Results update: RPC posts 12% revenue hike; Pannone's falls by 3%
13 July 2012
More law firms have released their financials and it's all looking surprisingly healthy. Only Pannone lets the side down with a revenue fall (although its partners still get a tasty increase in their profits).
Top of the class this week is
RPC, which posted a 12% revenue increase to £68m for 2011/12. That's enough to propel the firm into the hallowed Top 50. Profits per equity partner also shot up by 11% to £354k. All very impressive, although not quite as strong as those previously announced by similar-sized Mishcon de Reya, which posted a budget-busting turnover hike of 20%.
 |
|
Scenes at RPC yesterday
|
Meanwhile,
Nabarro's 1% revenue increase to £113.4m and 4.4% hike in partner profits to £332k might look relatively weak in comparison, but it's a significant turning point for the firm as it marks the end of three years of falling profits. The firm's new dawn of rising profit came at a cost though, namely 17 partners being cut from the equity over the last year, according to a Legal Week
report. But the remaining partners will be chuffed at the first increase in PEP since the halcyon days of 2007/08, when they raked in £610k.
Elsewhere, Pannone posted turnover figures of £46.2m, marking a 3% fall from last year's figures. Still, at least the partners will be happy, as that dip in revenue magically translated into an 8% rise in PEP (perhaps the firm was taking its cue
from SNR Denton). Partners will now be pocketing an average of £224k.
The full list of results so far:
Firm
|
Turnover 2011/12
(increase from 2010/11)
|
PEP 2011/12
(increase from 2010/11)
|
Allen & Overy
|
£1.2bn (6%)
|
£1.1m (0%)
|
Ashurst
|
£322m (6%)
|
£744k (3%)
|
Clifford Chance
|
£1.3bn (7%)
|
£1.1m (7%)
|
Clyde & Co
|
£287m (36%) |
|
Freshfields
|
£1.1bn (0%)
|
£1.3m (-1%) |
| Linklaters |
£1.2bn (0.6%) |
£1.2m (1.5%)
|
Mishcon de Reya
|
£73m (20%)
|
£700k (22%)
|
Nabarro
|
£113m (1%)
|
£322k (4.4%) |
Pannone
|
£46m (-3%)
|
£224k (8%)
|
RPC
|
£68m (12%)
|
£354k (11%)
|
Simmons
|
£251m (4%)
|
£528k (14.8%)
|
SNR Denton
|
£145m (-5%)
|
£350k (48%)
|