Clydes turnover hits £336.6m, PEP up five per cent to £580k

Clyde & Co has posted a 17 per cent rise in turnover from £287m to £336.6m at the end of the 2012/13 financial year.

Peter Hasson

Profits per equity partner (PEP) rose by just over 5 per cent to £580,000, just above the £550,000 predicted by chief executive Peter Hasson last year.

Growth appears to have slowed at the firm, with Clydes posting a 36 per cent rise in turnover for the 2011/12 year-end (5 July 2012). That performance came on the back of the firm’s 2011 merger with Barlow Lyde Gilbert (8 August 2011).

Hasson said the growth reflects the firm’s focus on its core disputes sectors as well as being driven by growth of its international network. “We’ve continued to see a rise in disputes work, particularly across the professional practices, insurance, trade and transport sectors,” he said, “and despite ongoing global economic challenges, revenue growth across our network has been steady with solid performance in the US, Middle East and Asia.”

According to the firm, last year’s revenue hike, which brought the firm’s total turnover to £287m, represented a like-for-like rise on Clydes’ 2010-11 turnover of £212m but included revenues generated by BLG, which Clydes acquired in November 2011 (8 August 2011).

Clyde & Co Clydes had been reviewing its business services teams since the merger and was the first to announce a redundancy consultation in January 2013 (30 January 2013), announcing eight support staff redundancies in May (23 May 2013)

In May it announced a slimmed-down promotions round, with only seven lawyers joining its partnership in seven separate offices and only two of them in the UK (1 May 2013). This was down half on last year’s promotions, when 14 lawyers joined the partnership (1 May 2012).

In 2012/13, the firm continued to expand globally with office openings in Australia, Libya, Beijing and, at the very start of the 2013/4 financial year Spain (16 April 2013).