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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Macfarlanes experienced muted growth over the past 12 months, with turnover rising by 6.7 per cent while average profit per equity partner (PEP) remained static at £1.1m.
Macfarlanes' growth sluggish as corporate and property take a hit" /> Macfarlanes experienced muted growth over the past 12 months, with turnover rising by 6.7 per cent while average profit per equity partner (PEP) remained static at £1.1m.
Despite ;the ;modest results, senior partner Charles Martin said he was satisfied with the total revenue of £110m.
"Given ;the ;market conditions, all our practice areas performed well," he said.
Macfarlanes traditionally relies on the corporate group for almost half of its revenue and, as a single-site firm, does not have any foreign offices in emerging markets.
Simmons & Simmons, for example, boosted revenue by 15.8 per cent to £290m, and last week the firm announced that PEP had rocketed by 21.6 per cent to £647,000.
Macfarlanes' ;closest competitor Travers Smith has yet to release its results because its financial year finishes at the end of July.
Last year Macfarlanes achieved ;double-digit growth in both turnover and PEP.
Martin said this year's figures should be taken in that context, adding: "The revenues show a modest increase, which isn't bad given how a good deal of our revenue relates to the UK.
"We haven't had an exchange-rate benefit, and it's not bad given that the credit crunch happened earlier than halfway through the year."
Macfarlanes has worked on some of 2008's largest deals: it represented aluminium miner Alcoa on its share raid on Rio Tinto as well as Pernod Ricard on its acquisition of Absolut Vodka maker Vin & Sprit - two transactions with a combined value of more than £10bn.
The ;firm's ;property practice has also been affected by the market.
"Property's ;been ;a challenging market for a little while," Martin said. "We're lucky that quite a lot of our property clients are property funds and they've been more active than the market as a whole."
Macfarlanes' prestigious private client group has continued to do well. The practice, ;which ;counts Richard Branson among its clients, benefited from advising on this year's tax changes for wealthy individuals.
Although PEP did not grow, it remained at a level matched only by Slaughter and May outside the magic circle.
Martin added that profit was also hit by the firm's investment in its new Cursitor Street office.