Top-50 firm Osborne Clarke has kicked off the City’s results season by reporting a 3.2% dip in profits on a 9% rise in turnover. In the year to 31 March, the international practice recorded UK income of £217.3m, up from £199.1m in 2021/22. UK net profit was £74.7m compared with £77.2m, which the firm described as 'broadly in line with last year'. However profit per equity partner fell by 13.7%, to £687,000 from £796,000 in 2021/22.
Conrad Davies, UK managing partner, commented: 'We’ve had another set of strong results in what has been a challenging economic market. While we increased our income, our net profit and PEP are down due to the tougher trading conditions, inflation and the significant but necessary investments we’ve made in our people and our business.
'We stand behind these targeted investments we’ve made to grow our headcount, increase the reward we pay our people and accelerate the roll out of various key change programmes across our legal operations,’ Davies said. 'These investments will help us to attract and retain talent, strengthen our client offering and future-proof the performance of our business.’
Osborne Clarke said its UK teams achieved double-digit growth across five of its seven key sectors: energy and utilities; retail and consumer; financial services; life sciences, and mobility and infrastructure. The technology, media and comms and the built environment sectors were 'broadly flat against strong 2021/22 results'.
Omar Al-Nuaimi, Osborne Clarke’s international chief executive, said the firm had delivered ‘great results’ in an 'often turbulent market'. The firm is on track for international turnover to top €500m (£430m) by 2025, up from €442m (£380m) last year.
Digital transformation remains an ongoing priority, Al Nuaimi said, 'and we’re investing in talent and technologies to strengthen our international service offering and client experience.'
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