First full-year results from international firm Herbert Smith Freehills estimate that profit per equity partner rose 12% to £741,000 and underlying profits 11% to £232m on revenue of £800m, a 5% rise on the previous year.
The percentage increases in the 2013/14 figures announced today are estimates because Herbert Smith Freehills, created in October 2012 by a merger between City firm Herbert Smith and Australian firm Freehills, traded for only seven months in 2012/13. The full-year 2012/13 figures are extrapolations from that period, in which it had revenues of £471.2m.
Sonya Leydecker, joint chief executive (pictured), said the firm had enhanced its ‘global offering to clients across practice areas and markets'.
She said: ‘A highlight of the year was the outstanding performance of our global disputes practices with lead roles on some of the most high-profile and complex matters of the last 12 months. Our transactional practices also made good progress, advising on several of the year’s most significant transactions with clients taking advantage of the enhanced capability of the firm.’
Mark Rigotti, joint chief executive, said the firm was pleased with its growth in Asia and Australia ‘despite a slowing of the market.’
The UK experienced ‘excellent revenue growth’ through transactional work. Last year the firm opened offices in Germany, New York and South Korea.