Holman Fenwick Willan’s (HFW’s) LLP accounts reveal that the firm increased its revenue by 13.7 per cent in the 2012/13 financial year.
The firm witnessed its turnover increase from £124.2m to £141.4m, while its operating profit bounced up more than 20 per cent – from £43.4m to £53.3m.
As a result, HFW’s profit available for distribution among members rose from £39.6m to £47m.
The number of LLP partners increased from 128 to 141 over the course of 2012/13, with the majority of these being added to the firm’s litigation group.
That said, the number of total fee-earners at the firm diminished last year – falling from 344 to 326. The reduction in numbers is thought to have come largely from HFW’s London headquarters, which it said in July saw a 14 per cent decrease in its number of lawyers from 220 to 189. Meanwhile, its number of fee-earners and staff both dropped by about 6 per cent (10 July 2013).
Across the entire LLP, the number of non fee-earning staff actually increased from 436 to 445.
The largest entitlement of HFW’s profits appeared to be distributed to a corporate member, which pocketed £11.4m – an increase of 10.7 per cent on the £10.3m recorded last year.
Since the end of the 2012/13 financial year, HFW has ushered in former head of shipping and transport George Eddings to the firm’s managing partner role. Former chief Greg Gray, who held the post since 2003, will continue to practice in London, while London partner Paul Dean filled Eddings’ shoes as global shipping head (17 April 2013).
The firm’s nine partnership promotions in 2013 are in line with its strategy to bolster its international offering. They span the firm’s outposts in Hong Kong, Singapore, Australia, Dubai, Europe and Latin America. Just one promotion came the firm’s City HQ.