Herbert Smith reports growth in revenues and PEP
Herbert Smith has reported a 3.4% increase in revenue in the 2010-11 financial year, from £449.9m to £465m. Profits per equity partner also rose by a significant margin, jumping 4.4% from £862,000 to £900,000.
Revenues from the firm’s Asia arm jumped by 27.6% during 2010-11 to reach £83.2m, while London turnover fell by 2% to £304.9m. The firm's Continental Europe practice took £66.2m and the Middle East offices took £10.8m.
Herbert Smith managing partner David Willis said: "Obviously I think what we have seen in Asia reflects global economic trends, and our China capital markets practice has been particularly busy. I thought the results were satisfactory this year overall, but you are always looking for a better bottom line, and we would have hoped to have seen an even bigger increase, but the economic prognosis in the UK and Europe has still been pretty uncertain.
"We are now looking at a number of strategic options for investment internationally and will be building up the practice areas in our younger offices."