Dentons posts 6% rise in PEP in UKMEA
Firm sees continued growth in PEP and revenue after year of rapid expansion globally
June 17, 2016 at 10:51 AM
3 minute read
Profit per equity partner (PEP) at Dentons' UK, Middle East and Africa (UKMEA) limited liability partnership rose 6% in 2015-16, the firm announced today.
PEP last financial year was £530,000, up from £502,000 in 2014-15 when it jumped by 23% from its 2013-14 level.
According to the snapshot figures release today, revenue at the regional arm of the global firm rose by 7% to £165m in 2015-16.
Dentons made a net profit of £39m in 2015-16, a 15% increase on £34m the previous year.
Meanwhile, net cash in the bank at the end of 2015-16 was £13.2m. Last financial year, the firm's net cash position at year end was just £4.2m, while in 2013-14 it had net debt of £7.3m.
The firm's UKMEA chief executive Jeremy Cohen attributed the growth to the firm's rapid expansion, both globally and in the UK.
He said: "The benefits of being part of a global firm is that a huge proportion of our work involves more than one region and office. We've also grown a lot in the UK, not only in London, through lateral hires and by building out our Milton Keynes office and taking over Matthew Arnold & Baldwin's (MAB) banking litigation team in Watford."
Cohen also highlighted the firm's corporate practice as a strong contributor to the results. "Corporate has had a particularly strong year, with very strong dealflow and some significant new additions to that team who have really made an impact, such as David Collins and Martin Mankabady," he said.
Collins joined the firm in December from Berwin Leighton Paisner while Mankabady joined in November from Clyde & Co.
Dentons opened in Watford in January this year by hiring MAB's entire banking and finance litigation team, comprising 11 partners, 34 associates and 30 paralegals.
Dentons' UK managing partner, Brandon Ransley, added that UK's disputes practice had led to "significant growth in team revenue" and that it had been boosted by the addition of the Watford office.
During the past 12 months, Dentons has announced a raft of tie-ups with other firms across the globe. Most recently, it entered into merger agreements with Colombian law firm Cardenas & Cardenas and Mexican firm Lopez Velarde Heftye Y Soria in December 2015.
Panel wins for the firm in the past year include US car rental service Avis, Nokia, John Lewis, Royal Mail and Network Rail.
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