German firm Luther has announced an annual revenue of €88m for its 12 local and 6 international offices, an increase of 3.3 per cent on 2009-10.
Luther’s 12 offices across Germany pulled in a total of €79m during the 2010-11 financial year compared with €76.3m in 2009-10.
“We’re very pleased with these results,” said the firm’s joint managing partner Hans-Georg Hahn. “Luther has profited this year, as have many other law firms, from a positive market environment.
“We didn’t need a recovery period as our results from the previous year – above all in the crisis year 2008-09 – did not suffer considerably from the difficult economic climate, as we’d expected they would. Instead, Luther has shown continued growth.”
The practice areas that performed particularly well across the firm were corporate and M&A, employment and real estate, said Hahn. These sectors contributed 41 per cent, 14 per cent and 14 per cent respectively.
Luther’s six foreign offices contributed approximately 10 per cent of total revenue. In particular, the Luxembourg office grew significantly, said Markus Sengpiel, joint managing partner. Lawyer headcount in Luxembourg rose from eight to 20 over the course of the financial year.
Sengpiel added that Luther planned to invest in both external recruitment and internal training.
“We’re hiring other lawyers and we believe we’ll have, over the next couple of years, a bigger growth spread as we’ve clearly seen that our business is going up,” said Sengpiel. “We’re investing heavily in our personnel. We’re training them in technical and soft skills.”