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Richards Butler has completed its final financial figures as an independent firm prior to this year’s merger with US firm Reed Smith.
The European operations of Richards Butler reaped a revenue of £43.5m for the eight-month period from 1 May to 31 December 2006 and recorded an average profit per equity partner (PEP) of £410,000 on an annualised basis.
Reed Smith Richards Butler European managing partner Roger Parker told The Lawyer: “All the merger costs in terms of time, consultants, tax advisers and so on are truly shown in those figures, so I’d expect that figure of £410,000 to be higher next year.”
London PEP for the 2005 financial year was £390,000, meaning the firm was on track for a PEP increase of 5 per cent. If revenue continued for a 12-month period, it would have recorded growth of around 9 per cent.
Parker said: “Naturally there’ll be some savings on cost, and if we get the cross-sell right then the PEP will be closer to where the business should be in terms of the upper mid-quadrant of the London market.”
Parker said the Richards Butler business has been absorbed into the Reed Smith business with minimal disruption from restructuring and redundancies. The firm showed steady growth across practice areas, including disputes, which has not suffered too much from the downturn in the litigation market.