Salans has overhauled its reporting regime, moving to conduct its billing and accounting in euros rather than dollars.
The change has been rolled out across the firm with equity partners now set to be paid in euros instead of dollars. Lawyers and staff will continue to be paid in the local currency.
The decision follows an extended slide in the value of the dollar compared with sterling and the euro in recent years. From the beginning of this year the firm’s offices have been encouraged to bill in either the local currency or in euros, with the final currency choice agreed on a case-by-case basis following discussions with clients.
The euro is already the biggest single billing currency in use at the firm, which has been expanding its presence across Europe in general and Eastern Europe in particular.
Salans global chief operating officer Neil Woodcock said: “We made the change on 1 January, but the dollar stopped being the majority billing currency and became a poor second in early 2007. However, we decided to make the change at the beginning of the calendar year.
“Our basic currency management policy is to bill in a currency at least as strong as the one in which our cost basis is.”
Salans operates on a calendar year and in March announced a 37% increase in its global revenues, with turnover for 2007 hitting $282m (£142.6m). The firm will report its annual results in euros from now on.
