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Clyde & Co is eyeing further expansion in Africa, Latin America and the US during the current financial year after its international practices grew by 12 per cent in 2012/13.
The firm’s chief executive Peter Hasson told The Lawyer the firm wants to consolidate expansion in Africa, as well as Latin America and the US, following recent office launches in Madrid (16 April 2013) and Atlanta (19 June 2013).
The firm has been consolidating its operations over the past 18 months, following its merger with Barlow Lyde & Gilbert (BLG) in November 2011 (8 August 2011).
Hasson said that Clydes saw about a 12 per cent organic growth in its international practice in 2012/13, bringing it up to 40 per cent of the firm’s overall revenue, close to the 43 per cent which legacy Clyde & Co made from its overseas offices.
He said that the firm’s work with financial institutions had been strengthened by the merger and that has enabled the firm to develop practice areas further globally.
“It was a hard year to achieve growth in the UK, but in the US we’ve continued to expand, particularly around the professional liability, financial institutions and cyber insurance markets. Another key area for us was Asia Pacific, where we strengthened in Hong Kong and expanded into Singapore,” he added.
Talking about the firm’s next steps Hasson said: “Everybody works on a common profit-sharing basis, the critical thing now is how we build a consolidated international service offering and take our practice areas global.”
Clydes posted a 17 per cent rise in turnover from £287m to £336.6m at the end of the 2012/13 financial year, with average PEP rising by just over 5 per cent to £580,000, slightly above the £550,000 predicted by Hasson last year (11 June 2013).
Meanwhile the firm made eight support staff redundant following a consultation in the wake of the BLG merger earlier this year (23 May 2013).