The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Holman Fenwick & Willan's net profit has grown by more than 20 per cent for the second year in a row, but growth in average profit per equity partner (PEP) has slowed.
The firm's profit has rocketed up by 23 per cent, following a massive 30 per cent jump at the end of the last financial year. Holman's PEP, however, inched up by 7 per cent to £436,000, from £409,000 in 2006. Turnover went up by 11 per cent, from £61.6m to £68.3m.
Managing partner Greg Gray said that PEP did not increase in line with the net profit increase due to several lateral hires, including "one or two equity partners", not contributing to growth, as they joined Holman at the start of the new financial year.
Holman's overseas offices have performed well, with the firm's Chinese practice bringing in the most revenue of Holman's overseas jurisdictions, with 10 per cent of the total.
Holman's newest international offices Dubai and Melbourne, which are now a year old, contributed to the firm's revenue for the first time, with 3 per cent each.
Gray said: "We had a goal to ensure that we consolidate our position after the previous year's investments and have exceeded the cautious expectations that we had made at the beginning of the financial year."
Gray said that next year he expects the firm's profit growth will again be healthy as the new partners' contributions to revenue should be significant.