Magic circle firm Freshfields has posted another set of ‘robust’ financial results, becoming the third firm to report partner profits exceeding £2m.
The firm announced today that its results for the year ending 30 April 2022 mark the sixth consecutive year of revenue growth. Revenue grew by 10% to £1.701bn. Profit per equity partner rose from £1.91m last year to £2.07m.
Freshfields listed its growing status as a ‘top-tier US law firm’ in corporate transactions, corporate governance, regulatory and litigation as a performance highlight, as well as 70,000 hours of pro bono work.
The firm also published its first diversity and inclusion annual review. Nearly half of the new partners were women, the number of black associates increased by 67% and the firm is close to reaching its 2026 target of having at least 5% LGBTQ+ partners.
Managing partner Rick van Aerssen said: ‘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.
‘Our achievements over the past 12 months are testament to the dedication of colleagues across our global network, who continue to set a high bar for advisory work in Freshfields’ core areas of litigation, M&A and regulatory. We look forward to pushing on further this year to meet the strategic goals we’ve set across our core markets, and our ongoing expansion in growth markets such as the US.’
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