Freshfields Bruckhaus Deringer announces extraordinary results in pandemic year

Freshfields Bruckhaus Deringer announces extraordinary results in pandemic year

The firm joins Magic Circle rivals Allen & Overy and Clifford Chance to post strong results with revenue and PEP growth

UK law firm Freshfields Bruckhaus Deringer has announced vastly improved financial results for the year ending on 30 April. The firm's revenue and profit per equity partner (PEP) have both increased by 5 per cent.

According to the results announced, Freshfields' revenue has increased to £1.59 billion and profit per equity partner to £1.91 million.

Allen & Overy had earlier announced the identical 5 per cent income growth while Clifford Chance had reported 1 per cent income growth. However, compared to Freshfields, the profit per equity partners of both rival firms was higher. While Allen & Overy PEP had increased by a whopping 17 per cent, Clifford Chance – the largest of the trio by revenue – PEP registered a growth of 9 per cent.

Freshfield had reported a 3 per cent revenue growth in the financial year 2019-2020 while its PEP had gone down marginally.

"This strong set of results reflects Freshfields' continued success in our core markets, as well as our expansion in growth markets such as the U.S. The ability of our global platform to deliver for clients as a destination practice across all the key disciplines is a formula that works, shown by revenue growth across all our regions and practice areas against the backdrop of the pandemic," Rick van Aerssen, Managing Partner at Freshfields, said.

Freshfields' strategic highlight during the 2020-2021 financial year was opening its office in the Silicon Valley last summer amidst the pandemic by hiring partners from the Davis Polk, Latham & Watkins, Sidley Austin and Wilson Sonsini.