HWF records 30 per cent jump in PEP, global revenue increases by 2.6 per cent

HWF records 30 per cent jump in PEP, global revenue increases by 2.6 per cent

The London-based firm was able to breach the £200 million mark for the first time since it came into being 138 years ago

The UK-based global law firm Holman Fenwick Willan (HFW) has declared a hefty 30 per cent increase in profit per equity partner (PEP) against a 2.6 per cent increase in revenue during the 2020-2021 financial year.

HWF has joined many other UK law firms that have successfully managed to overcome the COVID-19 generated challenges to post impressive figures.

The firm was able to breach the £200 million mark for the first time since it came into being 138 years ago. Profit per equity partner (PEP) rose to £683,000, with profits per lawyer going up by around 30 per cent to £123,000.

Net profits posted more than 26 per cent rise to £59.7 million in the financial year ending 31 March, while the firm's profit margin climbed more than five percentage points to 30 per cent.

The 2020-2021 results follow on from a strong 2019-2020 when revenue had increased by 9 per cent to £195 million while marking an 11 per cent increase in PEP.

HFW has attributed its robust performance to its ongoing global expansion efforts and high client demand for specialist expertise in aerospace, commodities, construction, energy and resources, insurance and shipping. HFW generates around 70 per cent of its total revenue from contentious matters.

Notably, for the third year in a row, at least 60 per cent of the firm's global revenue was generated outside the UK, with six of its international offices — Kuwait, Abu Dhabi, Geneva, Shanghai, Paris, and Melbourne — reporting revenue growth of more than 15 per cent. Its London revenue, meanwhile, climbed up by a decent 7.4 per cent.

"Becoming a £200 million business is a major milestone in our continued growth as a firm, and to have recorded what is our best ever year under such extraordinarily challenging circumstances is a real testament to the talent and dedication of the people we are fortunate to have at all levels across HFW," Richard Crump, HFW's global senior partner, said.

According to HFW managing partner Jeremy Shebson, the firm's recent investment in technology and data, which saw it team up with litigation analytics company Solomonic and develop a global resource management system, has started showing the desired results since it helped the firm adapt "quickly and efficiently" to the disruption caused by the pandemic.

"For me, it really highlighted the benefits of being focused and disciplined as a business, as well as how working as a team is the best recipe for strong results – it just requires a bit of extra effort and creativity when we're not all under the same roof," Shebson added.