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
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,
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