Watson Farley & Williams' revenue hits £125m
Firm reported a 7% increase in turnover for 2014-15 as it opened an office in Dubai and made a series of partner hires
June 22, 2015 at 08:35 AM
2 minute read
Watson Farley & Williams has reported that its revenue rose by 7% in 2014-15 as the firm expanded with a Middle East office launch and partner hires.
The firm posted turnover of £125m in 2014-15, up from £117m in the previous year.
It has not confirmed whether its 2014-15 profit per equity partner (PEP) figure will be greater than last year's figure of £480,000, but co-managing partner Chris Lowe said: "We expect the firm's point value will be up by around 11% on last year."
He said the firm was "continuing to see the benefits" of "investing in its core sectors and increasing the breadth and depth of its services".
Co-managing partner Lothar Wegener added: "The increase in profitability is very pleasing in the context of the significant investment we have made in the firm this year.
"We have opened a very successful new office in Dubai, brought in a number of notable lateral hires and continued to invest heavily in our systems, infrastructure and technology."
Watson Farley's Dubai base opened in September 2014, bringing the firm's worldwide office count to 14. It is being managed by former London asset finance partner Andrew Baird.
Lateral hires over the period included corporate partner Adele Hogan, who joined in New York in February from Hogan Law Associates, corporate partner Suhail Mirza, who moved to the firm's Dubai office from K&L Gates in March, and real estate partner Ranjeev Kumar, who joined in London from Katten Muchin Rosenman in April.
Since the 2014-15 year-end Watson Farley has continued to make lateral hires, including partners Sian Withey and Rob McBride who joined the firm's debt securities and structured finance group in May 2015 from Fried Frank Harris Shriver & Jacobson.
Watson Farley is the latest UK firm to announce positive 2014-15 revenue results. Today (21 June) Pinsent Masons announced a 12% increase in revenue to £362.2m and a PEP hike from £405,000 in 2013-14 to £538,000 in 2014-15.
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