2013/14 financials: the year so far

Back in April we asked leading law firm managers to predict how the 2013/14 financial year would pan out. While many reflected that it had been an unexceptional year, they were optimistic that the dark days were over – growth has made a comeback.

This week the reporting season hit full steam. Allen & Overy, Clifford Chance, Eversheds, Herbert Smith Freehills (HSF) and Nabarro have all had good stories to tell this week.

So far, only HSF has seen average profit per equity partner (PEP) fall, down 5.5 per cent. But that comes after the first full year of the Herbert Smith and Freehills merger. The combination brought about some monumental changes including the fusion of the respective firms’ profit pools and subsequent restructure of the combined firm’s remuneration system.

Going by the 25 firms that have published figures so far, those managing partners were right to be optimistic. As our revenue table shows, the market is rebounding. It might not be a stomping financial resurrection, but there are plenty of reasons to be cheerful.

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