South West firm Osborne Clarke has posted a rise of 14 per cent in half year revenues.
At the half way point the firm has generated turnover of £36.5m, up from £32m on the same period last year.
Osborne Clarke managing partner, Simon Beswick, commented in a statement: “In common with many firms in the upper mid market, the sheer strength of the second half of last financial year gives us a challenging target to exceed between now and the year end.”
The increase is well above the firm’s budgeted growth for the year which is between 6 and 10 per cent. If this growth continues it would give Osborne Clarke a year end fee income of £76m.
Last year Osborne Clarke recorded an impressive 27 per cent profit increase of £360,000 following a war on costs.
The firm embarked on 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.