Dentons Sees Slower PEP Growth in 2018-19
Revenues at the firm have remained steady following major mandates and panel wins.
June 05, 2019 at 06:58 AM
2 minute read
Dentons
Dentons has seen a deceleration in profits per equity partner (PEP) growth in its latest financial results for its U.K. and Middle East (UKME) region.
The firm's financial statement for 2018-19 shows that PEP inched up by 4% to £676,000, while revenues rose 13% to £229.8 million.
While the revenue growth has remained steady compared with the previous year, the PEP growth has this year subsided.
Boosted by its merger with Maclay Murray & Spens in 2017, Dentons posted a sharp rise in PEP of 36% for the 2017-18 financial year.
Jeremy Cohen, Dentons' CEO for the UKME region, attributed the firm's continued growth to its efforts to "deepen relationships with key clients". He added that the UK offices' "one national team" approach resonated with its clients.
The last 12 months have seen the firm reappointed to TfL's legal panel and pick up major roles for private equity giant KKR – including acting on its €6.8 billion purchase of Unilever's spreads business. It has also made key hires from City rivals Eversheds Sutherland and BCLP.
Cohen added: "We also continued to build out our core practices by attracting some very high-calibre partners across the corporate, real estate, finance, energy and regulatory arenas.
"Our intention now is to build on this progress by doubling down on our strategy of building the law firm that our clients tell us we need to be: global, providing high-quality advice that responds to their specific challenges and environments, efficient, collaborative and innovative. Our goal is to be a trusted adviser and a leading service provider at the same time."
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