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Clyde & Co revenue grew by 20% in FY23
Global law firm Clyde & Co has recorded its 25th consecutive year of revenue growth (despite profit-per-equity partner holding steady), with this past year’s increases attributed to organic growth and a year of “significant expansion”.
Lauren Croft
Firm-wide revenue for Clyde & Co grew by more than 20 per cent since the financial year 2022, with 6 per cent organic growth, to £788.6 million.
Profit at the firm increased by 6 per cent to £169.2 million, while profit-per-equity partner (PEP) held at £708,000, following a significant increase in partners and continued long-term investments being made into the business.
The exchange rate, as of the time of filing this story, was $1.93 to £1. However, the above results for the firm are for the financial year that ended 30 April 2023.
Clyde & Co chief executive Matthew Kelsall said that the firm would continue to be in “growth mode” in FY24.
“Our results over the past year speak of a firm in good health and in growth mode. Doubling our revenues in the space of 10 years is a testament to the enduring strength of our strategy and the value it provides clients thanks to our clear and long-held sector focus and our strengths across disputes, regulatory and corporate disciplines,” he said.
“Our focus remains on building and maintaining market-leading positions in all our sectors and practices while continuing to invest in our people and our technology to ensure the most effective delivery of legal services to our clients.”
During FY23, the firm welcomed 38 lateral partner hires in addition to the 46 partners who joined through the merger with BLM in July 2022. Clyde & Co also made a record 26 internal promotions to partner across its regions and sector and practice groupings. Additionally, Clyde & Co implemented a globally consistent parental leave offering, including access to 26 weeks of fully paid leave, regardless of gender or parental role.
Clyde & Co’s expansion over the last year included the opening of offices in Bangkok, Boston, Calgary, Milan, an associated office in Cairo, and the addition of BLM’s UK offices in Belfast, Birmingham, Derry/Londonderry, Liverpool and Southampton.
In the last financial year, the UK accounted for 46 per cent of Clyde & Co revenue and was its fastest-growing region, with revenues up 28 per cent. North America accounted for 22 per cent of the firm’s revenue, the Middle East and Africa 12 per cent, the Asia-Pacific region 12 per cent, and Europe and Latin America 5.5 per cent and 2 per cent, respectively.
Of the 38 lateral partner hires this year, 14 were into the firm’s global corporate and advisory and regulatory and investigations practices, which account for over £100 million of revenue annually.
Clyde & Co senior partner Carolena Gordon added that the talent the firm has attracted helps to drive the best outcomes for clients.
“Our clients have continued to place their trust in our people across the globe this year. We have continued to build out our capabilities and have integrated successfully following our merger with BLM,” she said.
“I am confident that what we have built, including the exceptional talent we have across the firm, puts us in a uniquely strong position to provide clients with the global and commercial-minded support they need to successfully navigate risk and maximise opportunity in today’s complex and uncertain business environment.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
