Clyde & Co sees half-year revenues jump 17% after international expansion
Firm posts double-digit turnover hike following Scots merger and team hires
December 19, 2016 at 05:46 AM
2 minute read
Clyde & Co has posted a 17% turnover hike for the first half of 2016-17, following its merger with Scotland's Simpson & Marwick last year.
The half-year figure of £224m, up from last year's equivalent figure of £192m, comes after the Scots merger went live on 1 October 2015.
Disregarding the additional revenues derived from the merger, and allowing for currency movements, the figure would be closer to a 10% increase, according to the firm.
For the full 2015-16 financial year, the firm saw revenue grow 13% to £447.3m, with profit per equity partner up 1% to £665,000.
Chief executive Peter Hasson said: "Notwithstanding continued pricing pressure and a backdrop of political upheaval, we are pleased to have been able to combine steady growth with the successful integration of recent mergers."
He added that the firm's revenue increase was bolstered by "strong international growth" in the US, Middle East, North Africa and Australia and Asia-Pacific, as well as recent office launches in Miami, Duesseldorf and further expansion in Australia.
Clydes opened an office in Miami this May, with the addition of local litigation firm Thornton Davis Fein; and in September, launched in Duesseldorf with the hire of a seven-lawyer team from German firm Noerr. Last December, the firm also brought on a 30-lawyer team in Sydney from Lee & Lyons.
Overall, Clydes has recruited 18 lateral partners during the first six months of 2016-17. These include, in London, planning partner Brian Greenwood from Winckworth Sherwood, planning partner Stephen Webb from King & Wood Mallesons, and trade finance partner Robert Parson from Reed Smith.
The firm has also recruited heavily in Hong Kong, taking on marine partner Anthony Woo from Hill Dickinson in Hong Kong, corporate partner John Chrisman from Dorsey & Whitney, and corporate and regulatory partner Joyce Chan from DLA Piper.
A host of UK firms have announced solid results for the first half of the current financial year.
Figures announced to date by other firms have ranged from a 1.2% increase at DAC Beachcroft up to 13.6% at Watson Farley & Williams, while Allen & Overy and Fieldfisher posted 13% and 10% hikes respectively.
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