Fieldfisher posts 34% turnover hike as Gateley announces 15% revenue rise in second year as listed company

Fieldfisher saw its revenue rise by 34% to £165m in the 2016-17 financial year.

The firm’s average profit per equity partner (PEP) grew by 16% to £640,000.

The previous year, Fieldfisher brought in £123m in fees – up 7% from the year before – and PEP increased by 8.7% to £550,000.

Managing partner Michael Chissick said: “We have seen growth across all our offices, sectors and practices. On their own, the figures are staggering, and even more so considering the sometimes difficult market conditions.”

The firm saw strong growth in disputes and corporate, which are now £20m practice groups. The UK also continued to generate strong revenue, rising to £110m, the first time it has exceeded the £100m mark.

Chissick added: “Beyond the financial results, we have had a busy year as a firm. We’ve completed four mergers – and those in the verein and the LLP have all seen growth and are incredible assets. As a result, we have also doubled the number of offices to 16.”

New office launches include, in February, an Amsterdam base staffed by five partners recruited from local TMT specialist firm Kennedy Van der Laan (KVdL). The same month, Fieldfisher opened an office in Shanghai, following its merger with 12-partner Beijing boutique JS Partners under a Swiss verein in November 2016.

In November it also merged with Birmingham’s Hill Hofstetter, a 19-partner UK firm that spun off from Reed Smith in 2008. In July last year it merged with Italian firm SASPI, taking on four offices across Italy.

Going forward, Chissick said the firm has ruled out a US or UK merger deal for the next three years. He told Legal Week: “We don’t need one. We are not an Olswang or a King & Wood Mallesons, we’re in a very good place. It is about organic growth. Where we do not have a presence on the ground, we would consider combining with an existing office. This year, the focus is on opening up in Spain; we want to make sure Fieldfisher is in each of the main European capitals.”

Meanwhile, AIM-listed firm Gateley Plc has announced a 15% increase in revenue to the London Stock Exchange (LSE) in its second year as a listed company.

The firm’s revenue climbed 15% to £77m for the year to 30 April 2017, up from £67m last year.

Its adjusted EBIDTA is projected to be not less than £14.7m, an increase of 14%.

The results are subject to audit, with final results expected in mid-July.

In its trading update to the LSE, the firm said that its legal business has continued to perform well and noted other highlights as continued investment in its Reading office, which opened in 2015, and further integration with tax advisory business Capitus and property consultancy Hamer, both acquired in 2016.

Gateley’s chief executive Mike Ward said: “This represents another year of expansion for us. This has been possible due to the strength of our service offering, the depth of our client relationships and the growth in our teams of skilled professionals.”