Reed Smith sees PEP slide as turnover rises

Reed Smith has posted a near 4 per cent rise in turnover up to $993m (£633m) for the 2011 financial year.

Greg Jordan
Greg Jordan

Global revenue at the firm was up 3.6 per cent, from $958m in 2010 to $993m in 2011. Revenue per lawyer was also up 1.1 per cent from $661,000 to $668,000, but profit per partner was down 2.8 per cent from $1.051m to $1.022.

In a statement, global managing partner Greg Jordan, said: “2011 was another very challenging year for the legal industry. Our strategy of maintaining close relationships with our clients, delivering great service and real value, and managing our business efficiently continued to be critical to our success.

“This approach resulted in a nearly 4 per cent revenue increase, despite the sluggish economy.”

Jordan said that the performance was down to a strong team effort from all members of staff, but added that the year ahead would continue to be challenging.

“We know our clients will continue to operate in a difficult business environment in 2012, so we will continue to find new ways to deliver value and innovative project management expertise to meet their needs.”

Reed Smith’s financial year runs from 1 January to 31 December.