‘Satisfactory outcome’
Macfarlanes has reported static partner profits in its latest financial results, despite revenue continuing to climb.
The Silver Circle firm posted revenue of £389.5 million for the 2025-26 financial year, up 5% on the previous year. Operating profit also edged up 3% to £212 million. However, profit per equity partner (PEP) remained static at a still hefty £3.1 million.
Macfarlanes’ average partner earnings nonetheless remain above the latest reported figures for several of its Magic Circle rivals, including Linklaters with PEP of £2.48 million, Clifford Chance at £2.3 million, and A&O Shearman at £2.2 million.
Commenting on the latest financial results, Damien Crossley, who took over as senior partner earlier this year, described it as a “transitional year for the firm” that had produced a “satisfactory outcome”.
Referring to a “challenging” market at times, he continued:
“We used the year to make some changes that we believe will drive future success. We have sharpened our focus around our four pillars of Private Capital, Private Wealth, M&A and Disputes and have doubled down on our independence. We have restructured our practice areas to align with our view of market opportunities, continued to invest in our people and technology to allow us to deliver better for our clients, and have opened a representative office in New York that we believe will support our four pillars and our independence. The early signs for the new financial year are encouraging.”
Macfarlanes was instructed on several multi-billion pound deals over the last year, including advising Spanish banking group Banco Sabadell on the proposed £2.65 billion sale of TSB to Santander, acting for Evelyn Partners on its £2.7 billion sale to NatWest, and advising 17Capital on the $5.5 billion final closing of its Strategic Lending Fund 6.
The latest results follow a strong 2024-25, when Macfarlanes’ PEP broke through the £3 million barrier after soaring 20%.
Trust me when I say that folks internally who are busting themselves billing 6.5x salary are pretty peeved at hearing it is a “satisfactory outcome”.
Sorry you could only afford one new Ferrari this year.