Olswang posts strong profits recovery as PEP rises by 38%

Olswang has become the latest firm to announce its 2009-10 financial results, reporting a 38% increase in profits per equity partner (PEP).

PEP rose to £420,000 in the last financial year, up from last year’s figure of £305,000.
Meanwhile, turnover at the UK top 50 firm increased by 2% to £91m, up from £89.2m in 2008-09.

Despite the jump in PEP, the figure is still significantly down on the firm’s 2007-08 figure, when partners took home an average of £545,000. In that year, the firm turned over £92.9m.

Olswang chief executive David Stewart (pictured) commented: “I am delighted with such strong results in what has been a challenging year. Despite the economic uncertainty, we have invested in our international network – we hired a 10-lawyer team from Freshfields Bruckhaus Deringer, and more announcements will follow.”

He added: “The increase in revenues is a result of our strategic focus and a sign of our strength. The results show an above-average increase in revenue and profits, which stands us in good stead for the future. Having weathered some tough times, we are in a good position to grow, and further international expansion is on the agenda.”

Stewart pointed to litigation as a strong performer, coming in at 25% over budget, while the firm’s corporate practice enjoyed a strong second half of the year. International revenue grew by 50%, with Germany and Belgium cited as standout regions.

Olswang on the Legal Week Wiki