11:14, July 03 399 0

2017-07-03 11:14:11
Dentons posts 9 per cent PEP drop in latest UKMEA financials

Dentons has posted a 9 per cent drop in PEP from £530,000 to £481,000 in its latest UKMEA financial results, while revenue grew by 1 per cent to £165m.

The firm’s results shows a fourth year of consecutive growth for the firm, but is considerably lower than the growth recorded in 2015/16, when the firm grew its UKMEA revenue by 7.7 per cent.

Unlike previous years the financial results, which cover Dentons’ operations in Abu Dhabi, Amman, Cairo, Doha, Dubai, London, Milton Keynes, Muscat, Riyadh, Tashkent and Watford, did not include the firm’s bank borrowings or its staff costs.

Dentons UKMEA CEO Jeremy Cohen said: “It’s been a flatter year in the UK generally. It’s been a year of quite heavy investment. We have been absorbing the shared services centre in Warsaw and we have integrated the team in Watford.

“The UKMEA business continues to make good progress pursuing a strategy built around the three pillars of creating stronger ties with key clients, investing to develop a high quality lower cost platform to meet the needs of clients, and investing to grow UK market share.”

The firm has built a “really significant” financial services practice, Cohen says, and he anticipates a lot of high level work from banks in the year ahead.

“We are also doing very well in construction disputes arbitration -we expect a good run,” he added. “Capital markets is stronger.”

In the last 12 months, the firm has launched a UK patents practice with a team from Olswang, and made up seven partners in the UK in its latest 54-strong global promotions round.The firm also decided to scrap the role of managing associate following a review in its UK offices.

“We continue to want to grow,” Cohen said. “Our focus has been building out the global network and focusing on the regions where we did’t have representation and getting on to global panels.”

Outside of the UKMEA region Dentons has worked on expanding its global footprint. The firm launched an office in Yangon (its second office in South East Asia); entered into a tie-up with Peruvian firm Gallo Barrios Pickmann; entered a strategic alliance with a local Brazilian firm; launched an office in Georgia by taking a team from DLA Piper; opened in the Netherlands with a Dutch merger;

The firm has continued to integrate the McKenna Long & Aldridge teams – chopping 60 business services roles in 20 offices.