European law firm Fieldfisher has joined other City firms in announcing growing profits despite the slump in transactional M&A work. In the 11 months to 31 March 2024 - the firm’s new year-end date - revenues grew to £359 million, a 10% rise on the same period last year. Profit per equity partner was up 4% to £966,000. 

No figures were announced for pre-tax, net or operating profit. The PEP figure represented a strong recovery from 2023, when the firm reported an 11% dip.  

Commenting on the results, managing partner Robert Shooter said it had been a year of 'significant progress'. 'All our teams delivered outstanding results, despite challenging market conditions. We also continued to expand and strengthen our international footprint, increasing our presence in key markets.'

Among the strongest performing areas were the regulatory practice, with a 36% revenue increase, and dispute resolution, where revenue rose by 17%. The team achieved a successful outcome for Eurasian Natural Resources Corporation in the longest-running investigation in the Serious Fraud Office’s history. The practice is also acting in the largest-value fraud trial ever brought in the Commercial Court, advising Mikhail Rabinovich as a defendant in a US$14 billion case. 

Personal injury and medical negligence revenue grew by 15%.

Despite the M&A slowdown, revenue at the corporate practice rose by 10%.