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City results season kicks off on a high

The top-50 financial results season got off to flying start last week, with ‘record’ activity levels, rising revenue and spikes in partner profit appearing as the impact of Covid-19 on commercial practice begins to emerge.

European firm Fieldfisher revealed that profit per equity partner rebounded by £155,000 to £860,000 in the last financial year, after falling to £705,000 in 2020. Meanwhile, revenue rose by 6% to £290m in the firm’s eighth consecutive year of growth. ‘Activity levels over the last year reached record highs in some months and remain strong,’ managing partner Michael Chissick said.

Pinsent-Masons

Partner profits at Pinsent Masons were also buoyant, rising 16% year on year to £636,000. Turnover crept over £500m for the first time, rising 1.5% to £503.3m. The firm has now enjoyed nine years of consecutive revenue growth.

Senior partner Richard Foley said: ‘For us, success is to fulfil a purpose, and our purpose is to make business work better for people. If we get that right then financial success will follow, as we saw when we broke through the £500m revenue mark.’

CMS and Kennedys also reported strong revenue figures, with the latter recording turnover of £264m, an annual increase of 11%. At CMS, global revenue for the calendar year 2020 grew by 3% to €1.475bn (£1.26bn), while UK turnover for the last financial year edged up from £566m to £567m.

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