German firm Luther has seen firmwide revenues break through the €100m barrier for the first time, with a 7.9 per cent increase in turnover to €101.4m (£85.4m).
The bulk of the firm’s turnover came from Germany, where Luther produced revenue of €92.6m – a 7.7 per cent rise from 2011/12’s €86m. However its international offices contributed €8.8m, up 10 per cent from the previous year.
Corporate and M&A generated the majority of the firm’s revenue, 43.5 per cent, with real estate and employment (15.1 per cent and 13.2 per cent respectively) also contributing a significant amount.
The income rise came with little change in the firm’s headcount. Luther employed 281 lawyers and tax advisers in Germany and a further 61 in its foreign offices. Its equity partnership rose by one partner last year, to 63.
In 2011/12 turnover rose by 8.9 per cent, following a more modest 3.3 per cent rise the previous year (30 August 2011).
Co-managing partner Hans-Georg Hahn said the year had begun slowly before picking up in the second half as clients gained in confidence.
“What’s driven the growth was that we worked in an integrated way across service lines and practice areas,” Hahn told The Lawyer.
He said Luther’s Singapore office had had a particularly strong year, while the first full year of the firm’s representative office in London had also been solid (17 January 2012). Luther also has international offices in Brussels, Budapest, Luxembourg and Shanghai.
Fellow managing partner Markus Sengpiel added that the performance in what continued to be a challenging economic climate showed the firm had chosen the right strategy.