Clyde & Co has broken the £150m barrier for total revenues after the City firm posted a 17% increase in turnover, with income across the firm’s overseas network up by almost two-thirds.
The top 20 UK firm saw turnover hit a new high of £157m for 2007-08, up from the £135m billed for the previous financial year.
Clydes pointed to growth of 60% across its international network, with the firm’s Middle East offices – in Dubai, Abu Dhabi and Doha – bringing in fees totalling £20m.
Fee income at the firm’s London hub rose by 10% over the period, which the firm attributed to an increase in commercial litigation.
Commenting on the results, chief executive Peter Hasson said: “We are excited by our immediate future prospects. We have had a stronger second half to the year as commercial litigation has increased, although the UK has yet to feel the benefits of an upturn in the insurance cycle.”
The news comes with Clydes continuing to focus on its international offering, with the City firm last month closing its Los Angeles branch to launch in San Francisco with the hire of a four-partner team from US outfit Duane Morris.
Hasson said the firm expects to continue its international growth and that further lateral hires could be expected over the coming year.
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