Herbert Smith Freehills achieved strong profit growth in the last financial year despite largely flat revenues, the firm announced Wednesday.
Gross revenue inched up 2 percent, to 815 million pounds ($1.28 billion) in the fiscal year ended April 30, 2015, while net income rose 12 percent, to a record 259.5 million pounds ($408 million). Average profits per equity partner increased 8 percent, to 801,000 pounds ($1.26 million), while net debt was reduced by 16 percent, thanks to “strong cash flows,” the firm said in a statement.
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