Equity partners at a number of top-40 firms are enjoying an uptick in profits, according to the latest round of financial results for the year ending 30 April released today.
At international firm Mishcon de Reya, profit per equity partner (PEP) rose 16% to £975,000 on revenue up 17% to £97.8m. The increases were slightly down on 2012/13, for which PEP jumped 20% at the firm to £840,000 on revenue up 13% to £83.4m. The figures are for the London office only.
The firm said it has achieved a 100% growth in revenue since 2009, putting it on target to achieve £100m revenue by 2016.
At global firm Simmons & Simmons (pictured), PEP increased 6% to £553,000, on revenue up 7% to £268m. In 2012/13 PEP fell 0.6% to £525,000 compared with 2011/12 on flat turnover of £251.7m.
PEP at international firm Pinsent Masons rose 4.5% to £405,000 on turnover up 4.6% to £323m.
David Ryan, managing partner, said the firm had benefited from an ‘extended period of investment’ through mergers. The firm acquired former ‘Big Four’ Scottish practice McGrigors in 2012.
‘Office openings and continued lateral hiring for our long-term benefit has put the firm in a strong position to capitalise on opportunity in the marketplace,’ he added.
European firm Field Fisher Waterhouse recorded a 3% rise in PEP to £415,000 on revenue up 9.5% to £104m. In 2012/13 PEP fell 2% to £402,000 at the firm on revenues down 2.5% to £95m.
The magic circle reported an average PEP increase of 8.7% of £1.28m in the year to 30 April, a big jump on last year’s 1% rise to £1.19m.