Withersworldwide, Credit: Savills

U.K. Top 50 firm Withersworldwide has revealed that its profits per equity partner (PEP) rocketed by 40% during the last financial year, citing increased client demand in dispute resolution during the coronavirus lockdown.

PEP hit £501,000 for the year ended April 2020, up from £359,000, while revenue grew by 13% to push through the £200 million mark, hitting £219.7 million.

Profit also spiked 33.6% to hit £42.1 million during the year. In 2019, the firm had posted modest revenue growth of 9%, though PEP dropped by 10%.

The firm’s chief executive Margaret Robertson said in a statement: “Going into lockdown, we had a full pipeline of work and had experienced a very good financial year thanks to investments made in the prior few years.

“Although the final three months of the year were quieter in some areas, client demand actually grew in dispute resolution, technology and estate planning and structuring. This all led to a strong financial performance. We are approaching next year cautiously but, as a firm focussed on private capital, we find our clients are very active in volatile times and we hope that will continue to fuel our growth.”

Withers is one of a handful of firms to have reported growth across all three financial metrics for the latest financial year, with several top firms citing the impact of the coronavirus pandemic as having hit their profits particularly hard.

On Thursday, Eversheds Sutherland’s international arm reported increased revenue of £592 million, while its net profit and PEP also had single digit percentage increases.

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