Fieldfisher.Fieldfisher Records Third Successive Year of Double-Digit Revenue Growth
Revenue at the firm has grown 17% in the financial year 2018-19 but marks an overall slowdown in growth since last year.
June 20, 2019 at 09:13 AM
3 minute read
Fieldfisher has reported a 17% rise in turnover to £242 million for the 2018-19 financial year – its third successive year of double-digit growth.
The firm added an extra £35.2 million to its top line in 2018-19, a year the firm's managing partner Michael Chissick described as "stellar".
This year's growth rate has fallen slightly compared to previous years, with the firm having reported a 24% turnover rise to £207 million in 2017-18 and a 34% increase the year before that.
Profit per equity partner (PEP) meanwhile inched up by 7% to £805,000, up from £750,000 last year, which was a 17% increase on the year before. The latest figure marks a 94% increase in PEP since the firm's 2013-14 financial year, according to the firm's statement.
The firm cited new office openings in Madrid and Barcelona, Guangzhou, Luxembourg, Dublin and Frankfurt as key drivers of growth, with revenues increasing by 48% in Germany, while the firm's London, Manchester and Birmingham offices achieved "record-breaking growth".
The firm added that China revenue increased by 31%, Italy by 22% and the Netherlands by 21%.
Practice areas that the firm said performed well this year included financial services and technology, which achieved growth of 14% and 12%, respectively.
Panel appointments this year include Deutsche Bank and Paysafe, the firm said in its statement, adding that Wirecard, Cognizant and Alibaba were among its new tech clients.
Chissick told Legal Week that among the firm's priorities for the coming financial year is an increase in "cross-pollination" of work between practice areas, adding that last year was a "record year for that".
He added in a statement: "We again set ourselves some challenging targets. We have worked even more closely with clients in our priority sectors to help them face their challenges and leverage opportunities successfully. This focus has greatly contributed to revenue ahead of budget and above market trend. I am especially pleased that investment in our new European offices is already making a big impact.
"The Fieldfisher brand is gaining a lot more traction across Europe. We are attracting some great new people and fantastic clients, who recognise that we have a compelling sector-led proposition backed by innovative products from Condor ALS [the firm's alternative legal solutions platform]."
In March, Fieldfisher hired an eight-strong construction team from RPC, including its practice head Dan Preston.
In January, the firm acquired Mayfair boutique Cummings Law as part of a push to expand its hedge funds, derivatives and alternative investment management expertise.
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