Reed Smith UK outstrips firmwide revenue rise

REED Smith has posted a 12 per cent increase in firm-wide revenue, with the two UK offices posting 15 per cent growth.

UK revenue grew to $41.7m (£23.6m) in 2005 while the firm posted a total of $563m (£319m).

It is the second consecutive year growth in Reed Smith’s London and Coventry offices has outstripped the firm’s overall performance.

Reed Smith had a 29 per cent rise in UK turnover in 2004 to $36.2m (£20.5m), compared with a 19 per cent firm wide rise to $504m (£285m).

UK revenues have grown 126 per cent since 2000, while firm wide the increase has been 167 per cent. Reed Smith entered the UK market with a January 2001 takeover of Warner Cranston.

The firm’s profit per partner (PEP) in 2005 was $800,000 (£453,300), an increase of 21 per cent on 2004. The revenue per lawyer (RPL) figure for 2005 was up 11 per cent to $608,000 (£344,000).

As first revealed in The Lawyer (Sept 12, 2005) the firm ditched its Midlands-based debt recovery and local property practices as part of a shake-up designed to bring the local outpost in line with the firm’s international focus.