Clydes smashes through £150m turnover barrier

Clydes smashes through £150m turnover barrierClyde & Co’s has cracked the £150m turnover benchmark, reporting a 17 per cent turnover increase to £157m, from £130m a year ago.

The firm said investment in its overseas offices accounted for much of the growth, with its bases in the Middle East, Asia, the US and Latin America all having seen 60 per cent growth rate in the last twelve months. The Middle East practice accounted for £20m of the firm’s turnover.

The UK office has grown by 10 per cent in the last year, driven by the commercial litigation practice.

Chief executive Peter Hasson said: “We have had a stronger second half to the year as commercial litigation has increased, although we are yet to feel the benefits of an upturn in the insurance cycle.”

The firm will now look to bolster its Latin American operation, based in Rio De Janeiro, after Davies Arnold Cooper (DAC) poached insurance partner Hermes Marangos.

Marangos had been responsible for spearheading Clydes’ insurance and reinsurance operations in the region.

Clydes head of Latin America, Stirling Leech, will relocate to Rio de Janeiro from the London office. The Rio office will have three partners after the promotions come into effect on 1 May.

Hasson added that there would also be lateral hires in the Middle East and the US offices in the next year. This comes after the firm closed its Los Angeles office to launch in San Francisco, elsewhere in California, after a raid on US firm Duane Morris for a 10-lawyer litigation team. (The Lawyer 28 April 2008)