Revenue on the up for early reporters

Just a week after the end of the 2013/14 financial year, results are beginning to roll in from UK firms – and those results are pretty good.

First up was Fladgate, which posted record results of £32.6m – up 16 per cent – last week. The firm has also reported a provisional increase in average profit per equity partner (PEP) of 29 per cent, taking PEP to £524,000.

National firms Charles Russell and Weightmans have also reported their figures, with both hitting record turnover highs.

At Charles Russell, turnover was up 7 per cent to £73.4m. The firm expects PEP to go up too, to around £350,000 – not a record, but the best result for several years.

For Weightmans, a second successive year of 6 per cent growth took revenue to £87m. The firm added significant capacity through merger in 2011/12, and since then has focused on consolidating that growth. So far, so good, with net profit also up 2 per cent.

With the rest of the UK legal market yet to report, signs seem positive that the expected revenue rise of 5 per cent or more for most firms is highly achievable. That confidence is borne out in a three-year peak for partner promotions in the UK top 20 as well as the improving UK economy.

Keep an eye on over the next weeks for all the latest financial news.

Also on The Lawyer:

  • Lloyds Banking Group’s general counsel of retail and wealth Stuart Morgan is expected to become the first general counsel of thread and zips manufacturer Coats
  • Kemp Little founding and senior partner Richard Kemp has resigned from the firm’s partnership to launch his own IT boutique
  • And if you missed it yesterday, check out the first in our new series of columns from industry leaders as DLA Piper CEO Nigel Knowles explains why shale gas is worth fighting for
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