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HSF records almost $2bn in revenue in FY22

Global law firm Herbert Smith Freehills has recorded its ninth consecutive year of fiscal growth, with both firm revenue and profit per equity partner up 6 per cent from last year.

user iconJerome Doraisamy 14 July 2022 Big Law
HSF records almost $2bn in revenue in FY22
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HSF has seen, in the 2021-22 financial year, its highest revenue, profit and profit per equity partner (PEP) to date.

In what is the global firm’s ninth consecutive year of revenue growth, HSF recorded revenue of £1.10 billion ($1.94 billion, as of the conversion rates on Thursday, 14 July 2022), marking a 6 per cent increase from last year’s figure of £1.04 billion ($1.83 billion).

The firm’s profit was £381.2 million ($671.5 million), a 4 per cent increase from last year’s figure of £366.9 million ($646.31 million).


And PEP was £1,163,000 ($2,048,665), a 6 per cent increase from last year (£1,099,000 or $1,935,926).

Speaking about the results, HSF chief executive Justin D’Agostino (pictured) said that he is “immensely proud” of the firm’s continuous growth.

“This year’s result was particularly pleasing, surpassing our record-breaking FY21 — a year which saw revenue and PEP exceed £1 billion and £1 million respectively for the first time.

“Activity across all regions and practice areas was strong. Clients turned to our ‘twin engines’ — our leading transactional and disputes expertise — for their most strategically important matters,” he said.

“Our offices in Australia, Hong Kong, New York, Belfast and the Middle East had an exceptional year, as did Paris and Madrid, each with double-digit growth. London also performed strongly. Newer offices including Kuala Lumpur, Milan and our joint operation with Kewei in China also contributed to our robust financial performance.

“These achievements are down to standout teamwork, cross-border and cross-practice collaboration, as well as dedicated client service and deep client relationships.

“This year also saw one of our biggest investments in people — in our largest partner promotion round in the firm’s history, new counsel and senior associates. Building on our confidence and strong momentum, we are fully-focused on our firm’s Ambition 2025 strategy this year, cementing our position as one of the world’s leading international law firms.

“Despite the headwinds in the global economy, we are confident in our financial and strategic resilience. Our decision to close our Moscow office was not taken lightly but our EMEA region is now focusing on future growth. Thank you to all our people and our clients for a phenomenal year. We look forward to another year of growth and success, as we work towards our ambitious."