The top-50 financial results season got off to flying start last week, with ‘record’ activity levels, rising revenue and spikes in partner profit appearing as the impact of Covid-19 on commercial practice begins to emerge.
European firm Fieldfisher revealed that profit per equity partner rebounded by £155,000 to £860,000 in the last financial year, after falling to £705,000 in 2020. Meanwhile, revenue rose by 6% to £290m in the firm’s eighth consecutive year of growth. ‘Activity levels over the last year reached record highs in some months and remain strong,’ managing partner Michael Chissick said.
Partner profits at Pinsent Masons were also buoyant, rising 16% year on year to £636,000. Turnover crept over £500m for the first time, rising 1.5% to £503.3m. The firm has now enjoyed nine years of consecutive revenue growth.
Senior partner Richard Foley said: ‘For us, success is to fulfil a purpose, and our purpose is to make business work better for people. If we get that right then financial success will follow, as we saw when we broke through the £500m revenue mark.’
CMS and Kennedys also reported strong revenue figures, with the latter recording turnover of £264m, an annual increase of 11%. At CMS, global revenue for the calendar year 2020 grew by 3% to €1.475bn (£1.26bn), while UK turnover for the last financial year edged up from £566m to £567m.