Linklaters is refusing to release any preliminary year-end financial results this year until its LLP accounts have been signed off in attempt to buck the trend of firms’ issuing preliminary figures for PR purposes.
The firm claims it has been advised by its auditors Deloitte not to issue any guidance on its financial performance until the accounts are finalised in early to mid-July.
“Deloitte has told us they’re very uncomfortable pre-releasing financial information to the press,” said Linklaters managing partner Tony Angel.
But there is no regulatory reason preventing the firm from releasing figures early and there is also no party line from Deloitte regarding the release of law firms’ financial results.
A Deloitte audit partner, who advises a number of top 100 law firms, said the decision was Linklaters’, not Deloitte’s. He said: “As someone’s auditor, you’re not in a position to instruct your client, it’s up to them.
“We can only advise them as to what might be a good course of action.
“If listed companies release figures early and they prove to be different from the audited accounts it can be a massive problem, but the rules don’t apply to law firms whether it’s their first year of being an LLP or not. There are no dire consequences.”