European firm Fieldfisher has become the latest City practice to report a cooling of profits despite record breaking revenue. Partial figures released today for the year ending 30 April show firm-wide revenue of £370 million, up 11% on the previous year. Profit per equity partner, however, slipped 11% to £930,000.
No figures were announced for pre-tax, net or operating profit.
The picture is apparently similar to that announced this month by magic circle firms Linklaters and Clifford Chance. Both reported strongly growing revenues but flat or declining profits following a bumper post-pandemic year.
Fieldfisher's announcement hailed a 'tenth consecutive year of revenue growth', with double-digit revenue growth achieved by dispute resolution, employment, personal injury and medical negligence, IP, real estate and tax. The opening of an office opening in Vienna brought the firm’s international network to 26 offices in 12 countries.
The firm also announced a change to its financial year: the current one will end in March 2024.
Managing partner Robert Shooter said: 'This has been a remarkable year in many respects. Once again, we have achieved a double-digit revenue growth, pushing our integrated firm turnover to over £300 million for the first time in our history. We have also invested significantly in areas of the firm that were previously under-invested, stretching across our systems, processes and resources.'
Looking to the future, Shooter said: 'We are focused on more growth, albeit in a challenging market, more innovation and greater collaboration in support of our clients' growing needs and activities in Europe and internationally.'
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