Salans drops dollars to report in euros

Salans is planning to change its reporting currency from dollars to euros next year in a bid to reflect the changing geographical coverage of the firm.

Salans chief operating officer Neil Woodcock said the currency change was not solely a response to the current weakness of the dollar.

“We bill mainly in sterling in the UK, but are planning to move to the euro to reflect the changing shape of the firm,” said Woodcock. “We’ve already produced the budget for 2007 in dollars, but will move to the euro in 2008. We’ve made the decision.”

Woodcock pointed to the firm’s addition of a Berlin office, the acquisition of a five-partner, nine-lawyer team in Paris from Rambaud Martel and a string of hires in Moscow as evidence both of the firm’s recent expansion and its changing international shape.

Woodcock also revealed Salans’ financial results for its financial year to 31 December 2006. It posted a global revenue of $206m (£111.96m), an increase of 21 per cent from 2005’s $170m (£93.41m).

Average profit per equity partner also rose, from $650,000 (£357,100) to $770,000 (£418,500), while the total profit available to equity partners was up from $33.2m (£18.24m) to $45.3m (£24.62m).

Woodcock said that, despite the significant expansion during the year, the firm was slightly ahead of budget on both turnover and profit.