Withers' revenue grows 21% but PEP slides
Withers revenue grows on the back of international expansion but PEP drops
July 25, 2016 at 06:55 AM
2 minute read
Withers' revenue jumped 21% in 2015-16 but the firm's average profit per equity partner (PEP) slid, declining by 17%.
The firm reported revenue of £161.5m in 2015-16, an increase of 21% on revenue of £134m in 2014-15.
However, PEP fell to £305,000, down from £367,000 in 2014-15 – a fall of 17%.
This was despite net profit increasing to £26m, a 14% increase from £22.8m the previous year.
The number of equity partners at the firm grew during the course of the year, to an average of 85.35 in 2015-16, an increase of 11.56% – up from an average of 76.5 in 2014-15.
Margaret Robertson, Withers managing director, said: "The past year has been one of intense focus on integrating our newly expanded international network, having opened six new offices in the past 18 months, and this work will continue to be our priority in the year ahead.
"Not surprisingly, our recent growth in the US, Asia and the Middle East has required a considerable investment of time and money in new hires, systems and facilities and, as a result, our average profit per partner is down this year."
In June 2015, the firm launched three new offices in California with the hire of an eight-partner team from McKenna Long & Aldridge, before that firm merged with Dentons.
The firm took eight partners, 16 others lawyers and nine support staff from McKenna Long, while also adding a litigation partner from Russ August & Kabat.
Last week, Withers announced that it had promoted seven lawyers to partners across its international offices, with four of the new partners coming from its wealth, planning and tax team.
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