Kennedys Revenues Smash £200M Barrier for First Time
Growth at the Top 50 firm slowed year-on-year.
June 10, 2019 at 04:50 AM
2 minute read
Nick Thomas, Kennedys senior partner
Kennedys has smashed through the £200 million revenue barrier for the first time, reporting record-breaking revenues in its 2018-19 financial results.
The U.K. top 50 firm grew its international revenue 11% to £218 million, up from £196 million last year.
However, the results do represent a marked slowdown in year-on-year growth. Last year, the firm posted a 31% increase in global revenue, alongside a 14% rise in U.K. turnover.
Headcount at the firm grew by 7% during the year, surpassing 2,000 for the first time in the firm's history, according to a statement by Kennedys.
In the U.K., turnover grew by 8% to £126 million, while in the U.S. the firm reported growth of 16% to £35.9 million, in the wake of its 2017 merger with Carroll McNulty & Kull.
Kennedys senior partner Nick Thomas said in a statement: "If 2017/18 was about expansion, 2018/19 has been about successful consolidation and innovation. What these figures tell us is that we have made the right choices and that 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 need it, is working."
The firm promoted 10 lawyers to its partnership earlier this year, including one in the U.S., while it also picked up a 12-strong marine and energy capabilities team from Norton Rose Fulbright in London.
The firm also formed an association with Israeli insurance specialists Zelichov Ben-Dan & Co in 2018.
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