Magic circle participant cites ‘difficult financial local weather’

Freshfields has gone public with its newest set of economic outcomes, with fairness accomplice earnings dipping barely to £1.82 million.

The Anglo-German large posted a 3% uptick in income to £1.52 billion for the monetary 12 months ending 30 April 2020, with revenue per fairness accomplice (PEP) down 1% from £1.84 million to £1.82 million.

Freshfields stated web revenue stays “steady” at £685 million, down from a earlier determine of £688 million, “regardless of investing considerably in the way forward for the agency”.

Stephan Eilers, managing accomplice at Freshfields, stated: “It is a robust set of outcomes, pushed by a long-term technique that has seen us progress regardless of the difficult financial local weather. We’ve made some important investments this 12 months that give us a good stronger platform for the longer term, and I’m enthusiastic about what we will obtain.”

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He added:

“We proceed to advise on probably the most dynamic mandates out there and are forging forward with our US enlargement plans. I wish to thank our folks for his or her excellent efforts and above all our purchasers for trusting us with their business-critical issues proper around the globe.”

The outcomes come after Clifford Chance announced yesterday a 5% increase in PEP to £1.69 million and a 6% uplift in income to £1.eight billion. Elsewhere, Allen & Overy and Linklaters noticed their partner profits shrink slightly to £1.63 million and £1.61 million respectively. The remaining magic circle agency, Slaughter and May, doesn’t disclose its outcomes.

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