Contentious insurance and international work gives boost to performance figures
Clyde & Co has posted a 10 per cent increase in turnover to £80m, with profits per partner also rising by just under 7 per cent to £370,000. Unsurprisingly, post-Enron and 11 September, the firm's contentious insurance group reported sizeable growth. It developed its reputation as an insurance firm able to act for both sides, but overall Clyde & Co's performance was comparable with most of its main rivals'. Partner profits rose from £345,000 in the year ending April 2001 to £370,000 this year. Shipping work is reported to have risen by 8.6 per cent, which the firm prescribes to overseas successes. This year, non-UK clients generated 40 per cent of business and a further 25 per cent was produced out of non-UK offices. Clyde & Co's turnover figures do not include those from French firm HPMBC, with which it merged in May 2002 and which has an estimated turnover of some £5m. International trade work is said to have thrived, partly due to post-11 September fallout, which led to work for airlines and for its long-term government clients, such as the Export Credits Guarantee Department. A Clyde & Co spokesman said: "The insurance market is looking very carefully at its costs. Certain law firms would have felt that, but we haven't felt the same pressure because clients appreciate that we're at the more complex end. But firms relying on personal injury and motor claims, for example, will have felt pressure since 11 September."