Gowling WLG revenues jump 17% in second full post-merger year as top of lockstep rises
Top of UK lockstep rises to almost £900,000 as Anglo-Canadian firm continues to build on 2016 merger
July 18, 2018 at 08:31 AM
2 minute read
The original version of this story was published on Law.com
Gowling WLG has posted a 16.7% increase in revenue for 2017-18, reaching a new post-merger high of £455.5m.
The figure, which is up from £390.1m last year, covers the second full financial year for the firm since the UK's Wragge Lawrence Graham & Co combined with Canadian firm Gowlings in February 2016. The two partnerships are not financially integrated and do not share profits.
While the firm does not report a global profit per equity partner (PEP) figure, the UK partnership saw the top of its lockstep rise by 2.4% from £875,000 to £896,000, while the bottom of lockstep also inched up 6.7% from £150,000 to £160,000.
Last year, Legal Week estimated the firm's global PEP at £290,000, with a UK PEP figure of £412,000.
The bulk of the combined firm's total global revenue (59%) was generated by Gowling's domestic operations in Canada where the firm has seven offices, while 36% – equating to about £164m – was made in the UK.
Total global partner numbers dipped slightly, from 566 in 2016-17 to 560 in 2017-18, a trend also seen in equity partner numbers, which dropped from 388 to 378. The firm promoted five to partner in 2018, on par with 2017.
The firm acted on a number of international and domestic deals during the 12 months, including advising videogames maker Codemasters on its admission to AIM, while the firm was also reappointed to Metro Bank's commercial legal panel.
The past year has seen the firm make a concerted push in artificial intelligence, and this month launched an internal blockchain rewards scheme.
Gowling WLG's results follow solid showings in the last week from Mishcon de Reya and Gateley, which both posted rising revenues on the back of a solid 12 months.
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