DAC Beachcroft, Parabis among firms unveiling 2013-14 revenue hikes
DAC Beachcroft and Parabis Law are among a clutch of firms to report growth in firmwide revenue for the 2013-14 financial year.
July 31, 2014 at 06:22 AM
2 minute read
DAC Beachcroft and Parabis Law are among a clutch of firms to report growth in firmwide revenue for the 2013-14 financial year.
Fee income at DAC jumped from £188.2m to £199.2m, marking a 5.8% increase. The firm did not disclose profit figures.
Parabis increased its revenue by 3.3%, rising to £114.3m from £110.6m in 2012-13. The results factor in the merger between its Plexus Law arm and insurance disputes firm Greenwoods Solicitors last May.
Parabis also partnered with Direct Line and Saga during the year to form insurer-led alternative business structures (ABSs). The firm has said that this means a proportion of the LLP's income is assigned to the entities, sitting outside Parabis for consolidation purposes.
At DAC, the disputes team contributed the bulk of revenue, bringing in £114.6m. Revenue from the corporate group amounted to £30.3m, while finance accounted for £5.8m.
The figures include an office launch in Colombia, after the firm merged with two-partner Bogota-based ally De La Torre & Monroy in December.
Meanwhile, Holman Fenwick & Willan has posted a marginal increase of 2% in revenue, growing from £141m to £143.8m.
Profits are also up at the firm, with profit per equity partner (PEP) growing from £530,000 to £545,000 (up 2.8%). Net profit increased by 7.9% from £38m to £41m, while top and bottom of equity earnings during the year were £662,000 and £331,000 respectively.
The UK business brought in £76.6m (53.3%), while the Asia and Australia offices contributed £39m. The disputes practice accounted for £112m of total revenue, while corporate contributed £21.5m and finance £10m.
Burges Salmon has also logged an increase in revenue, growing from £73.7m to £76.5m year on year. PEP increased by 3.5% to £438,000, while net profit rose by £1.9m to £25.4m. The top end of equity earnings was £533,000 and the lowest was £240,000.
The firm's corporate practice accounted for 38% of total revenue, followed by disputes (30%). Finance contributed 5%.
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