Clyde & Co has posted a double-digit rise in revenue, with turnover for 2008-09 breaking through the £180m mark.
The top 20 firm saw revenues jump by just under 18% to hit £185m, up from £157m the previous year. Overall profits at the firm grew by 11% however profits per equity (PEP) partner remained broadly steady with last year, when the firm reported a 10% increase in PEP to £550,000.
The results mean that Clydes achieved higher growth in turnover over the last financial year than it did during 2007-08, when revenues climbed by 16.3%.
Chief executive Peter Hasson told Legal Week that the firm’s international offices performed well this year, with the firm’s US practice moving into profit for the first time in three years.
He also attributed the growth to a steady rise in litigation work, but said the firm also saw an increase in construction and corporate work in the Middle East.
Hasson commented: “These markets have been extremely difficult- probably the worst law firms have ever seen. We are extremely satisfied with the results, which displays the firm’s robust business model and high quality levels of service.”
Clydes joins a number of firms to defy the downturn and report double digit growth in revenues. Watson Farley & Williams, Ince & Co and Lovells are among the strong performers to emerge to date.
Watson Farley saw revenues increase by 25% to £73.5m, up from £59m, Ince reported growth of more than 20% to £79.4m, while Lovells saw turnover grow by 11%.
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