Fieldfisher posts 22% jump in PEP against 6% revenue growth
UK results season gathers pace with top 30 UK firm recording eighth successive year of revenue growth
Profit per partner (PEP) has jumped by 22% at Fieldfisher against a more modest 6% increase in revenue to £290m.
Recording its eighth successive year of growth, the tech-focused UK firm welcomed what it described as ‘positive results’ during a challenging 2020/21 financial year, with revenue climbing at its slowest rate for four years.
Like many firms on both sides of the Atlantic, however, it appears to have reaped lockdown-generated efficiency dividends with PEP jumping by £155,000 to £860,000, pushing it well past the £805,000 the firm reported in 2019.
Earlier this week, rival UK firm Pinsent Masons reported a comparable PEP hike of 16%, against a 1.5% increase in revenue.
Fieldfisher said it had achieved double-digit revenue growth in its Brussels, German and Paris offices over its last financial year. The firm’s UK offices collectively grew turnover by 5%.
Michael Chissick, Fieldfisher’s managing partner, said: “In a challenging year when Brexit and Covid-19 were front and centre of everybody's agenda, I am pleased to be announcing our positive results. Activity levels over the last year reached record highs in some months and remain strong. We are back to focusing on growth. We will continue to add and promote talent to our ranks to support our growth strategy and we have started the new financial year with confidence and optimism.”
The firm’s regulatory practice continues to grow in importance, posting a 12% increase in revenue. It was recently appointed to the new UK Trade Law Panel, where it will advise the UK government on international trade negotiations and disputes in the wake of Brexit. Fieldfisher’s energy and natural resources group saw this biggest revenue jump, growing 28% after advising on a number of domestic and cross-border deals. Meanwhile, the life sciences group posted a 17% turnover increase.
Chissick said: “We have seen a good performance across all our offices and teams. We are capitalising on our growing reputation as a dispute resolution and regulatory powerhouse and it is really pleasing to see our sector focus paying off with multi-disciplinary and cross-border teams working together to address our clients’ specific industry needs. We will continue to focus on growing these teams and the supporting services provided by our alternative legal offerings.”
Fieldfisher said it will reopen its offices in the UK from July 19 under a hybrid model where there will be an option for more flexible work arrangements, with three days spent in the office and two days working from home.
Kennedys also unveiled its financial results this week, with global turnover up by 11% to £264m.