Osborne Clarke recorded a solid 18 per cent increase in average profit per equity partner (PEP) from £360,000 in 2004/5 to £425,000 for the last financial year.
Despite increased profit for three years running, the Bristol-based firm has fallen short of the emerging £500,000 PEP benchmark for mid-tier firms.
Managing parter Simon Beswick attributed the growth to relationships with clients such as Vodafone, Rotch and News International.
Beswick also highlighted particularly strong performance in its London and German offices, adding that more than half the firm’s turnover now came from outside the South West.
Turnover at the firm has increased 10 per cent from £67.2m in 2004/5 to £74.1m. The number of equity partners has also grown during this period, from 48 in 2004/5 to 54.
Recent hires include competition partner Simon Neil from Norton Rose, finance partner Paul Anning from Lovells, private equity partner Kier Barry from Addleshaw Goddard, and litigation partner Peter Sheppard from Nabarro Nathanson.
Major deals included the sale of Friends Reunited to ITV, 3i’s £555m acquisition of NCP, Carphone Warehouse Group’s acquisition of OneTel and Topland Group’s £185m sale and leaseback with Thistle Hotels for six hotels in London and Edinburgh.