Fieldfisher’s average profit per equity partner (PEP) jumped nearly 9 per cent in 2015/16 amid a turnover rise to £121.5m.
The firm saw PEP increase by 8.7 per cent from £506,000 to £550,000, continuing the firm’s string of positive financial results since 2012/13.
Turnover climbed 7.5 per cent from £113m to £121.5m.
“There’s been a strong pattern of increased growth and the results show we’ve turned a corner and are cohesive,” managing partner Michael Chissick told The Lawyer. “The results aren’t a fluke or a one-off.”
Chissick said the financials beat the firm’s budget, with Fieldfisher’s half-year results also coming ahead of target with a rise of 8 per cent.
He said its dispute resolution practice had a particularly good year, as a result of large-scale arbitration cases in the CIS region, along with the finance, technology and public and regulatory groups. All Fieldfisher offices saw a rise in revenue and “results were strong across the board”.
“We’re not complacent,” Chissick continued, citing Brexit, market uncertainty and competition concerns. “But we have strong predictions for the year ahead and see modest increases next year too.”
The financial results come a week after Fieldfisher revealed its new three-year strategy, prioritising investment in technology, finance and energy, and building upon its European network of offices.
Previous firmwide strategies concerned growth in revenue and PEP, after turnover fell 2.5 per cent in 2012/13.
Since then, the firm has seen both metrics rise year-by-year, reporting revenue growth of 9.5 per cent in 2013/14 and an increase last year of 9 per cent from £104m to £113m.
Last month, Fieldfisher promoted three to partnership in London and Brussels. City lawyer Jonathan Zimmern was made up in the personal injury group, while Brussels-based Tim Van Canneyt and Jennifer Santon were promoted in the technology and tax teams respectively.
