LEADER IN THE FIELD(S) – Freshfields Bruckhaus Deringer’s average profits per equity partner have stayed just ahead of the firm’s elite U.K. rivals, despite slower revenue growth during the financial year, Law.com International’s Varsha Patel reports. According to a firm statement on Wednesday, revenue rose by 7% to £1.7 billion compared with the previous year. Without exchange rate movements, revenue rose 10%, the firm said. Earlier in July, Allen & Overy reported 10% growth in revenue, nearing closer to the £2 billion mark at £1.94 billion, while Clifford Chance managed an 8% rise to £1.97 billion. Freshfields’ PEP figure has inched ahead of rivals however to reach £2.07 million, rising 8% to better elite London firms A&O’s £1.95 million PEP figure and Clifford Chance’s £2.04 million. Last year, the firm’s PEP figure stood at £1.91 million. In the statement, global managing partner Rick van Aerssen said: “We have delivered another robust set of results for the firm, reflecting our continued commitment to deliver for clients around the world. Despite tightening market conditions globally, I’m particularly delighted we’ve achieved a sixth consecutive year of revenue growth – underlining the strength and resilience of the firm’s long-term strategy and our teams’ understanding of where Freshfields can best add value.”
WHAT YOU SAID
“Ten a month is a lot. For sure. Ten a month seems high even by the standards of this business.”
