German law firm Luther has increased its profitability and grown its revenue through introducing new legaltech and better co-operation between departments. The firm has increased its turnover to EUR 114.5 million, up four per cent. Revenue per lawyer has also increased four per cent from EUR 388k the previous year to EUR 415k whilst international business has risen to EUR 129.5, also up by four per cent. 'Luther's positive performance as regards both turnover and profitability can primarily be attributed to the fact that the firm used its available resources for large clients even more efficiently than previously. This involves both the utilisation of individuals, which we were able to enhance using a new IT-supported personnel planning system, and cooperation between several specialisms and locations,' Elisabeth Lepique,co-managing partner at Luther, said.
Legaltech
Dr Markus Sengpiel, co-managing partner at Luther, added: 'The development of additional service offerings will also generate an upswing over the next few fiscal years. The first LegalTech applications have progressed beyond the prototype stage at Luther. We are continuing to focus on the digitalisation of legal consultation services in quite a targeted way. Luther is providing greater support to clients for the digital transformation of their businesses. Including during the most recent fiscal year, we have made resources available for enhanced investment in technical infrastructure and growth based on this. Continuing to pursue this course is one of the main focuses of our work during the 2017/18 fiscal year.'
Generational shift
The firm also pointed out in its statement that it was going through 'a generational shift with six equity partners who had significantly contributed to building up Luther in recent years retiring during the most recent fiscal year'. As part of its new approach, it had introduced flexible working.
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