The results (see table below) show no less than seven firms posting turnover increases of 20% or more compared to the equivalent period last year.
An analysis of the results in tomorrow’s edition of Legal Week shows a strong first quarter and a continued flow of transactions into the second quarter after the summer has helped firms to grow despite fears of the credit crunch.
Simon Johnston, senior partner at Nabarro – which grew revenues by 21% over the first half – commented: “We’ve been strong across the board. Real estate has stayed active – although elements of the transactional work have slowed – and litigation and projects have also been strong. The standout performer has been corporate, which is up 35% on this time last year. It reflects the hard work we’ve invested there over the last few years.”
Slaughter and May practice partner David Frank said: “This half has been buoyed by a very strong Q1. What the rest of the year holds it is too early to say but I don’t think it’s as ‘doom and gloom’ as some think. That said, the market is very different to this time last year. People are still doing deals but there’s less in the pipeline.”
National firms reported slower growth than leading performers in the City, with Eversheds posting a 10% rise in revenues to hit £196m. The result comes despite a long-term programme of investment in the top 10
National rival Addleshaw Goddard, meanwhile, recorded a 15% upturn in fee income at the half-year stage to reach £97.5m, with Pinsent Masons achieving a 10% improvement to break the £100m mark for the first time since its merger three years ago.
Halliwells and Wragge & Co also posted solid half-year results, with increases of 8% and 15% to hit £45.4m and £63.3m respectively.
Eversheds chief executive David Gray said: “We continue to achieve steady, profitable growth across all practice groups and sectors of the firm. These results are in line with our three-year plan to deliver strategic growth across our business. The strategy is clearly working for our people and our clients.”
Yet while most firms have played down the impact of the credit crunch on the first six months, many remain cautious about the second half of the year.
Berwin Leighton Paisner managing partner Neville Eisenberg said: “We have observed the impact of the credit crunch but not really within our business and there is still a good deal flow. Clearly the second half of the year is more uncertain and we are approaching it reasonably cautiously but we are confident of our platform.”
Nabarro’s
For a full report, see tomorrow’s edition of Legal Week.
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