Profit wavered for some
Five firms have unveiled their financial results, revealing generally positive figures for 2024-25 — although some reported a decline in partner profits.
Leading the charge is Ashurst, which has seen its revenue surpass the £1 billion mark — a milestone described by Global CEO Paul Jenkins and Global Chair Karen Davies as a “first in our 200+ year history”.
This achievement follows nine consecutive years of revenue growth, with an 8% increase on last year, matching the firm’s average annual growth rate. Profit per equity partner (PEP) has also remained strong, in line with the average 10% growth rate over the past decade, and is reported this year at just under £1.4 million.
Taylor Wessing, meanwhile, hit a global revenue of €619 million (£537 million) — an increase over 10% on last year — whilst UK PEP soared past £1 million. Zoning in on UK stats, Taylor Wessing has reported 80% growth since 2020, with revenue up 15% to almost £284 million and profit up over 12% to £103 million.
UK managing partner and global co-chair Shane Gleghorn said:
“We are delighted to see strong growth across our business, as the strategy that we implemented is proving effective. Our ongoing focus on premium, high-profile transactions, complex disputes and critical regulatory work in our core sectors is paying dividends.”
HFW posted a record year, with revenue rising 8% to £270 million. However, this was accompanied by a 3% drop in profit per equity partner (PEP), which fell from £855k to £828k — though revenue per lawyer rose by 12% to £465k.
Bird & Bird saw its revenues climb by some 6% to €673 million (£584 million) in its 33rd consecutive year of growth, with net profit rising by 3%. The firm’s PEP also saw a dip, dropping 1% to €831k (£721,000) after last year’s 8% increase which had brought it to €837k (£704,300).
Meanwhile, listed law firm Gateley has reported a revenue rise by some 4% to £180 million. This comes with a rise in underlying profit before tax by 1.2% to £23.3 million — however, when that stat is adjusted for outgoings, the firm saw profit fall by almost 55% to £6.4 million. The firm chalks up decreases in cashflow to a return in bonus payouts over 2024 and a net debt of £6.6 million to cash being used for “equity recirculation” and expansion.
Gateley CEO Rod Waldie said the results represent “another year of revenue and underlying profit growth for Gateley, set against an unpredictable economic backdrop for much of the year. We are particularly pleased that this growth was driven by the combination of positive returns on our recent investments with an increase in activity levels and active management of cost inflation.”
