Partner profits at Osborne Clarke have dropped by 12%, as coronavirus ‘takes some of the shine off’ the international firm’s results.
According to figures for the year ended 30 April 2020, UK net profit fell by 5% year-on-year to £59.8m, while profit per equity partner dropped by 12% to £614,000. The firm said the reduction reflects partner investments.
UK revenue crept up by 3%, however, to £155m, and international revenue rose by 5% to €318m (£287.4m).
Managing partner Ray Berg said: ‘Covid-19 has taken some of the shine off our results but, like any crisis, it's how you manage it that can define you. I was incredibly proud at how agile we proved to be, with special mention to our IT and other support teams for their dedication and innovation.
‘Our focus since then has been to protect our people and our business by staying as close as we can to our clients. Our established expertise in digital transformation has been a great example of a value added service. This has helped us win new clients across multiple sectors and generate additional revenue streams from existing clients.
‘Q1 in the UK this financial year was not as bad as we had feared but nor as good as we had hoped. But we are optimistic.’
Osborne Clarke said all 83 of its furloughed staff returned to work at the start of this month.