Partner profits at City firm Fieldfisher have rocketed by more than £150,000, following ‘record’ activity levels during the pandemic.
For the financial year 2020/2021, revenue rose by 6% to £290m, marking the firm’s eighth consecutive year of growth. Meanwhile, profit per equity partner leapt to £860,000, after falling to £705,000 last year. PEP stood at £805,000 in June 2019.
Fieldfisher's managing partner Michael Chissick said: ‘In a challenging year when Brexit and Covid-19 were front and centre of everybody's agenda, I am pleased to be announcing our positive results. Activity levels over the last year reached record highs in some months and remain strong. We are back to focusing on growth. We will continue to add and promote talent to our ranks to support our growth strategy and we have started the new financial year with confidence and optimism.’
The firm said its Brussels, German and Paris offices had an ‘outstanding’ year, with double-digit revenue growth. It added that its UK offices had performed well with a collective 5% increase in turnover.
City results season has got off to a strong start this week, with Pinsent Masons reporting a 16% jump in partner profits, defying the pressures of a ‘particularly challenging year’.
Meanwhile, international firm Kennedys has today reported 'record turnover' of £264m, up 11% year-on-year. In the UK, turnover was up 8.5% on the previous year at £151m.
Global senior partner, Nick Thomas, said: 'Despite the challenges of the global pandemic, I am proud that we have continued to be able to offer our clients the support that they need. We’re hugely encouraged that we have continued to grow our reputation as an outstanding global legal services provider for insurance claims and coverage, and for dispute resolution. Alongside this, we have continued to further develop a successful and growing global commercial practice.'
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