Osborne Clarke reveals 7% rise in UK PEP
Firm reports profit per equity partner in the UK of £550,000 in 2014-15, up from £513,000 the year before
July 05, 2015 at 07:03 PM
2 minute read
Osborne Clarke's UK equity partners have seen their profit per equity partner (PEP) rise by 7% to £550,000 in 2014-15, up from £513,000 the previous year.
The firm's UK revenue grew by 9% to £96.5m, up from £88.4m.
Osborne Clarke, which reports its firmwide results in euros because of its substantial continental office network, recently posted revenue of €195m (£140m) in 2014-15, up from €169m (£121m) in 2013-14.
The rise in revenue triggered a firmwide bonus, although Osborne Clarke declined to specify how much money staff would receive.
In 2013-14 it paid a firmwide bonus for the first time since the 2007-08 financial year. The bonus for all UK staff amounted to 2% of annual salaries.
UK managing partner Ray Berg said: "I'm pleased to be able to report another year of solid growth in PEP. It's a sign that our strategy continues to work for us – a strong commitment to our sector-first, international approach means that we continue to be instructed on major, cross-border deals, cases and transactions, which in turn boost profits."
Berg took the helm of the firm in January 2015, following a contested election among the UK partnership in late 2014.
His appointment ended Simon Beswick's 12-year run as managing partner. Beswick, who had a dual-leadership role, was re-elected as the firm's international chief executive in May for a three-year term.
Osborne Clarke passed the 200-partner mark in May following a five-strong partner promotions round.
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