Law Firms

Denton Wilde Sapte

Firms celebrate double-digit revenue growth for 2007-08

Author: Jeremy Hodges

Published: 22/05/2008 05:31

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Several law firms have posted robust financial results for 2007-08, with Lovells, SJ Berwin and Eversheds among those announcing double-digit hikes in revenues. The results contrast sharply with those of Denton Wilde Sapte, which has seen its revenue growth exceeded by its City rivals.

Lovells announced solid results, with turnover and profits per equity partner (PEP) jumping by around 13%, up to £479m and £662,000 respectively.

The figures are a marked improvement on last year when its single-digit growth fell significantly behind many of its City rivals.

The results reflect Lovells’ sustained international expansion, with billings outside London exceeding those generated in the capital for the first time ever. Continental Europe was the star performer, responsible for 40% of total revenues.

Managing partner David Harris (pictured) told Legal Week: “We are trying to build sustainable performance that will help the firm in the medium term and beyond.”

Top 20 firm SJ Berwin posted a similar increase in turnover, with revenues jumping by 14% to break through the £200m mark to hit £215m. However, this came against only a 2% growth in PEP to £801,000, up from £782,000.

Field Fisher Waterhouse has reported the highest growth of any City firm to date, seeing revenues increase by 30% to hit £88m — up from £67.7m last year. The growth marginally beats that of Norton Rose, which last week reported a 27% increase in revenues.

However, Dentons did not fare as well as its City rivals, posting only a 6% hike in revenues with turnover climbing to £164m. Despite the relatively small increase in turnover, the firm managed to increase PEP by 14%, taking it from £411,000 to £470,000.

Dentons chief executive Howard Morris said: “We have made important progress in the last year but there is no room for complacency.”

Outside the City, Eversheds posted double-digit growth in both turnover and PEP. Each jumped by 10%, with turnover now just shy of the £400m mark at £390m and PEP jumping to £552,000 from £502,000.

Meanwhile, Manchester practice Pannone saw its turnover jump by 18% to break the £50m mark. Osborne Clarke saw a similar rise of 15%, taking turnover to £95m.

Commenting on his firm’s results, Eversheds’ chief executive David Gray said: “We are on course to achieve the strategic objectives we outlined two years ago, which centred on increasing the coverage of Eversheds International, expanding our London offering, becoming a great place to work and continued investment in client service.”

City firm Speechly Bircham also saw revenue jump by 18% to £47.2m for the financial year. PEP held steady at £525,000.

Editors' Blog: Results 2008 - fighting fit ahead of battle

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