SJ Berwin has taken the riches of last year’s M&A resurgence and delivered a 23 per cent jump in turnover, while Herbert Smith has struggled to maintain its momentum.
Preliminary figures for SJ Berwin reveal that turnover rose to £150.5m in 2005-06, up from £122m the previous year, breaking the firm’s budgeted increase of 15 per cent.
Senior partner Jonathan Blake attributed the growth to an exceptional year in corporate and banking, with average profit per equity partner (PEP) expected to increase by 15 per cent to £661,250.
This compares with Herbert Smith, which saw its turnover increase by just 12 per cent to £296m. But preliminary figures revealed PEP at around £840,000, roughly a 5 per cent increase.
While the London corporate and finance departments saw their contributions rise by 13 and 20 per cent respectively, litigation’s revenue increased by just 4.4 per cent.
Herbert Smith senior partner David Gold told The Lawyer that the corporate group was the star performer, along with finance and real estate.
“Our finance division has had its best year ever,” he said. “Litigation has seen steady growth.”