Olswang has bounced back from the long term slump in its core TMT market to post a 15% hike in profits against a 26.1% increase in turnover Provisional figures obtained by Legal Week have seen fee income rocket to £59.3m from £47m. Although the hike in turnover is partly explained by the firm’s hire of the bulk of DJ Freeman’s property team, the underlying turnover increase was still 17%.
The results are a boost to the 74- partner firm, which was hit hard by the slump in the TMT market, with average profits per partner slumping from a high of £525,000 in 2001.
