PEP hits £1.91 million
Freshfields today revealed its 2021 financial results, with both revenue and profit per equity partner (PEP) up by 5%.
Revenue across all regions and practice areas at the magic circle firm is up by 5% to reach £1.59 billion, marking the fifth consecutive year of growth for the year ended 30 April 2021. Its partner profits are similarly up by 5% to £1.91 million.
The results are marginally better than last year when revenue creeped up by 3% and partner profits dipped by 1%.
Freshfields managing partner, Rick van Aerssen, commented:
“This strong set of results reflects Freshfields’ continued success in our core markets, as well as our expansion in growth markets such as the U.S. The ability of our global platform to deliver for clients as a destination practice across all the key disciplines is a formula that works, shown by revenue growth across all our regions and practice areas against the backdrop of the pandemic.”
Freshfields opened a seven-partner office in Silicon Valley, California, last year as part of its US growth strategy. The firm also has bases in New York and Washington.
Freshfields is the third magic circle firm to disclose its performance for the past financial year. Earlier this month, Clifford Chance revealed a 1% uptick in revenue to £1.82 billion and a 9% rise in PEP to £1.85 million. Allen & Overy, meanwhile, posted a 5% rise in revenue to £1.77 billion and a huge 17% increase in PEP to £1.9 million the firm put down to “exceptionally high levels of M&A activity”.