7 July 2022
Today we announce our financial results for the financial year to 30 April 2022.
The firm has achieved double digit growth with a 25% increase in UK revenue, totalling £219.3 million, and a 32% increase in profit to £93 million.
Global performance also saw a significant increase of 13% in revenue to £420.6 million. Up from £371.3 million previously, this is the fourth year running we have achieved record international revenues, with the last 12 months marking a significant jump in revenue growth.
UK Managing Partner Shane Gleghorn said: "It was a year of outstanding performance and commitment by our people. They worked tremendously hard and were unwavering in achieving our goals.
Our initial investments played through in the final year of our three-year strategy, which is pleasing. There was strong performance across all of our teams. Our core sector strengths of Technology and Life Sciences & Healthcare underpinned the results, and we saw significant growth in the Real Estate and Private Wealth sectors. Trade marks and copyright, and patent litigation and IP advisory have also been very strong contributors. That sector approach has been coupled with investment into, and focus upon, our client relationships, which has significantly grown profitable revenue. That growth has enabled us to expand into new Technology and Life Sciences hubs that offer opportunities for our clients.
We are now moving into the next phase of our strategy, and will continue to invest in our people and technology to deliver exceptional client service."
The firm has invested in its people in recent years, increasing its capability with internal promotions, key lateral hires, and remuneration growth. UK PEP is the highest on record increasing by 27%, and this is the second year people across the firm will receive a 5% profit share (based on salaries) in addition to its annual performance bonus payments of up to 30%.
Earlier this year, the firm also confirmed an increase in NQ salaries from £81,000 to £95,000pa in London, ahead of its annual salary review. Salaries in the firm's Liverpool office have also been reviewed, with NQs in the region receiving £65,000pa.
by Shane Gleghorn and Olaf Kranz
by Paul Lawrence and Shane Gleghorn