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HSF reports annual revenue of over £1bn
Global law firm Herbert Smith Freehills has announced revenue of more than £1 billion across the globe in 2020-21, a first for the BigLaw player.
Jerome Doraisamy
On Wednesday, 14 July, HSF announced its unaudited results for the year ending 30 April, which saw the firm experience its eighth year of growth in a row, and revenue surpassing £1 billion for the first time in the firm’s history.
Moreover, equity partners at HSF saw their profits for the year jump to £1,099,000 per partner, a 28 per cent rise from last year’s individual figure of £857,000.
Speaking about the financial results, HSF chief executive Justin D'Agostino said that the firm’s resilience and growth in the age of coronavirus were thanks to its clients, its people and the “careful stewardship” of the business.
“Clients turned to us to advise them on major landmark deals and cases, and to help them navigate the increasingly complex regulatory and business landscape,” he said.
“Supporting our clients – many of whom were facing unimaginable conditions – kept our teams busy right across our firm. This strong revenue increase, on the back of client demand and increased market share, accounted for around 60 per cent of our profit increase this year.”
HSF has had “especially positive” revenue performances in Australia, China and London, Mr D'Agostino continued, with some of its newer global offices also performing well.
“Of course, this year’s success is really a story of our people. They performed at the highest level in the toughest of conditions, and we want to thank our teams across the world for delivering for our business and our clients,” he proclaimed.
“From the first moments of the pandemic we prioritised our people’s wellbeing and worked hard to keep our teams connected and engaged. We acknowledged their amazing response when we were the first firm to announce a global one-off payment of 5 per cent of salary, paid to all staff in March 2021.”
The past financial year, Mr D'Agostino mused, began in a time of crisis and ended, he posited, “in an era of transformation”.
“Looking to the future, no economy, industry or workplace has been untouched by the pandemic, and we too are focussed on transforming our business to face those challenges and make the most of opportunities,” he concluded.
“These results provide a very strong platform from which to take the next steps to achieve our ambitions as a team.”
Jerome Doraisamy
Jerome Doraisamy is the editor of Lawyers Weekly. A former lawyer, he has worked at Momentum Media as a journalist on Lawyers Weekly since February 2018, and has served as editor since March 2022. He is also the host of all five shows under The Lawyers Weekly Podcast Network, and has overseen the brand's audio medium growth from 4,000 downloads per month to over 60,000 downloads per month, making The Lawyers Weekly Show the most popular industry-specific podcast in Australia. Jerome is also the author of The Wellness Doctrines book series, an admitted solicitor in NSW, and a board director of Minds Count.
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