Global law firm Clyde & Co has reported its financial results for the fiscal year ending on April 30. The firm achieved growth of over 20% in firmwide revenues, with 6% of that being organic growth, bringing the total revenue to £788.6 million (about AU$1,533 million). This marks the firm's 25th consecutive year of revenue growth, and a growth rate of 115% over the past decade.
Profit also saw a notable increase, rising by 6% to reach £169.2 million. The profit-per-equity-partner (PEP) remained steady at £708,000, reflecting the firm's commitment to long-term investments and the significant increase in partners. Throughout the fiscal year, Clyde & Co welcomed 38 lateral partner hires, alongside the 46 partners who joined through the merger with BLM, which took effect on July 1, 2022. Additionally, the firm promoted a record-breaking 26 internal candidates to become partners, spanning across various regions, sectors, and practice groups.
Clyde & Co's expansion efforts over the past year have been substantial, including the establishment of new offices in Bangkok, Boston, Calgary, Milan, and an associated office in Cairo. Furthermore, the acquisition of BLM has added their UK offices in Belfast, Birmingham, Derry/Londonderry, Liverpool, and Southampton to Clyde & Co's portfolio.
The United Kingdom accounted for 46% of the firm's total revenue in the last fiscal year, making it the fastest-growing region with a remarkable 28% revenue increase. North America contributed 22% of the revenue, followed by the Middle East and Africa with 12%, Asia Pacific with 12%, and Europe and Latin America with 5.5% and 2%, respectively.
Out of the 38 lateral partner hires, 14 of them were focused on Clyde & Co's corporate & advisory and regulatory & investigations practices. This strategic move aims to enhance the firm's capabilities and broaden the scope of these global practices, which generate over £100 million in revenue annually.
The company also launched its international Cyber One offering.
“Our results over the past year speak of a firm in good health and in growth mode,” said Matthew Kelsall, CEO of Clyde & Co. “Doubling our revenues in the space of 10 years is a testament to the enduring strength of our strategy and the value it provides clients thanks to our clear and long-held sector focus and our strengths across disputes, regulatory and corporate disciplines. Our focus remains on building and maintaining market-leading positions in all our sectors and practices, while continuing to invest in our people and our technology to ensure the most effective delivery of legal services to our clients.”
“Our clients have continued to place their trust in our people across the globe this year,” said Carolena Gordon, senior partner at Clyde & co. “We have continued to build out our capabilities and have integrated successfully following our merger with BLM. I am confident that what we have built, including the exceptional talent we have across the firm, puts us in a uniquely strong position to provide clients with the global and commercial-minded support they need to successfully navigate risk and maximise opportunity in today’s complex and uncertain business environment.”
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