International merger leads to increased profits at leading law firm
INTERNATIONAL law firm Gowling WLG, the practice that now includes Birmingham’s former Wragge & Co, has announced improved full-year revenue and profits.
For its UK operation, the Canadian-based firm, said that in the year to April 30, 2016 revenue rose 2% to £184.7m, with pre-tax profit up 1,4% at £57.2m. Profit per partner increased by 5.2% to £364,000.
Gowling WLG was formed in February this year through the combination of Gowlings and Wragge Lawrence Graham & Co. The new firm comprises Gowling WLG (Canada) and Gowling WLG (UK) which are members of Gowling WLG International.
The firm’s Birmingham offices are at Two Snowhill.
Although Gowling WLG (Canada) does not report detailed financial results, the total revenue for both LLPs was around £410m. This places Gowling WLG within the top 75 of global law firms ranked by revenue.
David Fennell, chief executive, Gowling WLG (UK), said: “This has been a momentous couple of years. Our firm has been transformed through the combination with Gowlings and the launch of a new international brand.
“This bigger platform, with added strength and experience across key sectors, has helped us to win important global mandates and positioned us alongside more established global players.
“We are encouraged by the variety and quality of new business opportunities, not just in Europe, but in Canada and the US and across our offices around the world.”
Andrew Witts, chairman, Gowling WLG (UK), said although the economy had entered a more uncertain period following the EU referendum result, the firm remained well placed to secure business having launched Gowling WLG and its new Brexit Unit.
“The relative weakness of the pound means that UK assets offer better value, and we are investing in and leveraging our US sales team to deliver lucrative business leads alongside our Canadian colleagues,” he said.
“Our sector focus should also pay dividends with UK exporters in some of our key areas such as pharmaceuticals, automotive and aerospace, now more competitive than they have been for many years.”
During the year, strong sector team performances included Life Sciences, which advised Heptares on a $3.375bn global R&D and commercialisation partnership to treat neurological disorders, and the Automotive team where Gowling WLG is the only law firm in the driverless cars consortium, UK Autodrive, which aims to establish the country as a global hub for the development of autonomous vehicle technologies.
The Energy team continued to advise on major projects around the world and, in the UK, acted on one of the UK’s largest ever solar M&A deals, advising Primrose Solar on the sale of four solar farms.
