Net profits at global firm DLA Piper declined in 2015 despite an increase in revenue, figures provided by the firm revealed today.
Turnover rose 2.5% to a new high of $2.54bn (£1.82bn) in the year ending 31 December 2015, but net income fell 9.2% to $605.5m (£433.6m).
The figures, which the firm confirmed as accurate, were reported to The American Lawyer’s survey of top 100 firms. They do not include a figure of pre-tax profits.
Despite the fall in overall profits, average profit per equity partner grew 5.4%, to $1.57m (£1.12m), thanks to a 14% fall in the number of equity partners.
Global co-chair Roger Meltzer described the firm’s performance as 'solid', given challenging market conditions, and said the decreased profit and equity partner numbers reflected a 'reshaping' of the business.