Average profits per equity partner (PEP) at the top 25
Total fee income was also up 6% from £147.5m to £156m, representing an improvement on Dentons’ performance last year, which saw a 4.2% revenue slump.
Although the results follow a 34% profits surge last year, Dentons still trails behind a number of its City rivals.
Commenting on the results, Dentons chief executive Howard Morris said: “All of our international offices are profitable and overseas revenues now account for around 20% of turnover.”
Morris also predicted that expansion of the firm’s international network, which over the last few years has focused on the Middle East and
Meanwhile, Field Fisher Waterhouse has also recorded increases in both profitability and turnover for 2006-07.
The top 40
Elsewhere, Norton Rose this week unveiled a 15% hike in partner profits to break the £500,000 mark. As reported on legalweek.com (21 May), PEP at the top 10 City firm hit £512,000 while turnover was also up 11% from £210m last year to £233m.
Chief executive Peter Martyr said: “The results are very good across our international offices, which is just what we have been working to achieve.”
The latest results come as Herbert Smith forecasts a profits dip on last year’s £839,000, although turnover at the top 10 firm will increase by 12%-13% to around £333m.
Lovells, meanwhile, estimates that PEP will increase by just 2% to around £585,000, with total fee income improving by around 7% to hit £425m.