Revenue and partner profits up in final figures to media
Magic Circle law firm Freshfields has confirmed it will, going forward, no longer publish its financial results as it revealed rises to both revenue and partner profits for 2022-23.
Freshfields said that all legally required financial information will continue to be available via Companies House. “We consider the real sign of the firm’s progress to be based on the quality of business we’ve built and the client mandates we’re winning around the globe,” said firm managing partner Rick van Aerssen.
The final set of press-released financials show revenue grew to £1.84 billion, an 8% increase on the £1.7 billion it posted the previous year. Average profit per equity partner (PEP) rose by 1% to £2.09 million, making Freshfields the only Magic Circle firm to record a PEP rise this year.
Commenting on the results, Freshfields senior partner Georgia Dawson said:
“We have a global growth strategy that puts the U.S. at the heart of the firm alongside our leading European, Asia and MENA businesses. It provides a unique global offering for our clients that sees them turn to us for their most strategic matters crossing practices and borders. Everything we are doing is driven by what our clients need in a rapidly changing world.”
The decision means moving forward the firm will be taking the same approach as Magic Circle competitor Slaughter and May, which historically has not disclosed its financial results.
Elsewhere in the Magic Circle, Allen & Overy posted a 7% uptick in revenues to £2.1 billion; Linklaters also published a 7% uplift to £1.9 billion; and Clifford Chance recorded a marginally smaller 5% increase to £2.06 billion.
Earlier this week London law firm Mishcon de Reya said it will no longer publish its PEP figure, describing the popular metric as not helpful or useful for “a business like ours”.