For the 2010 financial year, Clyde & Co achieved revenue growth of 4% to £192m, while profits increased 10% to £605,000 per equity partner.
Peter Hasson, Chief Executive comments “The figures bear out our strategy of combining broad geographic growth with a depth of expertise in the practice areas in which we focus. We now operate in 16 different countries each of which has performed strongly for the year despite varying market conditions. Each of our core sectors of insurance, aviation, marine, trade, energy and infrastructure has made a positive contribution.
“We have continued to invest in the future, during the year attracting 19 partners from other law firms around the world, a pattern which continues. We also promoted 10 internal candidates either to equity or senior equity partner level. We have opened offices in New Jersey, Riyadh and Dar es Salaam; formed an association with ALMT Legal; added scale to our infrastructure practice through the acquisition of the core practices of construction firm Shadbolt LLP; and have doubled the size of our energy team with 10 senior / partner lateral hires. Much of the benefit of this expansion will be felt next year rather than this.”
Peter continues, “Everyone in the firm is to be praised for their individual efforts over the past year as we have focused on doing what we do well, despite the obvious distractions and tribulations thrown up by market events. Pricing pressure remains intense and our growth has resulted from greater volume not price increases. We have successfully balanced the priorities of cost containment in difficult economic conditions, performance for our clients, retention of our people and investment in expansion.”
|PEP £ '000||550||605||10|
|Partners (at year end)||151||171||13|
|Fee earners (at year end)||688||726||6|
* Exchange rates this year had an adverse impact, the firm's underlying revenue growth rate is 6%.