Kennedys global revenue jumps 31% after year of aggressive expansion
Double-digit turnover increases follows expansive year including US and UK mergers
August 02, 2018 at 06:35 AM
2 minute read
Kennedys has posted a 31% increase in global revenue, alongside a 14% rise in UK turnover for the 2017/18 financial year.
Global turnover jumped from £149.9m to £196m, while the firm's UK top line hit £118m, after a year of international expansion.
Kennedys increased its headcount by 20% during the year, pushing the partnership to 277. The 37% rise in partners came alongside the addition of 10 offices and a transatlantic merger with 100-lawyer insurance firm Carroll McNulty & Kull (CMK).
The increase in Kennedys' UK revenue followed its merger with Manchester banking and financial regulatory firm Berg in June 2017.
The firm also made six hires from collapsed US firm Sedgwick, including the firm's New York managing partner John Blancett, as well as opening in Bermuda through a tie-up with former local law firm Sedgwick Chudleigh during the year.
Kennedys also opened offices in Mexico, Argentina, Paris, Bangkok, Melbourne and Bermuda.
Kennedys senior partner Nick Thomas (pictured) said: "We experienced unprecedented growth, which is aligned to our global strategy to be the go-to firm for the insurance sector and to provide the best on-the-ground capability where our clients tell us they need it.
"Ten office openings over a 12-month period may seem like a lot but these are all firms and people that we have been in discussion with for a long time. They all complement the firm's core business and strengthen our market proposition for clients."
Following the firm's merger with CMK, Thomas said the only gap in the firm's global network was on the US west coast, adding: "That is something [CMK co-founder] Chris Carroll and I have been looking at – we will have to see if we can't bolt a west coast office on to the Kennedys CMK footprint."
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