Bird & Bird boosts PEP by almost 10% on the back of international expansion
Firm posts positive financials after San Francisco launch and Chinese co-operation agreement
June 28, 2018 at 08:36 AM
2 minute read
Bird & Bird has posted a 6% increase in revenue, alongside a 9.5% rise in profit per equity partner (PEP) for 2017-18.
The firm, which reports its financial results in euros, saw revenues rise by 5.9% from €361m to €382.3m. However, the firm added that on a sterling basis, revenue was up 11.1% from £303.2m to £337m.
The turnover rise came alongside a 9.5% increase in PEP to €624,000 (£550,000), while net debt fell during the year from €49m (£43m) to less than €26m (£22m) as at 30 April 2018.
Commenting on the results, CEO David Kerr (pictured) told Legal Week: "We have seen strong growth in areas such as technology acquisitions – a lot of M&A is being driven by acquisitions that provide access to technology. Data is also proving to be very important and was very busy in the last year, as well as more concern among clients regarding complex regulation.
"Geographically, we have seen high growth in the Asia-Pacific region, but we have also had good growth in nearly all of our markets."
As part of the firm's Asia-Pacific expansion, it last year secured a cooperation agreement with Chinese firm AllBright enabling both firms to work together on joint business development mandates. The deal also saw the Chinese firm open a new City base located at Bird & Bird's premises at 12 New Fetter Lane.
Kerr said the relationship has developed "quicker than expected" since the agreement was finalised. He added: "Like everything in China, things move faster than elsewhere in the world. The strategy for us was to target work coming out from Chinese companies and we have seen a wide range of different types of work emerging."
In October last year, the firm also launched a base in San Francisco focused on technology clients. The new base does not offer US legal advice, but instead works with the firm's 'best friend' US firms. Kerr said the office was part of the firm's strategy to be "the number one firm advising companies being transformed by technology".
Bird & Bird also bolstered its corporate finance offering during the year, with the addition of a 20-strong team in Budapest following Weil Gotshal & Manges shuttering its Budapest office.
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