Herbies posts modest rises in turnover and PEP

Herbert Smith has posted small increases in turnover, profit and average profit per equity partner (PEP) for the 2009-10 financial year.

Turnover rose by 1.3 per cent to £449.9m, up from £444m in 2008-09, while PEP rose 2 per cent from £845,000 to £862,000.

After posting a disappointing 21 per cent drop in profits in 2008-09 (8 June 2009), this year profit figure rose 1.3 per cent from £115.7m to £117.2.

Corporate was the biggest contributor to global revenues, bringing in £199.5m of fee income. The firm recently landed a key role advising BSkyB in its £7.8bn takeover by News Corp (15 June 2010).

Litigation produced the highest revenues in London at £127.3m. London continues to be by far the biggest revenue generator for the firm with £311.1m in turnover, up from £305.7 last year. 

Staff levels also remained fairly static with global partner numbers rising from 238 to 253.