Results released by Olswang this week have reported an 11 per cent decline in turnover from £126.7m to £112.5m over the last 12 months, as well as an 8 per cent drop in net profit to £22.5m. While profit per equity partner (PEP) held steady at £490,000, the firm’s qualified lawyer headcount has declined by 12 per cent over the course of the year – in large part due to the firm’s ‘decoupling’ from its 50-lawyer and 14-partner office in Berlin, which was acquired by Greenberg Traurig last year. The disappointing results follow on from an 8 per cent lift in revenue during 2014/15.
Stevens praises ‘resilience’
Despite the firm’s underwhelming financial performance, new chief executive Paul Stevens highlighted that Olswang has cut its bank debt nearly in half over the course of the year from £10.1m to £5.3m. ‘We have posted consistent profitability in a year of transition, and I am extremely pleased to see our bank borrowings significantly reduced. This financial discipline, along with many of the projects and initiatives currently underway, such as our moves toward agile working and various IT improvements, will position us well in the years to come,’ he said.
Sources: Legal Business; The Lawyer
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