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Olswang has reported un-audited half-year numbers that show an increase of 15 per cent on last year’s six-month revenue, with the technology, media and telecoms firm booking a total of £57.6m.
Chief executive David Stewart
Olswang’s CEO David Stewart described it as “a good performance in what is still a challenging market”.
“I’m very pleased with our overall activity levels,” added Stewart. “We’ve seen strong performances from our German, Belgian, Asian and French teams, combined with a much better London first half. We’re now focused on delivering an equally strong second half year to continue our progress towards our strategic goal of becoming a leading international firm focused on the TMT and real estate sectors.”
Last year Olswang reported a 3 per cent growth in total revenue, from £108m in 2011/12 to £111.3m in 2012/13, while average profit fell by 4 per cent to £510,000 (4 June 2013).
In the last six months of the current financial year Olswang has particularly focused on boosting its international offering with four new partners in Spain, France and Germany.
The firm has advised a number of TMT clients on strategic deals, including global sports, fashion, and media company IMG Worldwide on its partnership with live video streaming business Livestream, and long-standing client ITV on two acquisitions.
It has also strengthened its London team, adding six partners including Eversheds’ tax partner Andrew Quayle (12 June 2013) and commercial litigation partner Bernard O’Sullivan from Byrne and Partners.
At the same time the firm’s trainee retention rate has fallen to just 54 per cent, with six of its 11 trainees this autumn staying on this autumn (15 August 2013).