Magic circle firm Linklaters has reported profits up 4% in the year to 30 April 2016, while revenues rose by 5%. The firm’s 13-member executive board will take a £19.6m profit share.
The Silk Street-based firm reported profits of £438m in 2015/16, up from £418m the year before. Overall turnover at the London office was £628.5m, up from £596.6m in 2014/15.
In the accounts, published on 6 December, Charlie Jacobs, senior partner and chair of the partnership board, wrote that the firm had achieved a ‘strong year’ with growth and activity in its merger and acquisitions, dispute resolution and telecommunications, technology media and IP teams.
Meanwhile, City firm Nabarro released its half-year results for the current financial year, posting a 2% rise in revenue to £57.5m, compared with £56.3m for the previous year.
The firm, which praised its business advisory and real estate section, said it is now focused on a strong ‘business as usual’ second half as it prepares for its three-way meger with CMS and Olswang.
The deal is expected to create a new ‘City powerhouse’ with a £1bn turnover that will become the world’s sixth largest law firm by headcount.
The merger is due to complete on 1 May 2017. The new firm will trade as CMS and the name of the UK LLP will be CMS Cameron McKenna Nabarro Olswang LLP.
Ciaran Carvalho, senior partner at the firm, said it was a good performance ahead of the combination.
‘We are confident that the pace, planning and precision of the integration process will ensure the combination with CMS and Olswang on 1 May 2017 will deliver more than the sum of its parts for our people, our clients and the new firm.’