Global law firm Clyde & Co grew for the 20th year in succession last year according to pre-audit figures released today. Firmwide revenues at the UK-headquartered, multinational law firm rose 9% to £551.3 million in the year to 30 April 2018.
Profit at the firm also grew, rising 10% to £140.5 million. Average profit per equity partner (PEP) was up 2% at £660,000, compared to £650,000 in the prior year. There were 63 new partners (lateral hires and promotions), taking the total to over 400 for the first time.
Simon Konsta, Clyde & Co Global Senior Partner says:
"We are pleased with these results, which reflect the hard work of our people and the support of our clients. The climate for global business remains complex and our priority is to continue to adapt the services we offer and the delivery of them to ensure we are always providing clients with the very best service locally and globally.”
Clyde & Co has been one of the fastest growing major law firms in the world for a number of years, with compound average annual revenue growth of 15% over the past decade. In the last year the firm added seven new offices: three in the Americas - Mexico City (May 2017), Los Angeles (July 2017) and Orange County (January 2018); an associated office in the Middle East – Muscat (November 2017), and two associated offices in Asia Pacific – Kuala Lumpur (November 2017) and Auckland (December 2017). A new office in Bristol (UK) also opened in May 2017.
Peter Hasson, Clyde & Co Global Chief Executive Officer says:
“Against a backdrop of continued volatility in our core sectors, these results demonstrate the resilience of our business and its balance across sectors and geographies. Those strengths enabled us to grow revenue and profit and expand our network while also investing in the business for the long term. Globally, half our business is now derived from outside the U.K. and this year the US in particular has grown rapidly to become our second largest region.”
In the last year the firm has furthered its commitment to delivering innovative new services under the auspices of the firm's first Global Innovation Board. In 2017, among other initiatives, Clyde Code, a first of its kind consultancy for smart contracts, blockchain and tokens was launched alongside Data Analytics Lab, a partnership with University College London which works to identifying and extract new forms of value from data. The firm also created a new global transformation office.