Birmingham law firms see annual revenue growth
TWO of Birmingham’s leading law firms have seen increases in fortunes. Pinsent Masons has seen revenues rise 3% when compared with the previous year, while turnover at Wragge & Co has increased 16%.
Latest figures for Pinsent Masons show the firm achieved revenues of £213m in 2010-11, up from £206m in 2009-10.
The results, which at this stage are unaudited, herald a return to growth for Pinsent Masons. This time last year revenues had fallen 4% although there was a 32% increase in profits per equity partner.
In a statement, Pinsent Masons’ managing partner David Ryan said the results showed the firm had emerged from recession in good shape.
He said this was a reflection of the strategic decisions taken by the firm at the onset of the economic decline. One particular decision, to make targeted investments had proved conclusive, he added.
The firm had also benefited from keeping together its major teams, while it has increased its level of expertise across a range of disciplines.
In conclusion, it said while uncertainty remained over the economy, the firm had a strong platform on which to plan growth.
- Shakespeare Putsman sees revenues climb to £23m
- Browne Jacobson sees turnover break the £35m barrier
Meanwhile, Wragge & Co has seen its revenues climb to £112m for the year ended April 20, 2011, up from £96.2m the previous year.
Managing partner Ian Metcalfe said: “In terms of economic conditions, the past couple of years have been the toughest I have experienced. Rather than batten down the hatches, we made a number of strategic investments – adding some excellent new people, deepening our sector focus and increasing our international footprint. Although conditions continue to be challenging, these decisions are paying off.”
Senior partner Quentin Poole said every part of the firm had contributed with core areas being corporate, banking & finance, intellectual property, real estate, pensions and energy.
Seven new partners joined in 2010/11, helping the firm boost its performance in key areas.
A strong focus on the healthcare sector saw the firm win two awards, while international investments in 2010/11 included ventures in Paris and the United Arab Emirates.
Other highlights include a top-five ranking among Europe’s most innovative law firms.
The 2010/11 profit margin and profits per partner figures will be confirmed later this year once the firm’s accounts have been audited. In accordance with LLP regulations, the firm’s accounts will be filed with the Registrar of Companies in due course.
