Olswang reports 11 per cent increase in revenue to £63.9m at half-year

Olswang has announced its un-audited half-year results today (20 November), posting an increase of 11 per cent in revenue to £63.9m from £57.6m at the same point last year.

The half-year results follow 7 per cent growth in revenue for the 2013/14 financial year, with total turnover rising from £110m to £117.6m (4 July 2014).

The firm has reported increasing activity throughout all of its practice areas and offices, and has continued to follow its strategy of development of TMT and international work.

Olswang’s interim CEO Michael Burdon said that the results were “really encouraging”.

He said: “The quantity and quality of new business coming in, combined with the strength of our relationships with long-standing clients of the firm, make us confident our strategy is right. We’ll keep on working hard to deliver the premium legal advice we are known for in our core sectors.”

These results have been announced less than a month after CEO David Stewart’s shock resignation (28 October 2014). He has since been replaced by Burdon (6 November 2014) pending an election.

Stewart was elected as Olswang’s managing partner in 2007 and became CEO in 2010 (10 March 2010). He was re-elected last year for another three-year term (8 April 2013) amid an overhaul which saw the firm move to a two-pronged management structure (22 April 2013).

UK 200 figures show that Olswang has lagged behind its TMT competitors over time, and it will shortly have to cope with the arrival of Cooley in London (3 November 2014).