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The New Lawyer
Two major law firms have announced massive profits, despite the global economic downturn.
SOME positive news from the UK, where two major firms have reported profit increases in the past financial year.
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City firm Bird & Bird has reported a 30 per cent jump in revenues, buoyed by the firm's recent expansion and the strength of the Euro, while Mills & Reeve has reported a seven per cent revenue hike.
Bird & Bird’s revenues grew from £144m (AUD$288m) in 2007/08 to £186m (AUD$370m) for the year ended 30 April 2009. However, profit per partner (PEP) fell by nearly seven per cent over the same period.
The firm said that its recent expansion accounted for a nine per cent increase in revenues, with organic growth accounting for 12 percent.
At Mills & Reeve average PEP increased two per cent from £295,000 (AUD$590,000) up to £301,000 (AUD$602,000) however, revenue was up only a little over £4m (AUD$8m).
Mills & Reeve managing partner, Guy Hinchley, said the firm benefited from having a more unusual practice area mix that combines a private client and corporate client base.
“We’ve been able to avoid the level of exposure to the market conditions that other firms have been subjected to.”
