Results in for Macfarlanes, Ince & Co, WFW and TLT
Another batch of UK law firms have released their 2021 financial figures.
Silver circle player Macfarlanes reported a turnover of £260.9 million, an increase of 9.8% on the previous year, while operating profit reached £141.5 million, a jump of 12.3%. Profit per equity partner (PEP) surpassed £2 million for the first time, reaching £2.085 million
Sebastian Prichard Jones, Macfarlanes senior partner, commented:
“In a difficult year for many, these results are testament to the hard work of everyone at the firm. Thank you to our clients for continuing to entrust us with their work and to our teams who have performed remarkably in far from ideal circumstances.”
By contrast, listed law firm Ince reported a whopping 60% downturn in operating profit to £3.1 million. Global revenue grew by 4% to £100.2 million, but UK revenues fell 5% to £58.7 million. Operating profit before non-underling items remained flat at £9.2 million.
Ince cited a number of reasons for this year’s disappointing results, including UK lockdown measures on office openings and travel, as well as restrictions on court activity, paricualry insolvencies.
Meanwhile, Watson Farley & Williams (WFW) recorded 1.2% dip in revenues to to just over £180million, while PEP is also down — 4% to £553,000. Profits rose 4% to hit £54.8 million.
Managing partners Chris Lowe and Lothar Wegener commented:
“We are satisfied with the result as we entered the last financial year during a strategic review of our core business aimed at consolidating and investing in our strategy of sector focus. As part of that, we have opened two new offices in Dusseldorf and Sydney, welcomed ten lateral partners and made significant investments in our workplaces and business functions across the firm.”
Elsewhere, UK law firm TLT posted revenues of £110 million — 11% up on the previous year. “We ended the last financial year in a very strong position, having adapted quickly to the challenges of the pandemic — particularly in the first quarter,” John Wood, TLT managing partner commented. “This has been my first year as managing partner, and I am proud of everyone at the firm’s efforts to make this result possible by supporting and delivering for our clients time and time again throughout the year.”