Denton Wilde Sapte is the latest firm to post its financial results for 2007-08, with the City firm today (19 May) announcing a double-digit increase in partner profits.
Profit per equity partner (PEP) at the top 20 UK firm improved by 14% from last year’s £411,000 to reach a new high of £470,000 mark. Total profits, meanwhile, improved by 10% from £36.8m in 2006-07 to £40.4m this year.
The rise in profitability comes off the back of a 6% increase in total revenue, with fees at the City firm climbing to £164m, up from the £156m the firm billed in 2006-07.
Dentons chief executive Howard Morris (pictured) pointed to an 18% increase in revenue for the firm’s energy sector team and a 16% growth in international revenues as key factors in the improved performance.
Morris said: “We have made important progress in the last year but there’s no room for complacency. The Middle East is becoming an increasingly crowded marketplace and conditions remain uncertain in the
“Nevertheless, with a broad practice base, strong growth in the emerging markets and tight cost-control across the firm, we are well balanced for the future.”
The news comes after top 10 City outfit Norton Rose last week posted an impressive 27% surge in turnover to a new high of £297m, while fee income at Lovells jumped by 13% to £479m, up from £425m for the previous year.
