Revenues and profits rise for DLA Piper
CITY law firm DLA Piper has posted a one per cent rise in global revenue for 2010, as cost cuts helped profits rise 5.9 per cent to £503m.
Turnover at DLA, which is in the top five UK law firms by revenues, was £1.27bn to year end including its US operation, which is administered separately from the rest of the firm.
But a 2.5 per cent reduction in costs helped profits rise to £503m, boosted by a particularly strong performance in DLA’s continental Europe and Asia practices.
The firm has also had a robust start to 2011, with first quarter profits up 11.5 per cent on the same period last year.
In line with several other large City firms, DLA Piper will announce its headline profits per equity partner at a later date.
With the integration of Australian ally DLA Phillips Fox completed in May, DLA Piper is targeting an increase in revenue of 15.6 per cent over the year, with the new addition bringing in 7.1 per cent of the forecast rise.
In its outline for the year ahead, the firm said it was committed to expanding its international footprint to better serve the increasingly global demands of its customers.
“Against the backdrop of a tough global legal services market our performance demonstrates the advantages of the firm’s diversity of services and geography,” said joint chief executive Sir Nigel Knowles.
“Our ambition is to be and remain the leading global business law firm.”
•EVERSHEDS also released its financial results for 2010 yesterday, posting flat revenues of £355m alongside a three per cent increase in profits.
Growth was driven by the firm’s Asian and Middle Eastern operations, which saw growth of 22 per cent and four per cent respectively.
PEP at the firm rose seven per cent to £550,000.
2010 revenue – up one per cent to £1.27bn
2010 profits – up 5.9 per cent to £503m
First quarter 2011 profits – up 11.5% year on year
Revenues expected to rise by 15.6 per cent in 2011