Freshfields Bruckhaus Deringer has published a robust set of financial results following its expansion in the US – but has failed to match the massive profit growth of magic circle rival Allen & Overy.
According to figures for the year ended 30 April 2021, revenue grew by 5% to £1.59bn, while profit per equity partner (PEP) rose by 5% to £1.91m, in line with partner profit figures announced by Clifford Chance and Allen & Overy. The firm did not publish a net profit figure.
Freshfields managing partner Rick van Aerssen said: ‘This strong set of results reflects Freshfields’ continued success in our core markets, as well as our expansion in growth markets such as the US. The ability of our global platform to deliver for clients as a destination practice across all the key disciplines is a formula that works, shown by revenue growth across all our regions and practice areas against the backdrop of the pandemic.’
The practice cited its continued US growth strategy, focusing specifically on the opening of a seven-partner office in Silicon Valley.
Earlier this month, Allen & Overy reported a rise in pre-tax profit of 19% to £822m while PEP grew by 17% to £1.9m. Clifford Chance has also celebrated its ‘strongest performance to date’ with an 8% rise in partnership profits to £716m.
Elsewhere in the City, Addleshaw Goddard saw PEP leap by 23% to £849,000 and revenue grow by 12% to £321m. Osborne Clarke’s figures were similarly upbeat, with the firm reporting a 14% rise in UK net profit to £67.9m for the year ending 30 April, while PEP is up 16% at £714,000. UK revenue increased by 8% to £166.4m, in keeping with a global revenue rise of 7% to €341m (£290m).