DLA Piper posts 1 per cent rise for global revenue
DLA Piper posted a 1 per cent increase in global turnover for the 2010 calendar year, with revenue at $1.96bn (£1.27bn). Total profit was up 5.9 per cent at $777.8m £503m).
The firm’s chief financial officer Paul Edwards said that average profit per equity partner (PEP) at the firm was up 15 per cent on 2009’s £527,000, to £606,000.
The turnover figure includes DLA Piper’s US arm, which is not financially integrated with the rest of the firm.
DLA’s co-chief executive officer and managing partner Sir Nigel Knowles (pictured) defended the decision to report integrated results stating that, while the two arms have separate profit pools, they were integrated as one business.
“There are two forms of integration,” said Knowles, “business integration and financial integration. We’re all part of the Swiss verein, 100 per cent integrated in terms of business. We’re more integrated than most of the big accountancy firms.”
The figures were released as Knowles also revealed DLA Piper’s three-year plan to become a leading global business adviser. He singled out Canada and South Korea as opportunity markets for the firm, with the firm expected to launch an office in Seoul in the second half of 2011.
DLA Piper also reported a strong start to 2011, with first quarter revenue up 11.5 per cent on the same period last year at £21m. This figure includes the US, but not Australia’s DLA Phillips Fox, which didn’t financially integrate with the firm until 1 May 2010.
The first quarter revenue is ahead of the DLA Piper’s growth predictions for 2011, where the firm hopes to grow 15.6 per cent (8.5 per cent, excluding Australia).
Costs at the firm decreased by 2.5 per cent, compared with the 2009/10 financial year.
Readers' comments (10)
Anonymous | 13-Jun-2011 2:20 pm
The words "mirrors" and "smoke" spring to mind ...
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Saudi Lawyer | 13-Jun-2011 2:56 pm
DLA is an example of a firm who wants to pretend (to their clients Off course) that they can compete with the top Magic Circle firms, they use all the efforts such as low fees, advertising and CSR but they forget a very important item begins with the letter Q.
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Anonymous | 13-Jun-2011 3:33 pm
tired brand. tired firm. next please....
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Dayglo Dave | 13-Jun-2011 3:39 pm
Good point, Saudi Lawyer. They should consider joining the QS network. "Quality Solicitors DLA Piper". Their PEP would go through the roof next year.
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Anonymous | 13-Jun-2011 4:50 pm
I don't think the firm is putting itself out there as magic cirlce, more like a norton rose or hogan lovells. But even then that might be a stretch.
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anonymouse | 13-Jun-2011 4:57 pm
hogan lovells is certainly of a higher ilk than norton rose though, IMHO
it's also pretty much a magic circle firm too (or at least just outside it)... I think the magic circle firms have got stuck with the label of magic circle - so irrespective of quality, A&O (for example) will always be known as a magic circle firm...
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Anonymous | 13-Jun-2011 7:57 pm
The usual tired and boring comments from the usual negative crowd who think they have an axe to bear or an insecurity to deal with - dull dull dull - not the best result in the world but not bad at all in the current markets for a firm with a revenue of this size. As for saudi lawyer and dayglo dave - really guys get over yourselves. The world has moved on - you need to.
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Anonymous | 14-Jun-2011 10:42 am
PEP up 15% - makes a mockery of the 1.5% (average) pay rise that the hard working support staff received earlier this year !!!
Hopefully the Partners will be able to enjoy themselves though.
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Anonymous | 14-Jun-2011 10:43 am
@ Saudi Lawyer, speaking of Q, the actual phrase is "of course" (that is, of with a single 'f').
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Anonymous | 14-Jun-2011 1:43 pm
A massive differentiator is that Norton Rose and to a lesser extent Hogan Lovells treated its associates and staff better during the recession. NR in particular is at the top of the pile for that. DLA is at the bottom. Let us not forget that DLA's (unimpressive) finances have been propped up by savage bloodletting of those further down its ranks.
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