Dentons continues City trend of positive financial gains
The world’s largest law firm by lawyer headcount has seen revenues increase over the past financial year, thanks in part to an uptick in UK disputes work and strong growth in Saudi Arabia.
Dentons‘ UK, Ireland, and Middle East (UKIME) arm reported record revenues of £280.5 million, marking a 6% increase over the previous year’s result.
The firm’s UK disputes division earned praise after achieving a 15% revenue increase, while Saudi Arabia stood out in terms of jurisdictions with 35% revenue growth.
While the firm does not disclose profit figures, profit per equity partner (PEP) is understood to sit around the £1 million mark.
UKIME CEO Paul Jarvis said: “It’s pleasing to achieve another year of record revenues. We have grown revenues 22 per cent over the past three years because of the strategic choices we have made.”
He added: “The strong performance of our disputes, regulatory and investigations team demonstrates how the firm as a whole is now much better hedged.”
The results come just a week after the firm unveiled former senior EY partner Kate Barton as its next global chief executive. Barton, who spent some 35 years with the Big Four accountancy lawyer, succeeds Elliott Portnoy.
Elsewhere, Bevan Brittan saw revenues climb 13%, from £67.3 million to £76.2 million, marking its 11th consecutive year of growth. Income rose by a record-high of 13% to £76.2 million while profit was up little over 11% to £18.9 million.
The national firm’s higher education and independent health and care teams performed particularly well, with revenue increases of 37% and 32%, respectively
Managing partner Duncan Weir said: “These strong financial results build on more than a decade of strategic, consistent and sustainable growth. We are seeing the benefit of our commitment to our chosen markets; the advantage of our reputation in attracting and retaining quality clients and the best talent; and the value of our continued investment in our people, our relationships and our infrastructure.”
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