International firm Reed Smith has attributed its approach to global industries for its 11% rise in net profits last year.
According to the firm’s Members’ report and financial statements for the year ended 31 December 2014, filed at Companies House this week, profit for the financial year available for discretionary division among members were £64.9m on a turnover of £152.7m.
In 2013, the firm posted net profits of £58.4m on a turnover of £145.2m.
Profit-per-equity partner, which the firm said it provided on a ‘global firm basis’, was US$1.2m in 2014.
Reed Smith, which has 27 offices across the US, Europe, the Middle East and Asia, said the rise in profits was down to its ‘global-industry-focused approach’ in the areas of energy and natural resources, financial services, shipping, life sciences, and entertainment and media.
Roger Parker (pictured), EMEA managing partner, said the firm had continued to ‘drive our industry-sector-based approach with strong linkage into transactional and disputes offerings’.
‘Although the market remains unsettled in many ways, we continue our long-term relationship-based approach of a one-firm business model globally,’ Parker said. ‘Deep knowledge in key markets has contributed to a sound firm performance.’