Fieldfisher announces increased profits for the financial year 2012/13 against a slight fall in revenue, with average profit per equity partner (PEP) expected to remain marginally below last year's level following increased investment in the partner base and lateral hires.
Key financials include:
- Revenue: down by 2.5% to £95 million (£97.5 million in 2012)
- Net profit available to full equity partners: up by 8% to £18.3 million (£17 million in 2012)
- Average profit per equity partner: down by 2% to £402,000 (£410,000 in 2012)
- Top of Equity: up by 20% to £615,000 (£515,000 in 2012)
Michael Chissick, Managing Partner of Fieldfisher, commented:
"Notwithstanding the fact that we've experienced a turbulent period over the last 18 months with two sets of merger discussions, senior management changes and restructuring, the departure of three franchising partners and a challenging economic environment in the UK and Europe - I feel these are a solid set of results for a mid-market City law firm.
"I would like to recognise our most profitable practice areas last year - Financial Services and Funds, Privacy & Information, Finance (Derivatives and Bank Lending), Personal Injury and Medical Negligence and Technology and Outsourcing Law Group. Internationally, our Paris office continued to beat its targets and performed superbly during the year, whilst our newest office Palo Alto has exceeded our expectations.
"Going forward, we will be deciding on our London property move shortly and continuing with our lateral recruitment drive. I am confident we are putting in place the foundations for an increase in profitability across the whole firm."