Salans posts 5% turnover hike for 2011

Salans has unveiled its financial results for 2011, posting a 5% increase in turnover to €206.3m (£169.7m).

The firm saw revenue rise 5% on the figure of €196.5m (£163.8m) posted at this time last year, while net profit fell marginally to €41.9m (£34.9m), down from the 2010 figure of €42.1m (£35.1m).
The firm’s net profit equates to an average profit per equity partner figure of €551,000 (£459,000) for 2011.
Salans’ results are still subject to audit. Last year the firm’s 2010 limited liability partnership accounts included turnover and profit figures that were both significantly higher than the results reported earlier that year, with the filing including a turnover figure of €208m (£173.5m) and profit of €51.4m (£42.9m).
Salans has a total of 770 lawyers – including 192 partners – across 22 offices worldwide.

Global managing partner Darius Oleszczuk (pictured) said: “It is clear that our long-term strategy of investing in growth areas is successful. We have seen early signs of optimism in several of our markets, such in the CEE and in particular Poland, France, Germany and New York, and we are confident that we will continue grow in these areas as well some other areas this year.”

The results come after a spate of activity for the firm in recent months, including a new alliance deal in Turkey announced in January this year, which saw the firm join forces with local firm Balcioglu Selcuk Akman.
The move came after it emerged at the close of 2011 that Salans’ alliance with Pinsent Masons had ended, with Pinsents now set to open its first offices in Continental Europe.

Salans also appointed a new London managing partner in January this year, with dispute resolution partner Smeetesh Kakkad taking up the post from Howard Cohen, who has returned to full-time practice as a partner in the London banking group after six years leading the office.