In the UK, the firm saw an increase of seven per cent in revenue from £112.9 million in 2015/16 to £121 million in 2016/17. In addition to the UK revenue growth, net profit and profit per equity partner (PEP) increased five per cent and three per cent, respectively. Net profit grew from £49.8 million to £52.5 million in 2016/17, while PEP went from £635,000 to £652,000 in 2016/17. Non-UK revenue now accounts for 42 per cent of total revenue for the firm. During the last year, Osborne Clarke UK maintained its financial stability, while cash resources rose 29 per cent to £33.4 million against £25.8 million in 2015/16.
Investment
Investment was a key priority for Osborne Clarke and the business funded many firm-wide initiatives including service innovation projects to create bespoke cloud-based platforms that improve service delivery for a growing number of its clients. Osborne Clarke also continued to invest in recruitment and development to support its sector-focused approach, and this year appointed 29 Partners across Europe and Asia, of whom just under a third (31 per cent) are female. The UK and Germany also made six partner promotions.
Workplace strategy
Workplace strategy was at the top of the investment agenda and included the firm-wide roll out of agile and connected working. The connected working programme combines technology and working practices to enable lawyers to work in a way that best suits them and their clients.
'High levels of dedication'
Ray Berg, UK Managing Partner, Osborne Clarke commented: ‘We have an exceptionally well-run business with a clear strategy and many growth clients. These results reflect the high levels of dedication and commitment across our entire business and emphasise what a great team we have.’
Sector team contribution
Osborne Clarke's sector teams account for over 95 per cent of UK revenues. The international business represents clients ranging from market leaders to fast-growth companies that include: Yahoo!, Facebook, CBRE Global Investors, Vodafone, Siemens, Grifols, Foresight Energy and GoPro. Osborne Clarke recently joined the panels for Deutsche Bank and BT. ‘Our sector-first approach is working very well for us and we plan to build on our success over the coming years. Clients appreciate that we understand the challenges and opportunities they face in a fast-evolving digital world; it makes us more engaging lawyers and advisors,’ Mr Berg commented.
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