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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.
Olswang breaks through £500K profit benchmark" />Olswang has crashed through the £500,000 barrier for average profit per equity partner (PEP) for the first time since 2000.
The firm's turnover, which six years ago stood at £35m, has mushroomed to £77m, a growth of 22.5 per cent in the last financial year. Average PEP provisionally stands at £525,000.
Chief executive Jonathan Goldstein said the combination of a strong financial performance and a "tight control" on costs had resulted in the firm producing its best-ever profit margin.
Goldstein added that the strong profit figures, with a number of its partners earning significantly more than £500,000, had resulted in Olswang emerging as "one of the strongest firms" in the mid-market. "£500,000 really is becoming the benchmark by which the leading firms in this market are judged," he said.
The firm is budgeting for a 10-15 per cent increase on PEP for 2007 and is expecting turnover to reach at least £85m. Olswang's recent acquisition of the majority of property boutique Kanter Jules has already kicked off the current financial year with some £4m of additional turnover.
Goldstein pointed to particularly good results in the firm's commercial litigation, tax, film, private equity and mainstream corporate teams. He also cited the firm's five-partner Thames Valley office, which brought in £4.5m in turnover last year, seeing its revenue rise by 39 per cent. "Reading had its strongest year ever in turnover terms," said Goldstein.