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.”
“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.