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Australia now Clyde & Co’s 3rd largest country by fees generated
Global law firm Clyde & Co has published its latest financial results, which show that its four Australian offices are, collectively, bringing in the firm’s third-highest number of generated fees.
Jerome Doraisamy
Clyde & Co has released its financial results for the year ending 30 April 2022, which show that firm-wide revenue rose 2.6 per cent to £650 million ($1.12 billion, as of conversion rates on Friday, 12 August).
The news follows the release of the financial year 2022 results by Ashurst, which saw a 12 per cent revenue increase; Clifford Chance, which saw equity partner profits rise by 10 per cent; Herbert Smith Freehills, which recorded close to $2 billion in revenue; and Pinsent Masons, which saw a PEP increase of 16 per cent.
Profit increased by 4 per cent at Clyde & Co to £159 million ($273 million).
The average profit per equity partner (PEP) dropped slightly from last year’s figure of £715,000 to £708,000 ($1,215,380) in FY22.
“In the last decade, revenues at Clyde & Co have more than doubled, and PEP has increased by 29 per cent, despite the number of partners increasing by 90 per cent — rates of growth matched by very few London based firms,” the firm said in a statement.
Significantly, the firm noted that its operations in the Asia-Pacific region accounted for 14 per cent of the firm’s entire revenue in FY22.
“Growth was particularly strong in Australia, which is now the firm’s third largest country by fees generated,” Clyde & Co said.
Speaking about the FY22 results, Clyde & Co chief executive Matthew Kelsall said: “Our results over the past year speak of a firm in good health and show the benefits of our well hedged business.
“Growing for the 24th year in a row is a huge testament to the continuing strength of our business model and professional management structure not to mention the reputation we have as leaders in our core sectors.
“We are a firm that is ambitious and bold in our approach to growth, which the merger with BLM underlines. Looking forward we are focussed on further strategic expansion, investment in technology and our people, as well as a renewed focus on legal delivery and innovation.”
Clyde & Co senior partner Carolena Gordon added: “For the past two years, our people have worked hard for our clients and the firm in what have continued to be difficult circumstances.
“We have continued to grow and this year we agreed our largest merger in our history, and I am excited by what the future brings.”
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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