Watson Farley pushes revenue up 8 per cent to £56.8m at half-year

Watson Farley & Williams has increased revenue by 8 per cent over the first half of the 2014/15 financial year, reaching £56.8m.

The figure continues the growth reported at the end of the last financial year, when the firm increased revenue by 14.6 per cent, taking it from £102.1m to £117m (2 June 2014).

The growth is lower than the first six months of the 2013/14 financial year, when the firm posted 12 per cent revenue growth for the 2013/14 half year to £52m. But the firm has been on a growth trajectory since 2004, with revenue rising every year since.

The latest results follow the appointment of co-managing partners Lothar Wegener and Chris Lowe at the end of 2013 (13 December 2013) and their subsequent launch of a new growth strategy for the firm (30 May 2014).

Lowe and Wegener pledged to turn around the market perception of Watson Farley as a purely finance and shipping-orientated firm. In 2012/13 corporate was the most profitable part of the London office and the firm’s new leaders are on a bid to bolster that team.

They also placed the wider practice in London, which accounts for 40 per cent of its entire global revenue, firmly in their sights, hiring recruiters to drive forward headcount growth.

Since the start of the current financial year the firm has launched in Dubai (18 September 2014). Watson Farley also overhauled its partnership structure to meet new HM Revenue & Customs requirements for LLPs (27 May 2014).