City law firm sees near 3% decline in revenues

Law firm DLA Piper has announced an increase in profits despite a near 3% decline in revenues.

The firm, which has a major office at Victoria Square House in Birmingham, announced full year revenues of  $2.47bn (£2.02bn) –  a decline of 2.9% on the previous year, a situation it has blamed on unfavorable exchange rates.

The performance was partially offset by the rise in net profits, which increased to $643.4m (£526.11) from $605.4m (£495.2m).

Revenue per lawyer was up slightly to $683,189 compared to $677,091 the year before and in sterling, DLA said overall turnover was up 3%.

The firm, which has a large global presence, has stripped back it lawyer numbers in response to declining revenues.

It announced last year that 23 jobs would be going from its Birmingham operation, although its Yorkshire offices bore the brunt with 83 jobs going in Leeds and Sheffield.

Total numbers declined by 140 to 3,615 as the company implemented the cuts to staff numbers.