You have0 free article left this month.
Register for a free account to access unlimited free content.
You have 0 free article left this month.
Register for a free account to access unlimited free content.

Lawyers Weekly - legal news for Australian lawyers

Powered by MOMENTUM MEDIA
lawyers weekly logo

Powered by MOMENTUM MEDIA

Goodbye job applications, hello dream career
Seize control of your career and design the future you deserve with LW career

HSF records almost $2bn in revenue in FY22

Global law firm Herbert Smith Freehills has recorded its ninth consecutive year of fiscal growth, with both firm revenue and profit per equity partner up 6 per cent from last year.

user iconJerome Doraisamy 14 July 2022 Big Law
HSF records almost $2bn in revenue in FY22
expand image

HSF has seen, in the 2021-22 financial year, its highest revenue, profit and profit per equity partner (PEP) to date.

In what is the global firm’s ninth consecutive year of revenue growth, HSF recorded revenue of £1.10 billion ($1.94 billion, as of the conversion rates on Thursday, 14 July 2022), marking a 6 per cent increase from last year’s figure of £1.04 billion ($1.83 billion).

The firm’s profit was £381.2 million ($671.5 million), a 4 per cent increase from last year’s figure of £366.9 million ($646.31 million).

And PEP was £1,163,000 ($2,048,665), a 6 per cent increase from last year (£1,099,000 or $1,935,926).

Speaking about the results, HSF chief executive Justin D’Agostino (pictured) said that he is “immensely proud” of the firm’s continuous growth.

“This year’s result was particularly pleasing, surpassing our record-breaking FY21 — a year which saw revenue and PEP exceed £1 billion and £1 million respectively for the first time.

“Activity across all regions and practice areas was strong. Clients turned to our ‘twin engines’ — our leading transactional and disputes expertise — for their most strategically important matters,” he said.

“Our offices in Australia, Hong Kong, New York, Belfast and the Middle East had an exceptional year, as did Paris and Madrid, each with double-digit growth. London also performed strongly. Newer offices including Kuala Lumpur, Milan and our joint operation with Kewei in China also contributed to our robust financial performance.

“These achievements are down to standout teamwork, cross-border and cross-practice collaboration, as well as dedicated client service and deep client relationships.

“This year also saw one of our biggest investments in people — in our largest partner promotion round in the firm’s history, new counsel and senior associates. Building on our confidence and strong momentum, we are fully-focused on our firm’s Ambition 2025 strategy this year, cementing our position as one of the world’s leading international law firms.

“Despite the headwinds in the global economy, we are confident in our financial and strategic resilience. Our decision to close our Moscow office was not taken lightly but our EMEA region is now focusing on future growth. Thank you to all our people and our clients for a phenomenal year. We look forward to another year of growth and success, as we work towards our ambitious."

Jerome Doraisamy

Jerome Doraisamy

Jerome Doraisamy is the managing editor of Lawyers Weekly and HR Leader. He is also the author of The Wellness Doctrines book series, an admitted solicitor in New South Wales, and a board director of the Minds Count Foundation.

You can email Jerome at: jerome.doraisamy@momentummedia.com.au 

Comments (0)
    Avatar
    Attach images by dragging & dropping or by selecting them.
    The maximum file size for uploads is MB. Only files are allowed.
     
    The maximum number of 3 allowed files to upload has been reached. If you want to upload more files you have to delete one of the existing uploaded files first.
    The maximum number of 3 allowed files to upload has been reached. If you want to upload more files you have to delete one of the existing uploaded files first.
    Posting as
    You need to be a member to post comments. Become a member for free today!