Bird & Bird Adds £24M to Top Line as PEP Growth Slows
The average profit per equity partner now stands at £575,000.
July 09, 2019 at 05:55 AM
2 minute read
David Kerr, CEO of Bird & Bird
Bird & Bird has posted profit per equity partner (PEP) growth of 4.4% to £575,000 for the 2018-19 financial year.
According to its latest financial statement, the firm also increased its turnover by 7.1% (£24 million) to £361 million.
The figures represent a slight curbing of last year's PEP and revenue growth of 9.5% and 11.1% respectively.
Commenting on the results, CEO David Kerr, who was re-elected unopposed in March, said: "It's been another strong year for us as a firm, and it's great to see how we're gaining momentum across the business.
"We have an ambitious strategy in place for the year ahead, and I look forward to working with the management team and our colleagues across our network to achieve it."
Reporting the figure in euros, the City firm has also cropped €3.5 million off its net debt, reducing it to €22.5 million. The firm has cut a total €26.5 million from its net debt since April 2017.
Among its key developments over the past year, the firm has deepened its relationship with top five domestic Chinese law firm AllBright, and also opened two new office spaces in San Francisco and Berlin.
The firm also made 20 lateral partner hires and posted its largest ever promotion round, with women representing 47% of the 23 promoted to partner.
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