Osborne Clarke’s profits rocket after war on costs

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.