Global firm Dentons enjoyed a 27% boost in profits the last financial year, according to accounts published today which incorporate its tie-up with Scottish firm Maclay Murray and Spens (MMS).
The results, to the end of April 2018, include six months of trading as a combined firm. Net profit was £60m on overall revenue of £205m, the firm reported. No pre-tax profit figure was given. The accounts relate to Dentons’ business in the UK and Middle East.
Dentons’ combination with MMS went live in October 2017. MMS is Scotland’s oldest commercial law firm and was founded in 1871.
The average number of UK members in the year was 155 (176 by year end post-merger), and the highest paid member earned £1.4m.
Jeremy Cohen, chief executive for the UK & Middle East, said: ‘It is particularly pleasing to have achieved this level of revenue and profit growth during a period of intensive integration activity arising from the merger with MMS. Since joining forces half way through the financial year our lawyers in England and Scotland worked together on more than 1,000 client matters.’
Meanwhile international firm Clyde & Co reported a rise in profit share for its highest paid member, but a £3m drop in the amount shared by its senior management team.
In accounts published today the firm said its highest partner was paid £1.4m in the financial year ending April 2018, compared with £1.3m the year before. Senior partners, referred to as the ‘key management group’, drew £9.3m, down £3m from £12.3m in 2016/17.
Overall operating profit was £132m, up 6% from £124m on revenue up 7.6% to £550m.