Lovells has had a disappointing start to 2006-07, reporting a modest four per cent increase in turnover for the first six months of the financial year.
Revenue at the top ten City firm inched up to approximately £205m. However, Lovells’ London office posted flat half-year results for the first half of the financial year.
Lovells managing partner David Harris admitted that Lovells has “seen a different picture” to other firms.
“In headline terms our results don’t look as good as other firms. This isn’t a quick fix,” he said, “One has to be realistic about what is achievable because we’ve lost a lot of people.”
Lovells’ finance group recorded the strongest performance out of all the firm’s practice areas, reporting a jump in turnover of more than 25 per cent. The corporate practice, however, experienced a slight dip in revenue, partly as a result of the departure of the firm’s highly rated private equity practice to Weil Gotshal & Manges last May.
Harris conceded that Lovells needs to improve the performance of its corporate practice.