CEO Kevin Munslow attributed the rise in revenue to combination of a recovery from the previous financial year, when revenue dipped slightly, and the ‘handful of significant cases’ that the firm has been working on throughout the year concurrently. Key cases include the ongoing £4bn shareholder group action against the Royal Bank of Scotland and representing energy major ENRC in its high profile costs and privacy dispute with its former legal adviser Dechert.
Profit sharing scheme
The firm's gross profit margin stands at roughly 50 per cent and under its profit sharing scheme economic ownership is transferred away from the equity partner model towards a direct and fixed participation of all staff members, with profits split according to fixed and non-discretionary formula. The firm's 2015/16 profit share of 34.3 per cent to all members of the firm is a significant increase on the previous year's payment of 20.4 per cent.
Signature has also bolstered its ranks with Bryan Cave litigator Ioannis Alexopoulos, who joined the firm earlier this month. Mr Alexopoulos specialises banking disputes and spent eight years Holman Fenwick Willan before joining DLA Piper as an associate in 1998. He later rose to partner and at one time served as DLA's London head of litigation.
The firm now houses eight partners and a further 22 fee earners; Mr Munslow the maximum headcount would range between 12 to 15 partners and 50 to 60 fee earners.
Source: Legal Business