Field Fisher Waterhouse smashes financial targets and announces ambitious new growth strategy
19 May 2008
Field Fisher Waterhouse LLP announces today
its results for the financial year ending 30th April 2008.
The firm’s turnover has increased to £88 million, smashing targets
set back in 2004 and demonstrating 30% growth on last year’s
turnover of £67.7 million.
In November 2004, Field Fisher Waterhouse
agreed an ambitious growth strategy which set a target to increase
turnover over three years, from £47 million then to £75 million by
2008. The 07/08 figures exceed that target by £13 million.
Although a final figure for profits per equity
partner (PEP) will not be available until early August, the
firm expects average PEP to be more than £750K – representing an
increase of at least 27.3% on last year’s PEP of £589K.
The figures comprise
turnover and profits for both the UK and Brussels offices.
The Brussels office has exceeded its targets, achieving a
turnover figure of 6.1 million Euros. The office opened in
April last year with three partners and has since grown
rapidly. It now has nine partners and 22 solicitors,
with a number of lateral hires including a three partner regulatory
team who joined in October from McKenna, Long & Aldridge
The last financial year has seen the firm open
an office in Paris as part of its successful new European strategy
announced in April 2007, as well as growing its Hamburg and
Brussels offices substantially, with laterals across all of the
firm’s offices totalling 15 since May last year. The most
recent arrivals in the UK are Hamish
Sandison, technology partner and
former Non-Executive Chairman at Bird & Bird and Chris Wormald, formerly head of franchising at
Eversheds.
Following on from this success the firm has
now agreed ambitious new targets, aiming to more than double fee
revenue to £200 million by 2012.
Field Fisher Waterhouse plans to meet these
new targets through growth in both the UK and its European offices.
At the same time the firm will continue its international focus,
developing new business in the US, China, India, Japan and the CIS
and growing its client base of businesses investing in
Europe. 40% of the firm’s revenue comes from international
work and the aim is to increase this to 50% by 2012.
There will continue to be a strong focus on
client service, profitability and financial discipline, and
attracting and retaining talented employees. The firm already has
European client teams, European industry sector groups and a number
of project teams working on delivering all aspects of the new
strategy.
Moira Gilmour,
Managing Partner at Field Fisher Waterhouse, said: “We have beaten
the targets we set ourselves back in 2004 by a substantial
margin. This was through a combination of high performance
across all practice areas, key lateral hires and the success of our
new European strategy. We are now looking to build on this,
so that by 2012 we are a fully integrated European law firm
delivering excellent service to clients within Europe and
around the world. If we meet our objectives we should be
positioned in the top 25 law firms by turnover in the UK and top 15
by profitability.”
For further press information, please
contact:
Louise Eckersley, PR Manager,
Field Fisher Waterhouse LLP on 020 7861 4120
Scarlett Yianni, PR Assistant,
Field Fisher Waterhouse LLP on 020 7861 4795