Nabarro posts 2% half-year revenue rise as three-way merger looms
UK firm sees turnover rise for the first half of the 2016-17 financial year
December 08, 2016 at 04:53 AM
2 minute read
Nabarro has announced a revenue increase of 2% to £57.5m in the first six months of the 2016-17 financial year, compared to £56.3m during the same period last year.
The news comes as Nabarro prepares for a three-way merger with CMS UK and Olswang, due to go live in May.
The firm highlighted its disputes, corporate and real estate groups as strong performers.
It added that its work in progress revenue from work not yet billed had increased by 6.3%.
Nabarro senior partner Ciaran Carvalho said: "This is a good performance by Nabarro ahead of our combination next year, which will open up new opportunities for our clients. I would like to thank all of our people for their support in delivering this result. It's an exciting time but also a challenging time for some, so I appreciate everyone's ongoing commitment."
For the 2015-16 financial year, the firm's turnover rose 3.5% to £130.4m, while its profits per equity partner increased 1.7% to £586,000.
In October, Nabarro partners voted in favour of a combination with CMS UK and Olswang. Nabarro and Olswang will join the CMS UK LLP, which will be named CMS Cameron McKenna Nabarro Olswang LLP. The deal will create a firm with nearly 2,500 lawyers in the UK, within a global total of more than 4,500 lawyers across 65 offices in 36 countries, with combined UK revenues of around £450m and global revenues of more than €1.2bn.
The firms are in the process of integrating their businesses. Earlier this week, the three firms offered £10,000 to incoming trainees who agree to defer their start dates for six months.
Last week, Nabarro and Olswang agreed a deal to move into the London headquarters of CMS ahead of their combination.
Earlier this week, Simmons & Simmons announced a 5% increase in fee income for the first six months of the 2016-17 financial year.
The firm brought in £149m between May and October this year, up from the previous year's figure of £142m.
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