04:44, June 01 347 0

2017-06-01 04:44:06
Osborne Clarke revenues jump again to hit €245m

Osborne Clarke has posted a 5 per cent in profits in 2016/17 from €219.6m to €245.1m, amid a like-for-like turnover increase of 12 per cent.

This turnover growth is considerably lower than in 2015/16, when Osborne Clarke reported a 23 per cent revenue rise to €236.3m.

This year, the firm restated its turnover from 2015/16 using the same average currency conversion rate as 2016/17 to eliminate the effects of exchange rate fluctuations.

Net profit grew from £49.8m to £52.5m, as average profit per equity partner rose by a modest three per cent to £652,000.

The firm’s UK revenue grew seven per cent from £112.9m to £121m, after crossing the £100m barrier for the first time in 2015/16.

UK turnover now accounts for 58 per cent of Osborne Clarke’s global figures – in 2015/16 UK revenue made up 62 per cent of turnover.

Osborne Clarke also said its cash resources rose 29 per cent in 2016/17 from £25.8m to £33.4m.

UK managing partner Ray Berg told The Lawyer: “The results show that the international network is growing.”

He added: “Our cash resources demonstrate that we’re a well-managed firm, which is something our clients are increasingly asking us about.”

Over the past few years, Osborne Clarke has embarked on a period of international expansion, turning its attention most recently to Asia.

The firm opened an office in Shanghai, giving the firm its first base in mainland China. It also formalised its relationship with Hong Kong firm Koh Vass & Co in 2015, as well as BTG Legal in India in November 2014.

Last year it entered the Singapore market through an association with local firm OC Queen Street.

Around 95 per cent of UK revenues are billed by Osborne Clarke’s sector teams, including digital business, financial services and life sciences. Berg admitted there are a few areas that do not fit in with the firm’s sector focus, claiming it is not the intention for all UK turnover to come from Osborne Clarke’s sector groups.

Financials for 2016/17 are steadily trickling in, with Eversheds Sutherland revealing its first post-merger results of an 8 per cent uplift to £438.6m.

Gateley’s revenue also increased by 15 per cent from £67m to at least £77m in its second full year as a listed entity.

Earlier this week Fieldfisher said its revenue had skyrocketed 34 per cent to £165m.