Olswang cut bank debt in the last financial year but partner profits remained flat on a near 8% rise in income.
The firm has today reported total revenues of £126.7m for 2014/15, a 7.7% rise. Net bank debt stood at £10.1m at the year end, down from £22m the year before.
Profit per equity partner is expected to remain unchanged at £490,000, which the firm attributed to increased investment in IT and ’knowledge’.
Olswang’s chief executive, Paul Stevens, described the results as ’very satisfactory’. He added: ’Activity is up on the previous year and we have generated more revenue in the TMT sectors too. We have seen very strong results in our Finance and Real Estate Groups in London, as well as in our Munich office, which more than doubled in size over the course of the year. Our Munich office’s growth has been driven by the close collaboration amongst our international IP practice group and the significant demand for our services in Munich from our TMT clients. In line with that demand, we will continue to build on that success during this coming year.’
Stevens also highlighted the promotion of five women to the partnership, including two in Paris, and being named in The Times Top 50 Employers for Women 2015 for the second year in a row.