Law Firms

Shoosmiths

National trio join raft of firms posting robust fee growth

Author: ben.mitchell@legalweek.com

Published: 07/06/2007 03:39

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Three national firms have unveiled strong financial performances in the last week, joining in a stream of non-London firms to have enjoyed double-digit growth in 2006-07.

DLA Piper, Addleshaw Goddard and Shoosmiths are the latest firms to announce their results with all three managing strong turnover rises.

DLA Piper’s UK, Europe and Asia revenue was up by more than a fifth (21%) to reach £445m, up from £366.7m last year. Profits per equity partner (PEP) at the firm’s non-US offices soared by 18% to hit £715,000 — up from a mark of £604,000 for the equivalent period last year.

Addleshaws managed a 14.8% PEP rise to hit £542,000, while turnover was up 13.1% to £176.7m. Addleshaws’ real estate department generated the most fees, billing £54.4m. The litigation practice billed £50.8m, while corporate managed £37m and finance and projects pulled in £34.5m.

Shoosmiths, meanwhile, unveiled more moderate growth for 2006-07, posting double-digit revenue growth and a 3% profits increase. PEP at the 105-partner firm edged above the £400,000 mark to hit £407,000, while fee income was up 27% to £95m.

The firms join a growing band of top UK firms recording strong financial performances for 2006-07. Eversheds and Osborne Clarke both this year broke the £500,000 PEP mark, respectively reaching £502,000 and £511,000.

Hill Dickinson and Irwin Mitchell also managed robust results. Hill Dickinson’s turnover rose by 30% to hit £68.4m, while Irwin Mitchell billings were up 13% to hit £127m.

 

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