LLP accounts show revenue growth and steady profits for HSF
Herbert Smith Freehills’ (HSF) LLP accounts show a sharp increase in revenue but a lack of growth in profit.
Global revenues rose 11% to £920.8m from £832.2m. The accounts denoted such cities as Paris, Madrid, and Moscow as showing “excellent performances,” as well as heralding the firm’s Asia practices.
The firm’s profit however showed very little growth, rising by less than 1% to £247.9m from £245.7m. HSF cites its year-end shake-up in its remuneration system as one cause for the uninspiring profit numbers. Freshfields Bruckhaus Deringer went through a similar change last year as well, but the full reflection of the reforms has not yet been revealed in either firm’s LLP accounts as of yet.