Watson Farley’s turnover hits £73.5m in 2008-09

Watson Farley & Williams saw turnover rise 25 per cent in the 2008-09 financial year, buoyed by the depreciation of sterling during this period.

Total turnover grew from £59m in 2007-08 to £73.5m in the last financial year, while average profit per equity partner (PEP) grew slightly from £424,000 last year to £430,000. The firm’s profit margin fell from 37 per cent last year to 33 per cent this year.

Managing partner Michael Greville (pictured) said: “In the current climate and given what other firms are announcing, our results are encouraging. But if you do the maths [because of the 17 per cent growth in headcount and the currency uplift], it’s a steady trajectory.”

The firm has a total of 11 offices globally – one in London, one in New York, seven in Europe and two in Asia. The European offices bill in euros and US dollars, the Singapore office in Singapore dollars and the Thai office in Thai baht.

Revenue per lawyer grew by seven per cent from £289,000 to £310,000, while revenue per partner grew by three per cent from £894,000 to £920,000.

During 2008-09 the firm had an average full time equivalent total of 80 partners and 57 equity partners.