Freshfields outpaces Magic Circle with 6.6 per cent revenue increase 

Freshfields Bruckhaus Deringer has topped fellow Magic Circle outfits Allen & Overy and Clifford Chance with its 2015/16 growth result.

Financials released by the firm yesterday show a 6.6 per cent lift in global turnover for the last financial year to £1.33bn, while profit per equity partner was up 8 per cent to £1.47m. The results have the edge on Magic Circle contemporaries Allen & Overy and Clifford Chance, which have reported top-line growth of 2.3 per cent to £1.31bn and 2.6 per cent to £1.39bn respectively. Overall, net profit was up 7.5 per cent to £617m at Freshfields – a touch slower than the 10 per cent lift to £494m reported by Clifford Chance but well ahead of the 1.4 per cent dip to £562m at Allen & Overy. Final Magic Circle counterpart Linklaters has reported its own results for 2015/16 this morning.

Faster and stronger

Turnover growth has accelerated at Freshfields over the last financial year after rising just 1 per cent to £1.25bn in 2014/15, while net profit is now in recovery after previously dropping 1 per cent to £574m. ‘The main reasons for the success of the year are continued growth in the US with corporate enlargements we have made there, we have got more than our share on China outbound work, German-US links have strengthened with corporate enlargements and on the cost side Manchester is taking hold of our efficiency issues,’ commented co-managing partner Stephen Eilers of the latest result and of the firm’s new low-cost centre in Manchester.

Source: Global Legal Post

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