Just over a quarter of the top 100 UK law firms have now released their FY15 results.
Revenue is up 6% on last year, rising to £3.9bn from £3.68bn in FY14. This is slightly down on the 7% growth the same 28 firms enjoyed last year. (On a consistent exchange rate basis, growth this year is 7%.)
As ever, the overall view masks a more mixed picture in the detail:
- 21 firms have grown by more than the average 6%
- 7 firms have grown by less
- 15 firms have seen better growth than last year
- 13 firms have seen worse growth than last year
Of course, the main story is that every firm has seen more impressive PEP growth vs. revenue growth, so it seems that the market has been focusing more on the bottom line than the top line.
So is this a good year so far? You decide...
To see the full table of firm results and more ideas and thinking go to www.thirteenideas.com
Financial reporting season is beginning to hot up, with a string of firms now revealing what 2014/15 was like for them. Financial reporting season is beginning to hot up, with a string of firms now revealing what 2014/15 was like for them.