Fieldfisher PEP hits £550,000 as it eyes European growth

Fieldfisher saw its average profit per equity partner (PEP) grow by 8.7% to £550,000 in the 2015-16 financial year.

The firm’s unaudited revenue figure also rose 7.5% to £121.5m.

The previous year, Fieldfisher brought in £113m in fees – up from £104m the year before – and PEP increased by 22% to £506,000.

Managing partner Michael Chissick [pictured] said Fieldfisher’s dispute resolution and litigation practice made a strong contribution to its financial performance, alongside technology, real estate and corporate.

The growth in PEP was slower last financial year than the previous year, as there was no additional boost from its February 2014 merger with Manchester boutique Heatons. Chissick said: “Last year, we had the Heatons merger coming through which gave us an extra lift last year. This year was more about organic growth with no mergers, just lateral hires.”

Major lateral hires during the past year include, most recently, Lazareff Le Bars partner Francois de Senneville, who joined the firm in Paris in January to head up its new Africa desk; London Edwin Coe disputes partner Vivien Davies in November 2015; City Bond Dickinson energy partner Stuart Carter in June 2015; and City Baker Botts finance partner Matthew Hinxman in October 2015.

The news of the continued growth during the most recent financial year comes after the firm launched a new three-year strategy earlier this month.

As part of the strategy Fieldfisher aims to place a greater focus on, and increase investment in, three sectors – technology, finance and financial services, and energy and natural resources – to drive growth.

“We feel we can achieve greater growth in those three areas by putting a bit more investment into them. We will review this and add other sectors,” said Chissick.

The firm also aims to bolster its presence in continental Europe to support its international client base. This includes further development of its German, French and Belgian bases, alongside its Silicon Valley and Shanghai offices.

“Our footprint in continental Europe is smaller than other firms. We want to make sure we are in the main commercial centres of Europe over the next three years and fulfilling our strategy as a European law firm,” Chissick said.