Holman Fenwick Willan boosts PEP 5% to £519,000
HFW boosts PEP to £519,000 as net profit grows by 11%
July 26, 2016 at 05:46 AM
2 minute read
Holman Fenick Willan (HFW) boosted its average profit per equity partner (PEP) by 5% in 2015-16 to £519,000, according to figures released by the firm yesterday.
The shipping and commodities firm's 2015-16 revenue was £143.1m, up 3% from £139m the previous year.
Net profit stood at £42.1m, up from £38m in 2014-15 – an 11% increase.
The results mark a return to growth for the firm after revenue contracted by 3.5% in 2014-15 and PEP fell by 9%.
During the 2015-16 financial year the firm expanded internationally, opening offices across the Middle East and expanding its reach in Asia.
In 2015-16, the firm opened offices in Saudi Arabia, Lebanon and Kuwait after tie-ups with local firms.
In Asia, the firm tied up with Chinese firm Wintell & Co in Shanghai under the Shanghai free trade zone rules.
Under the rules, HFW has entered into a formal association with Wintell; the two firms remain separate but will work together on marketing and business development opportunities.
It will give the opportunity for HFW to advise on Chinese law issues, which international firms had not been traditionally allowed to do.
The firm also struck an alliance in Singapore, with local firm AsiaLegal, which now trades under the name HFW AsiaLegal.
The joint venture allows HFW to advise on both international and local law matters within the city-state.
The firm has also bolstered its strength in London, bringing in corporate partners James Wilson and Giles Beale from Reed Smith in December.
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