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HFW reports $232k profit per lawyer last year
Global law firm HFW has reported a “record” year in FY21, posting new highs in revenue, profit, revenue per lawyer, and profit per lawyer and per equity partner.
Jerome Doraisamy
The firm has released its financial results for the year ended 31 March 2021, which saw the global practice surpass annual revenue of £200 million (AU$377 million) for the first time. The firm’s net profit increased by more than 26 per cent, it noted, rising to £59.7 million ($112.49 million).
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Revenue per lawyer also increased by 6.1 per cent in the past year, growing to £413,000 ($777,951).
Profit per lawyer and profit per equity partner each rose by 30 per cent, with profits for the former growing to £123,000 ($232,000) and to £683,000 ($1,286,540) for the latter.
The news follows reports by Lawyers Weekly that fellow BigLaw firms Herbert Smith Freehills, Allen & Overy, Ashurst released their financial results for the past year, which saw firm revenue of over £1 billion and equity partners receiving $3.3 million in profit, equity partners earning almost $2 million in profit, and that equity partners earned $1.35 million, respectively.
Speaking about the results, HFW global senior partner Richard Crump said that becoming a £200 million business is a “major milestone” for the firm.
“To have recorded what is our best-ever year under such extraordinarily challenging circumstances is a real testament to the talent and dedication of the people we are fortunate to have at all levels across HFW,” he said.
“It also reflects the strength of our relationships with our clients, who turned to us as sector experts to help them through the challenges of the COVID-19 pandemic. That industry expertise is at the very core of our business and is something that we feel really sets us apart in a crowded legal market, backed by our global strength in dispute resolution and our growing transactional offering.
“HFW has changed beyond all recognition over the past decade, and we have ambitious plans to not only continue but ramp up our growth.
“We are actively targeting opportunities across our industry groups, legal services and international network, to ensure that we are continuing to meet the changing needs of our clients in a dynamic and challenging market.”
HFW managing partner Jeremy Shebson added: “We’re immensely proud of how everyone at the firm worked together and supported each other to overcome the challenges of COVID-19, and the exceptional efforts our people made to support our clients through the pandemic – and to help them prepare for what’s next.
“We’ve learnt a lot from this period as a firm and as individuals. For me, it’s really highlighted the benefits of being focused and disciplined as a business, as well as how working as a team is the best recipe for strong results – it just requires a bit of extra effort and creativity when we’re not all under the same roof.”
