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Field Fisher eyes UK top 25 after stellar results

Author: Charlotte Edmond

Published: 19/05/2008 11:36

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Field Fisher Waterhouse has announced dramatic rises in both turnover and profits for the last financial year to position itself as one of the best performing City firms in the last 12 months.

Revenue at Field Fisher increased by 30% over the last 12 months, up from £67.7m in 2006-07 to a new high of £88m.

Meanwhile, provisional calculations suggest that profits per equity partner (PEP) at the top 40 UK outfit are also up by more than a quarter (27%) to approach £750,000. Last year the firm posted average PEP of £589,000.

The turnover figure puts Field Fisher £13m up on the target set out in its three-year strategy drawn up in November 2004, with the firm having initially aimed for fee income of £75m in 2008.

The firm’s Brussels office, which opened in April 2007, brought in fees totalling €6.1m (£4.86m) for the most recent financial year, while growing to nine partners.

Following the latest results, Field Fisher has drawn up a new strategy that aims to more than double fee revenue by 2012 to £200m. The firm is hoping to increase the proportion of its revenue accrued from international work from 40% to 50% over the same period.

Managing partner Moira Gilmour commented: “We have beaten the targets we set ourselves back in 2004 by a substantial margin. This was through a combination of high performance across all practice areas, key lateral hires and the success of our new European strategy.

“We are now looking to build on this, so that by 2012 we are a fully-integrated European law firm delivering excellent service to clients within Europe and around the world. If we meet our objectives we should be positioned in the top 25 law firms by turnover in the UK and top 15 by profitability.”

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