Firm braces for a difficult year despite increases in 2008-09 turnover and partner profits

Holman Fenwick Willan has reported double-digit growth in both revenue and profits.

The shipping firm saw turnover for 2008-09 climb by 27% to £98.7m, up from £77.6m the year before. Profits per equity partner (PEP), meanwhile, grew by more than 10%, rising to £514,000 from £453,000 in 2007-08.

The firm's contentious practice brought in the bulk, contributing £82m in income, with corporate bringing in £9.6m and finance £6.7m.

The firm's nine overseas offices contributed 42% of overall revenues, with Asia-Pacific – where Holman Fenwick has offices in Hong Kong, Shanghai, Singapore and Melbourne – bringing in £24.3m in fee income.

The firm bolstered its Australian presence earlier this year through the addition of four partners in Melbourne, including insurance specialist Philip Purcell and corporate partner Aaron Jordan.

Despite the positive results, Holman Fenwick senior partner Richard Crump and managing partner Greg Gray have told staff that the firm is budgeting for a tough year ahead, with transaction levels hit by the recession.

The firm is now trying to cut costs and is considering whether it would be able to provide cheaper back-office support by using its global office network. This could entail using existing secretarial, receptionist or IT staff in lower-cost overseas offices or hiring overseas for these functions to save costs.

Crump said: "We will remain focused on the sectors and areas where we have expertise. We are cautious about the future, but our aim is to continue to adapt and improve the service we provide to our clients. There has been a great deal of effort by our staff in these difficult times and, as such, I am also pleased to say that to date we have not had to lose any staff on account of the economic crisis."

In addition to Asia and London, Holman Fenwick has offices in France, Brussels, Greece and Dubai.