates its combined global revenue as £752 million.


Mr Knowles said: 'The US merger isn't the end of the story as we still have to build on our global platform, but it is a significant and successful start.'


He added that the firm is working to achieve financial integration. Currently, the US side uses a cash method of accounting while Europe and Asia's is accrual based.


Meanwhile, City giant Clifford Chance revealed that its profit per partner for 2004-05 will be £644,000, a 15% jump on the previous year. Revenues dipped to £915 million from £936 million - a reflection of the closure of offices in Berlin and California, as well as reduced partner numbers in New York. Its Asia practice had a particularly strong year, with revenues up 20%.


In the regions, Midlands firm Browne Jacobson announced a record turnover of £27.1 million, a 13.5% increase on the previous year, and Manchester firm Pannone & Partners posted a 14% increase in both profit and fee income, with year-end billings of £33.5 million.