FIELD Fisher Waterhouse (FFW) has smashed through its three -year turnover target, posting a 30 per cent revenue hike to hit £88m.
Field Fisher Waterhouse (FFW) has smashed through its three -year turnover target, posting a 30 per cent revenue hike to hit £88m.
Profit has also rocketed, with the firm expecting profit per equity partner (PEP) to break the £750,000 mark, representing a 27 per cent rise on last year’s PEP of £589,000. Turnover grew by £20.3m from last year’s figure of £67.7m.
The firm has 36 equity partners, giving a total profit estimate of £27m and a profit margin for 2007-08 of just over 30 per cent.
The figures take into account FFW’s Brussels office, which opened last year with a team from former Belgium ally Verhaegen Walravens. The office contributed EUR6.1m in revenue after growing to nine partners and 22 associates.
Three years ago the firm set itself a target of £75m for 2008. Having grown faster than expected, FFW has now pinpointed a figure of £200m for 2012. FFW managing partner Moira Gilmour said: “If we meet our objectives we should be positioned in the top 25 law firms by turnover in the UK and top 15 by profitability by 2012.”
The firm intends to hit its 2012 target by growing its international business, focusing on the growing markets of China, India and Russia, as well as the US and Japan.
Around 40 per cent of FFW’s revenue comes from international work and the firm aims to increase this to 50 per cent by 2012.
For more on the financial results at all the top UK firms as they come in, see our Top of the PEPs 2008 blog here