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Freshfields Bruckhaus Deringer PEP surges 39 per cent" />Freshfields Bruckhaus Deringer has seen a 39 per cent rocket in average profit per equity partner (PEP), with partners now taking home an average of £1.44m. Total turnover has jumped 19.5 per cent, to hit £1.18bn.
While the magic circle firm broke the £1m PEP barrier in the 2006-07 financial year, hitting £1.03m, this is the first time its turnover has breached the £1bn mark. Last year turnover stood at £986m at the end of April.
Freshfields chief executive Ted Burke said the strong performance was driven largely by strength in Freshfields’ emerging markets offices.
He added: “We have been fortunate to have worked on many great projects for our clients over the last year or so and have benefited, until recently, from strong markets.”
However Burke warned that expectations for the coming year are that performance will drop off.
“Law firms tend to lag behind the broader markets and a significant part of our results are attributable to the robust business environment of the first half of 2007,” he admitted.
“The current market challenges are affecting us all, and we will continue to stay close to our clients as we navigate our way through the next period.”
Freshfields is the second magic circle firm to announce its financial results for the year to the end of April. Last week Clifford Chance announced an 11 per cent turnover increase and 13 per cent rise in PEP, bringing the figures to £1.33bn and £1.15m respectively (The Lawyer, 29 May 2008).
For more on Freshfields' results and those of other top firms, see our Top of the PEPs 2008 blog here