The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Watson Farley & Williams (WFW) increased its revenue in 2013/14 by 14.6 per cent last year, resulting in a jump in revenue from £102.1m to £117m.
The results are a significant uptick on last year’s financials, when the firm grew turnover by just 2 per cent from £99.9m to £102.1m (16 July 2013).
The total marks a record high point for the firm, which has recorded an rise in revenue each year since 2004/05.
One of the firm’s co-managing partners Lothar Wegener said in a statement: “While achieving £100m in annual revenue last year was a significant milestone for the firm, today’s result actually reflects growth of circa 100 per cent since 2008”.
While WFW is yet to announce its net profit, the firm expects to see an increase of about 25 per cent on its 2012/13 figure. The results are likely to mark a sea change in the firm’s average profit per equity partner (PEP) figure, which tumbled by 13 per cent in 2012/13 and by 2.6 per cent the previous year.
The firm’s highest PEP figure to date was in 2011/12, when it recorded £450,000.
During the course of 2013/14 financial year, WFW witnessed its first change in leadership in 12 years, when managing partner Michael Greville was replaced by dual managing partners Chris Lowe and Wegener (13 December 2013).
The pair are spearheading an effort to grow the firm’s City corporate offering, so that it is in balance with its finance practice (30 May 2014).
Last year, WFW also opened its third German office in Frankfurt in January.