Osborne Clarke today reported a nearly 20% increase in global revenues and announced plans to pay UK staff a bonus of at least £2,500 after a ‘fantastic year’ for the international firm.
The firm posted revenues of €407m (£349m) for 2021/22, up 19% from €341m (£292m) the previous year, with a 20% increase in UK income to £199.1m.
Osborne Clarke said it has ‘maintained a healthy balance of revenue across its four UK service lines’, with income from business transactions up by 27%, projects, real estate and finance growing by 25%, advisory work increasing by 15% and disputes and risk up by 8%.
Net profit in the UK was also up by 14% to £77.2m with profit per equity partner increasing by 11% to £796,000, while the firm boosted its cash resources by 12% to £45.8m.
Osborne Clarke said it is giving UK staff a 5% profit share based on annual salaries with a minimum payment of £2,500, which will be paid in June, as well as increasing performance bonus payments with up to 25% of base salary available.
Omar Al-Nuaimi, Osborne Clarke’s international chief executive, hailed the firm’s ‘fantastic year’, adding: ‘While market conditions have been favourable, our business strategy is driving stronger client relationships and delivering strong results.’
UK managing partner Ray Berg said: ‘We have a really well-balanced business that’s delivering great results, which is thanks to our people who have shown outstanding commitment to our clients and each other during the last two years.’
He added: ‘We’re investing to grow our business so we can support the next generation of our firm. We want Osborne Clarke to be known for attracting and retaining top talent because we provide opportunities for all our people to grow and develop their careers, doing high-profile work in a supportive and inclusive workplace.
‘We feel incentivising our top performers and valued employees is a big part of being a responsible business.’