SJ Berwin posts static results as turnover and PEP nudge up 1%
SJ Berwin has announced static results for the 2011-12 financial year, with turnover and profits per equity partner (PEP) both edging up by 1%.
The top 20 UK law firm has posted revenues of £180.1m, up by 1.1% from last year's figure of £179m, while average PEP nudged up by 1.4% to £635,000, from £626,000 last year.
SJ Berwin said the numbers consolidated its position after strong growth in 2010-11, when profits grew by 26.7% and revenues by 4.7%, and came against a backdrop of significant investment, with the firm hiring 12 lateral partners and promoting nine partners internally.
Activity levels increased across continental Europe and the Middle East in 2011-12, despite the economic problems in the eurozone, with regulatory and dispute resolution performing particularly well. The firm also saw continued growth in the offices it launched in Dubai and China in 2009.
Managing partner Rob Day said: "This is a good solid set of results which are in line with our expectations for the year. Perhaps unsurprisingly, we had a particularly strong performance in our litigation, arbitration and regulatory practices which continued to grow and expand. However we also saw growth in some transactional practices including private equity.
"Our European offices did well, especially Germany and France, while our newer offices in Dubai and Hong Kong continued to grow. London had a bumpy year with contentious practices remaining most busy.
"It would be foolish to make big market predictions for the financial year ahead. It entirely depends on how the Eurozone crisis resolves itself. Until then investor confidence will be active and inactive in patches. It is a volatile market and it could quickly tip either way."
By Sofia Lind