PEP climbs to £1.4 million
Herbert Smith Freehills (HSF) has reported solid financial results for the year prior to its summer merger with US outfit Kramer Levin.
The firm, which officially merged with Kramer Levin last month to form Herbert Smith Freehills Kramer, grew revenue 4% to £1.36 billion in the year to 30 April 2025. Profits hit £486.9 million, up 9.5% on the previous year, while profit per equity partner (PEP) climbed 8.6% to £1.4 million.
It marks the twelfth consecutive year of revenue growth for the global firm, which now boasts a combined global turnover of around $2.7 billion following the merger.
Reflecting on the milestone, global CEO Justin D’Agostino said:
“This is our best-ever financial performance, and marks 12 consecutive years of revenue growth — a very fitting final set of results for Herbert Smith Freehills. We are proud to have achieved growth across all regions despite significant macroeconomic challenges in many of our markets.”
The figures drop during a busy summer reporting season across the City, with both Clifford Chance and Linklaters posting strong results earlier this week.
The bumper results come just weeks after HSF Kramer confirmed it had upped newly qualified (NQ) solicitor pay in London to £145,000 — an uplift of £10k.