Law GovLaw Gov

    Subscribe to Updates

    Get the latest legal news from from all around the world directly to your inbox.

    What's Hot

    Associates Say Silence on Partnership Criteria Breeds Anxiety and Resentment

    August 14, 2022

    Read the Document: Judge Unseals Trump Search Warrant

    August 13, 2022

    Longstanding Linklaters, Allen & Overy German Partner Dies at 60

    August 13, 2022
    Facebook Twitter Instagram
    Law GovLaw Gov
    • Privacy Policy
    • Guest Post
    • Terms
    • Contact
    Facebook Twitter Instagram
    SUBSCRIBE
    • Home
    • News
    • Law Firms
    • Legal Technology
    • Law Practice
    • Litigation
    • Regulation
    Law GovLaw Gov
    Home » Freshfields PEP Stays Just Ahead of Rivals

    Freshfields PEP Stays Just Ahead of Rivals

    July 27, 20222 Mins Read Law Firms
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp
    Share
    Facebook Twitter LinkedIn Pinterest WhatsApp Email

    Freshfields Bruckhaus Deringer’s average profits per equity partner have stayed just ahead of the firm’s elite U.K. rivals, despite slower revenue growth during the financial year.

    According to a firm statement on Wednesday, revenue rose by 7% to £1.7 billion compared with the previous year. Without exchange rate movements, revenue rose 10%, the firm said.

    Earlier in July, Allen & Overy reported 10% growth in revenue, nearing closer to the £2 billion mark at £1.94 billion, while Clifford Chance managed an 8% rise to £1.97 billion.

    Freshfields’ PEP figure has inched ahead of rivals however to reach £2.07 million, rising 8% to better elite London firms A&O’s £1.95 million PEP figure and Clifford Chance’s £2.04 million.

    Last year, the firm’s PEP figure stood at £1.91 million.

    In the statement, global managing partner Rick van Aerssen said: “We have delivered another robust set of results for the firm, reflecting our continued commitment to deliver for clients around the world.

    “Despite tightening market conditions globally, I’m particularly delighted we’ve achieved a sixth consecutive year of revenue growth – underlining the strength and resilience of the firm’s long-term strategy and our teams’ understanding of where Freshfields can best add value.”

    The firm has continued to invest significantly in the U.S. market this past financial year, with Hogan Lovells life sciences partners Kristen Riemenschneider and Vinita Kailasanath and Cravath, Swaine & Moore dealmaker Damien Zoubek.

    In particular, Freshfields has charted quick growth on the West Coast, thanks to IPO, M&A and SPAC work fueled by technology clients.

    The firm’s European growth has also been notable, with Germany as a key market. It launched a special claims unit in Germany to deal with mass ‘dieselgate’-style claims at the end of 2021, later building on it in June by opening presences in the German cities of Nuremberg, Mannheim and Hanover.

    In London, the firm made a rare lateral partner hire into its private equity practice, to remedy a spate of private equity partner exits in recent years. The departure of two of its highly-rated junior private equity partners to Kirkland & Ellis in October 2021 prompted some market observers to say that “the wheels have come off” at the Magic Circle firm.

    Freshfields also set the new pay rate for London NQs at the elite firms, raising the base salary to £125,000 in April — which Clifford Chance later matched.

    Linklaters is the last of the London elite yet to report its financials.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Freshfields Ups In-Office Requirements in Agile Policy Rethink

    August 12, 2022

    Lawyers Get Opinionated As Office Summons Commence

    August 12, 2022

    Paul Hastings Finance Partner Duo Join US Rival

    August 12, 2022

    The Asia Legal Briefing: Do British Firms in Asia Suffer From an Identity Crisis?

    August 12, 2022

    Destroying the Myth of the ‘Gladiator’ Lawyer

    August 11, 2022

    Jones Day Latest Firm To Increase London NQ Salary

    August 11, 2022

    Leave A Reply Cancel Reply

    Don't Miss
    Law Practice

    Read the Document: Judge Unseals Trump Search Warrant

    Francesco MazzagattiAugust 13, 20220

    A federal judge unsealed a search warrant executed on former President Donald Trump’s West Palm…

    Longstanding Linklaters, Allen & Overy German Partner Dies at 60

    August 13, 2022

    New York Law Journal Announces Its 2022 Rising Stars

    August 13, 2022

    What Impact Will the Downturn Have on Legal Hiring, and What Can You Do To Prepare?

    August 12, 2022

    Subscribe to Updates

    Get the latest legal news from from all around the world directly to your inbox.

    Our Picks

    Court Pulls Info for Judge Bruce Reinhart, Who’s Believed to Have Signed Warrant for Mar-a-Lago Search

    August 12, 2022

    Are Clients ‘Ghosting’ More Law Firms? It’s Complicated

    August 12, 2022

    KSB Advises JTZE on Poline Acquisition

    August 12, 2022

    Freshfields Ups In-Office Requirements in Agile Policy Rethink

    August 12, 2022
    Law Gov
    Facebook Twitter Instagram Pinterest
    • Privacy Policy
    • Contact
    • Guest Post
    • Terms & Conditions
    © 2022 Law Gov. All rights reserved. Developed by Sawah Dev.

    Type above and press Enter to search. Press Esc to cancel.