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SNR Denton has announced its global financial results for the first half of the 2011-12 financial year, with the firm posting revenue of £317.2m.
It is the first time that SNR Denton has announced its results as a single entity after the firm was created when Denton Wilde Sapte and Sonnenschein Nath & Rosenthal merged on 30 September 2010. The figure for the six-month period ending 31 October 2011 is 11.5 per cent up on the individual firms’ combined figure for the same period last year, according to the firm.
The firm would not provide a breakdown of how individual regions performed, but said that the US, UK and CIS parts of the business all showed a year-on-year increase.
The chief executive officer of the firm’s UK LLP Matthew Jones added that political unrest in the Middle East “had an adverse effect on turnover”, but that the firm is predicting a strong “back six” in the EMEA region, as well as the UK showing promise for the latter half of the year.
“Like many other firms we’re facing macro-economic issues that create a caveat, but we’re seeing momentum building up among the firm under the new combination,” said Jones.
Elliott Portnoy, chief executive of SNR Denton and chairman of SNR Denton’s US LLP, added: “Throughout the global business, the service lines that are particularly busy are IP, particularly IP litigation; the hotels and leisure practice group, which has rebounded well; litigation, in particular insurance litigation; and health and life sciences, with an emphasis on pharmaceuticals.
“The core transactions groups in capital markets, real estate, corporate and private equity are also strong.”
Turnover at the UK LLP fell 8 per cent in 2010-11, to £154.4m. Net profit dropped 37 per cent over the same period, from £31.4m to £19.8m, while average profit per equity partner dropped 35.6 per cent from £360,000 to £232,000.