Positive results were achieved in spite of a decline in M&A activity and rising costs
A number of global firms have announced record revenues for FY2022-2023.
Pinsent Masons reported a 14% boost in revenue to $1.12bn (£605.9m). According to the Law Society Gazette, Clifford Chance had a 5% uptick to £2.06bn (compared to FY2021-2022).
Meanwhile, Herbert Smith Freehills’ (HSF) revenue went up by 8% to £1.186bn.
“We’ve had a record year of revenue growth during which we focused on harnessing those investments to provide creative and innovative legal services for clients who are grappling with complex issues in challenging economies”, explained Andrew Masraf, Pinsent Masons global senior partner.
Clifford Chance global managing partner Charles Adams lauded the positive outcomes sustained by the firm despite weakened M&A activity. Tech and private capital fundraising were factors in these outcomes, he said.
Nonetheless, profits have not risen at the same rate as revenue. At Pinsent Masons, profit per equity partner (PEP) increased by 7.8%. At Clifford Chance, PEP was at £2m, which the firm indicated was in line with the previous year’s figure.
HSF saw PEP increase by 1% to £1,173,000.
“We are still facing tough trading conditions, inflation is high and the cost of doing business continues to increase,” CEO Justin D’Agostino said in a statement published by the Gazette. ”But we are looking forward to another successful year”.
