Olswang pleased with ‘comforting’ financial results

Olswang has posted an 11.2 per cent increase in revenue over the past year, up to £92.4 million from 83.1m the year before.

The firm’s commercial team reported growth of 28 per cent in 2007 while the corporate group grew 12 per cent year-on-year.

The figures show a steady growth but will not help block out the looming presence of tech rival Field Fisher Waterhouse (FFW), which made up ground on Olswang after it posted a 30 per cent revenue jump to hit £88m.

Olswang’s chief executive Kevin Munslow said he was please the firm reached its target for the year of £92m and was looking forward to seeing 2007’s 13 lateral partner hires and 10 made up hires baring fruit.

“The technology team is where we’ve seen considerable growth and that is an area that we think is going be significant for us,” said Munslow. “We have spent a considerable amount of time publicising our corporate team – the largest team in the firm for 15 years – but perhaps it is still not as well known as it could be – we see significant growth over the coming year.”

senior partner Mark Devereux told The Lawyer that he wasn’t expecting any “significant leaps” in the firm’s PEP this year, but said 2007 was “comforting”.

Over the past 12 months the firm has focused on boosting its technology division, bringing ex-Slaughter & May TMT partner Nigel Swycher into the Olswang fold, followed by the appearance of Rob Bratby from Mayer Brown in the firm’s telecoms practice in January.