Another record year as law firm breaks through £200m barrier
Law firm Fieldfisher has marked its second consecutive year of double digit growth after breaking through the £200m turnover barrier while announcing its Manchester office delivered revenue 14.5% ahead of budget.
The firm reported a 24% increase in annual turnover to £207m for the financial year 2017-2018, with its Manchester operation contributing £11m.
The Peter Street office has also seen a 25% headcount increase in six months including four new partners since the start of April.
It hired David Bowcock as head of corporate and banking partner Charlotte Round. Along with the relocation of partner Tom Ward from London, these moves have significantly increased the size of the corporate team. The office also has a new a medical negligence department, led by partner Jenny Urwin.
During the year, the Manchester office announced a number of key client wins and major deals. These included the appointment as a full service legal adviser on the Co-op’s new legal panel, as well as working with client Restore on its £88m acquisition of TNT UK’s document management business.
Ian Austin, managing partner of Fieldfisher in Manchester, said: “We are pleased to announce these results, both firm-wide and in Manchester. We are continuing to grow at a fantastic rate and I am happy that our growth in Manchester is in direct correlation with the firm’s overall success.
“We have had a record year, both in terms of revenue and personnel. We have acquired some fantastic partners, associates and business support staff who all contribute to the progress and profitability of the office. In the coming year we are still focused on growth, and we intend to expand our real estate, corporate, medical negligence and technology teams.”
It is the first time Fieldfisher’s overall revenue has reached £200m and follows last year’s record increase of 36%.
Average profit per equity partner (PEP) increased by 17% to £750,000.
UK turnover increased 24% to £135.6m, with turnover from overseas offices increasing by 37% to £29m.
Offices outside the UK now account for 31% of turnover, a share which is expected to increase following the addition of new offices in Frankfurt and Luxembourg and anticipated openings in Spain later in 2018.
Managing partner Michael Chissick said: “We are very pleased with this performance and credit goes to every single person in the firm. Our focus on a smaller number of high growth strategic sectors has provided a great deal of momentum. We have been fortunate to win more new international clients, while continuing to benefit from the loyalty of many long-standing clients who are increasingly working with us across multiple practices and offices.
“Looking forward, we are confident about the prospects for our newest offices in Belfast, Frankfurt and Luxembourg. Brexit continues to occupy a prominent position in the business agenda, but we believe we are in a strong position, whatever the outcome of the political negotiations. Spain will be our next major new jurisdiction and we aim to be trading in Madrid and Barcelona before the end of 2018.”
