Bird & Bird sees turnover grow 10%; Taylor Wessing posts 7% firmwide hike
Bird & Bird has announced double-digit revenue growth for 2011-12, while partner profits are set to return to the pre-recession highs of 2007-08. The UK top 20 firm has posted turnover of £235m for the year, up 10% from the figure of £214.6m took in during 2010-11.
June 01, 2012 at 05:50 AM
2 minute read
Bird & Bird has announced double-digit revenue growth for 2011-12, with partner profits set to return to the pre-recession highs of 2007-08.
The UK top 20 firm has posted turnover of £235m for the year, up 10% from the figure of £214.6m recorded for 2010-11.
The firm's profits per equity partner (PEP) figure has not yet been finalised, but is expected to have returned to pre-downturn levels. The firm posted PEP of £467,000 last year, compared with £515,000 in 2007-08.
Bird & Bird attributed this year's growth to a particularly strong performance in its corporate, energy and contentious practices, with all of its international bases also reporting increased turnover.
The firm said that Asia had seen one of the highest growth rates in turnover this year, after hiring a number of new partners for the region across the period, including the head of Baker & McKenzie's Singapore trademarks registration practice, Lorraine Tay, in March this year.
The firm has set a target for Asia to account for one fifth of total revenue and lawyer headcount in three to five years' time.
Earlier this year Bird & Bird was among a select band of firms to predict double-digit revenue growth for 2011-12, alongside Clyde & Co and Olswang. Olswang has since confirmed an impressive 17% rise in revenue to take it over the £100m mark to £108.1m.
Meanwhile, Taylor Wessing has also announced strong firmwide financials for 2011-12, with total turnover up 7% to £206m.
Taylor Wessing's UK operations saw turnover rise 10% to contribute £101m to the firmwide total, with UK PEP also seeing a significant increase, rising 12% to £601,000.
According to the firm, particular practice areas which contributed to the positive performance included litigation, intellectual property and private wealth.
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