Magic circle player cites ‘challenging economic climate’
Freshfields has gone public with its latest set of financial results, with equity partner earnings dipping slightly to £1.82 million.
The Anglo-German giant posted a 3% uptick in revenue to £1.52 billion for the financial year ending 30 April 2020, with profit per equity partner (PEP) down 1% from £1.84 million to £1.82 million.
Freshfields said net profit remains “stable” at £685 million, down from a previous figure of £688 million, “despite investing significantly in the future of the firm”.
Stephan Eilers, managing partner at Freshfields, said: “This is a strong set of results, driven by a long-term strategy that has seen us progress despite the challenging economic climate. We have made some significant investments this year that give us an even stronger platform for the future, and I’m excited about what we can achieve.”
“We continue to advise on the most dynamic mandates in the market and are forging ahead with our US expansion plans. I would like to thank our people for their outstanding efforts and above all our clients for trusting us with their business-critical matters right around the world.”
The results come after Clifford Chance announced yesterday a 5% increase in PEP to £1.69 million and a 6% uplift in revenue to £1.8 billion. Elsewhere, Allen & Overy and Linklaters saw their partner profits shrink slightly to £1.63 million and £1.61 million respectively. The remaining magic circle firm, Slaughter and May, does not disclose its results.