Wragge & Co’s net profit rose by almost 28 per cent to £38.8m in the 2010-11 financial year, while average profit per equity partner (PEP) jumped 18 per cent to £325,000.
The results come two months after the firm posted a 16 per cent rise in turnover for the 2010-11 financial year, from £96.2m to £112m (10 May 2011).
Net profit grew from £30.4m in 2009-10 to £38.8m. PEP among the all-equity partnership was up from £276,000 to £325,000 over the same period.
According to senior partner Quentin Poole, the results were better than what the firm had expected at the end of the previous year.
“We beat our budget,” said Poole. “The reason this was possible was that every part of the firm did well. Corporate recovered quite a lot, while Middle East projects started picking up too. Our Paris office has started doing well, too, and the health sector also proved to be very active.”
Poole said that the results came at a time of strategic change at the firm, with international work accounting for 40 per cent of the firm’s revenue, up from 20 per cent three years ago.
He added that Germany was top of the agenda in terms of international growth, with the firm planning to expand its presence there through the lateral hires of groups of lawyers like DLA Piper’s recent capture of a seven-strong team from Hogan Lovells in Munich (1 July 2011).
Poole said the firm would also continue to develop its offices in Guangzhou in China, and Abu Dhabi.