Financial results 2017: Osborne Clarke reports 12% revenue increase
In the UK, the firm saw an increase of seven per cent in revenue from £112.9m in 2015/16 to £121m in 2016/17. In addition to the UK revenue growth, net profit and profit per equity partner (PEP) increased five per cent and three per cent, respectively. Net profit grew from £49.8m to £52.5m in 2016/17, while PEP went from £635k to £652k in 2016/17.
Non-UK revenue now accounts for 42 per cent of total revenue.
During the last year, Osborne Clarke UK maintained its financial stability, while cash resources rose 29 per cent to £33.4m against £25.8m in 2015/16.
Investment was a key priority for Osborne Clarke and the business funded many firm-wide initiatives including service innovation projects to create bespoke cloud-based platforms that improve service delivery for a growing number of its clients.
Osborne Clarke also continued to invest in recruitment and development to support its sector-focused approach, and this year appointed 29 Partners across Europe and Asia, of whom just under a third (31 per cent) are female. The UK and Germany also made six Partner promotions.
Workplace strategy was at the top of the investment agenda and included the firm-wide roll out of agile and connected working. The connected working programme combines technology and working practices to enable lawyers to work in a way that best suits them and their clients.
Ray Berg, UK Managing Partner, Osborne Clarke commented: “We have an exceptionally well-run business with a clear strategy and many growth clients. These results reflect the high levels of dedication and commitment across our entire business and emphasise what a great team we have.”
This news first appeared on Osborne Clarke’s website. Read the full article here.
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