Clyde & Co has seen its average profit per equity partner (PEP) stagnate at £500,000, an indication that the downturn in litigation could be holding back corporate growth.
Overall the firm saw its turnover increase to £135m, from £125m – a growth of 8 per cent. In the past 12 months Clydes has seen its litigation and insurance work flatline.
But the firm’s chief executive Peter Hasson previously said that Clydes is in “good shape compared with the last time it faced these sort of conditions”.
The firm feels its efforts to build its corporate and commercial practice since the last corporate boom has paid off, with non-contentious departments supplying much of the growth in the last year.
Clydes has also seen heavy investment in 2006-07, with more than half-a-dozen lateral hires and its international expansion leading to the launch of four new offices, most recently in Qatar.
Last summer Clydes also made its first play for the US litigation market with the opening of a New York office, again resulting in substantial investments.
The firm said last year’s hire of an aviation team from US firm Condon & Forsyth, coupled with hires in Hong Kong and the launch of a Shanghai office, should soon bear fruit.