The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
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 has posted a 38 per cent increase in average profit per equity partner (PEP) for the 2009-10 financial year, bringing the total to £420,000.
At the same time the firm’s turnover rose marginally, up 2 per cent from £89.2m to £91m.
The firm’s chief executive David Stewart said the significant increase had been the result of a strong performance at the firm, particularly in the second half of the year, as well as cost savings the firm had achieved of around £4m.
“We haven’t achieved this result by deequitisations or restructuring the equity but by all our people working extremely hard,” said Stewart. “There’s been some staff reduction, but we did our redundancies at an early stage and booked the cost in the prior year. We’ve also taken a draconian line on discretionary spend.”
Stewart pointed to a number of deals handled by Olswang’s corporate group including Better Capital Fund’s acquisition of the UK business of Reader’s Digest, Net-A-Porter on its £350m sale to Richemont, and Chrysalis on its acquisition of music publishing business First State Media.
Stewart also highlighted the firm’s litigation group, which he said ended the year 25 per cent ahead of budget, along with the performance of Olswang’s IP and real estate groups, plus restructuring partner Alicia Videon’s advice to Kaupthing on the workout of its derivatives book.
He added that there had been a 50 per cent growth in international revenue, with Germany and Belgium in particular being strong.