Lovells' half-year results see revenues static at £259m
Lovells has reported a slight dip in revenues for the first half of 2009-10, with the City firm posting turnover of £259m. The figure means results are virtually static on the same period in 2008-09, when fee income reached £260m. Managing partner David Harris (pictured) said dispute resolution and the broader finance practice, including restructuring, had seen good growth over the six months, with commerce, employment and intellectual property also putting in strong performances.
November 13, 2009 at 09:43 AM
2 minute read
Lovells has reported a slight dip in revenues for the first half of 2009-10, with the City firm posting turnover of £259m.
The figure means results are virtually static on the same period in 2008-09, when fee income reached £260m.
Managing partner David Harris (pictured) said dispute resolution and the broader finance practice, including restructuring, had seen good growth over the six months, with commerce, employment and intellectual property also putting in strong performances.
The firm's corporate practice managed to secure a number of key mandates, despite the drop in transactional activity. Key deals during the period include advising SEGRO on its acquisition of property company Brixton, as well as its £500m rights issue, and advising the management of Orangina Schweppes Group on its €2.6bn (£2.3bn) sale to the Japanese drinks company Suntory.
Commenting on the firm's performance, Harris said: "This is a respectable result compared to the market. Across the regions, Asia and the Middle East have seen some slowdown, although the position varies from market to market. The effects of the downturn are still evident in Continental Europe and London, with some improvement in certain areas. The US has performed broadly in line with last year."
Lovells' 2008-09 results saw the firm boost revenues by 10.9% to £531m, while profits per equity partner dipped by 11% to £586,000.
Lovells partners are currently considering detailed proposals on a merger deal with US firm Hogan & Hartson. Partners were sent the documents over the last week, with the union to be discussed further at Lovells' partnership conference to be held in Lisbon next week.
Management of both firms announced their unanimous support for a merger at the end of October, paving the way for the creation of a top 10 global law firm with around 2,500 lawyers across 40 offices globally.
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