Financial news

“Sitting here doing nothing is not acceptable”: Ashfords’ CEO makes plans for the future

Exeter-headquartered Ashfords is making plans to secure the longevity of the firm, whether that be through merger, acquisition or organic growth. CEO Louise Workman said the firm’s financials have stabilised following the “bizarre” Covid-19 years, meaning now is the time to start considering the future of Ashfords. She explained: “Now that we’ve sorted out the […]

Jeremy Shebson

Strong pound and reduced headcount drags HFW’s revenue below £200m

A reduction in lawyer headcount and the strengthening pound is to blame for HFW’s revenue falling from £200.2m to £198.7m over 2021/22, The Lawyer has been told. The 0.8 per cent dip stands in contrast to the previous year, when HFW broke the £200m barrier due to a 2.6 per cent growth in turnover from […]

Mills & Reeve distributes £2.4m in bonuses after record turnover

Employees at Mills & Reeve will share in the firm’s staff bonus pool of £2.4m, each receiving a firmwide reward after a year of financial growth. The staff bonus pool has grown 9 per cent from £2.2m to £2.4m for the 2021/22 financial year, meaning each employee received over £2,000 in July. Staff who had worked […]

Cannon Place

UK PEP at CMS finally hits £1m milestone

CMS’s UK average profit per equity partner (PEP) has broken through the £1m barrier, having fallen shy of the mark the year before, The Lawyer can reveal. The result shows a 14 per cent increase, from £912,000 to £1.04m. This growth is double that of the previous year, which saw UK PEP rise 7 per cent, from […]

St Botolph, Clyde & Co

Clydes’ PEP dips in post-BLM merger results

Clyde & Co’s total revenue climbed 1.6 per cent from £639.6m to £650m over 2021/22, as revealed in its first set of financial results since the BLM merger was finalised earlier this year. Net profit increased 4 per cent from £152.8 to £159m, while profit per equity partner (PEP) dipped 1 per cent from £715,000 […]

DACB to cut office space in flexible working rethink

DAC Beachcroft has begun reducing its real estate across the UK, as it prioritises flexibility over office floorspace, The Lawyer can reveal. The insurance firm recently refurbished and reduced its Birmingham base from three floors to two, while moving its growing Glasgow operation to a smaller site. The firm is mid-process of relocating its Newcastle […]

Paul Jarvis, Dentons

Dentons’ UK revenue up by 14 per cent

Dentons has added £31m to its top-line across the UK, Ireland and Middle East (UKIME), bringing its total revenue to £260.4m. The uptick of 14 per cent from £229.1m is a significant improvement on 2020/21, when revenue nudged up by just 1 per cent. Speaking to The Lawyer, Dentons’ CEO for UKIME Paul Jarvis said: “The […]

Stephenson Harwood turnover stands still at £200m

Turnover at Stephenson Harwood continues to stand still at just above £200m. In 2018/19, the firm announced a 12 per cent turnover increase to hit £213m. However, this figure remained unchanged in 2019/20 and then dropped to £206m in 2020/21, where it flatlined over the last financial year. Average profit per equity partner (PEP) also […]

John Joyce

Addleshaws’ global revenue hits £377m

Addleshaw Goddard’s global revenue increased by 18 per cent to £377mm over 2021/22, while total profit rose by £21m to £155m. The previous year, the firm’s revenue smashed through the £300m barrier, posting a figure of £321m. Over 2021/22, UK revenue grew by 15 per cent and its international offices saw a pick up of […]