Osborne Clarke has posted an impressive 27 per cent profit increase for the last financial year.
Average profit per equity partner (PEP) at the Bristol-based firm has hit £360,000 up from £303,000 the previous year while revenues at the firm rose eight per cent to £67m.
The results follow a period of tight financial management, which saw radical cuts to the firm’s cost base including a wave of staff and lawyer redundancies, property savings and improved working capital management.
As exclusively revealed by The Lawyer (30 March 2005), the firm was £8.8m in debt at the end of the 2002-2003 financial year but a cost cutting and financial management initiative saw the firm accrue savings of more than £8m by the end of last year.
