PEP also sees over 40% growth
Burges Salmon has reported hefty profit increases, with the firm’s bottom line increasing by almost 50% in the last year.
The Bristol-based outfit has seen turnover grown by a sizeable 27% over the last 12 months to hit a new high of £163 million. What’s more, the firm’s net profit figure has grown an even greater 46%, stretching above £50 million for the first time.
Not ones to miss out, those at the top end have seen profit per equity partner (PEP) increase by 42% to £661,000.
With such financial success it’s hardly surprising that the firm recently retained all 24 of its qualifying trainees.
Roger Bull, managing partner, credited strategic investments for the bumper growth:
“Our chosen markets in which we operate have not only shown resilience but thrived. We have benefitted from these positive market conditions thanks to our targeted approach and sustained investment over the years. Scotland, in particular, stands out as a testament to our growth strategy, where we’re proud to have celebrated our five-year anniversary in Edinburgh with significant organic expansion and the attraction of exceptional talent.”
This isn’t the first significant financial announcement in the legal world this year either. Linklaters‘ 10% growth in revenue has seen the Magic Circle giant cross the £2 billion revenue threshold for the first time in its history, spearheaded by 24% growth in its US offices.
Fellow MC outfit Clifford Chance also further cemented its place in the £2 billion club, whilst A&O‘s pre-merger figures grew from £2.1 billion to £2.2 billion.
Elsewhere, international outfit, and Bristol heavyweight, Osborne Clarke, saw its UK net profit grow 14% to £84.8m, whilst fellow Bristolian firm TLT saw a 12% growth in revenues, which are up to £174 million.