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Early indications of financial results for the first half of the 2013/14 financial year are positive, with firms reporting growth across a wide range of practice areas and regions.
Those firms which have reported figures to The Lawyer for the first six months of the current year have all said revenues are up. Growth ranges from 4 per cent at firms including Gateley and Trowers & Hamlins, to 16.5 per cent at Clyde & Co compared to the same period last year.
Clydes’ senior partner James Burns said turnover for the first six months had hit £169m, up by 16.5 per cent from £145m for the first half of 2012/13 (14 November 2012).
Burns added that the bulk of the income had come from the UK and the firm’s litigation and arbitration practice was doing particularly well with a significant number of active cases.
Trowers & Hamlins’ senior partner Jennie Gubbins said revenue was up by 4 per cent compared to the beginning of the previous financial year, and profitability was also up. Gubbins said real estate was doing “really well” and Trowers’ international team was also performing better than last year.
Gateley’s revenues were also up by 4 per cent at the six-month mark, with activity levels rising in the last two months. Like Trowers, property work was on the increase and now accounts for 30 per cent of total revenue after income rose by 20 per cent compared to the same period last year. However corporate work was down by 5 per cent.
FFW managing partner Michael Chissick said early figures showed that the firm’s London office was ahead of target and had produced the best results in five years. Corporate and litigation had been especially strong, Chissick added.
Corporate work was also up at Burges Salmon, with corporate finance work the strongest-performing team in the first six months. Managing partner Peter Morris said there had been a pick-up in transactional activity, which had also positively impacted on banking and real estate work.
Macfarlanes’ senior partner Charles Martin also said the firm was busy “across the board” and revenues were broadly on budget.