DLA Piper posted a 1 per cent increase in global turnover for the 2010 calendar year, with revenue at $1.96bn (£1.27bn). Total profit was up 5.9 per cent at $777.8m £503m).
The firm’s chief financial officer Paul Edwards said that average profit per equity partner (PEP) at the firm was up 15 per cent on 2009’s £527,000, to £606,000.
The turnover figure includes DLA Piper’s US arm, which is not financially integrated with the rest of the firm.
DLA’s co-chief executive officer and managing partner Sir Nigel Knowles (pictured) defended the decision to report integrated results stating that, while the two arms have separate profit pools, they were integrated as one business.
“There are two forms of integration,” said Knowles, “business integration and financial integration. We’re all part of the Swiss verein, 100 per cent integrated in terms of business. We’re more integrated than most of the big accountancy firms.”
The figures were released as Knowles also revealed DLA Piper’s three-year plan to become a leading global business adviser. He singled out Canada and South Korea as opportunity markets for the firm, with the firm expected to launch an office in Seoul in the second half of 2011.
DLA Piper also reported a strong start to 2011, with first quarter revenue up 11.5 per cent on the same period last year at £21m. This figure includes the US, but not Australia’s DLA Phillips Fox, which didn’t financially integrate with the firm until 1 May 2010.
The first quarter revenue is ahead of the DLA Piper’s growth predictions for 2011, where the firm hopes to grow 15.6 per cent (8.5 per cent, excluding Australia).
Costs at the firm decreased by 2.5 per cent, compared with the 2009/10 financial year.