Firms have just started announcing their results for the last financial year, and they're generally looking pretty decent.
Addleshaws posted a 3% drop in turnover, but profits per equity partner increased by 5% to £426,000. Eversheds also saw turnover fall by 3%, but net profit increased by 20% and profits per equity partner were up by 28% - back to where they were before the credit crunch. Chief Exec Bryan Hughes said that the firm had emerged as a "leaner, more efficient business".
Kennedys has yet to announce its profits, but turnover soared by 31% to £88.25 million. This follows on from a 30% increase in turnover the previous year. Chief Exec Guy Stobart said it was a "great result", and the strategy for the coming year was to "stick to our knitting to do what we do well".
Olswang posted a 2% rise in turnover and a massive 38% rise in profits. Equity partners are now pulling in £420,000 a year, up on last year's £352,000. David Stewart, the firm's CEO, said that he was "delighted with such strong results in what has been a challenging year".
RollOnFriday has heard that most City firms are expecting a small fall in turnover and a reasonable rise in profits. Something that's relatively easy to achieve given the mass sackings of staff and partners over the last year. Now that firms have trimmed all the fat (and in some cases muscle) that they can, 2010/2011 is looking far more challenging, even with an upturn in deal flow.
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Addleshaws posted a 3% drop in turnover, but profits per equity partner increased by 5% to £426,000. Eversheds also saw turnover fall by 3%, but net profit increased by 20% and profits per equity partner were up by 28% - back to where they were before the credit crunch. Chief Exec Bryan Hughes said that the firm had emerged as a "leaner, more efficient business".
Kennedys has yet to announce its profits, but turnover soared by 31% to £88.25 million. This follows on from a 30% increase in turnover the previous year. Chief Exec Guy Stobart said it was a "great result", and the strategy for the coming year was to "stick to our knitting to do what we do well".
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Kennedys yesterday |
Olswang posted a 2% rise in turnover and a massive 38% rise in profits. Equity partners are now pulling in £420,000 a year, up on last year's £352,000. David Stewart, the firm's CEO, said that he was "delighted with such strong results in what has been a challenging year".
RollOnFriday has heard that most City firms are expecting a small fall in turnover and a reasonable rise in profits. Something that's relatively easy to achieve given the mass sackings of staff and partners over the last year. Now that firms have trimmed all the fat (and in some cases muscle) that they can, 2010/2011 is looking far more challenging, even with an upturn in deal flow.