A merger with another law firm last year fueled significant revenue growth for Clyde & Co, the London-founded global firm said on Tuesday.
Clyde & Co, which has more than 2,400 lawyers, increased its revenue more than 20% to 788.6 million pounds ($1.01 billion) in the financial year ending April 30. The firm said its 2022 merger with insurance-focused law firm BLM contributed to the gains, while 6% of the boost was “organic growth.”
The firm said it generated profit of 169.2 million pounds ($216.24 million), representing a 6% increase.
Profit per equity partner remained flat at 708,000 pounds ($904,824.00), which Clyde & Co said reflects “the significant increase in partners and continued long-term investments being made into the business.” The firm hired 38 partners in addition to the 46 partners that joined from BLM, and made 26 internal partner promotions, it said.
“Our results over the past year speak of a firm in good health and in growth mode,” Clyde & Co chief executive officer Matthew Kelsall said in a statement.
The firm said it opened 10 offices globally in the recent financial year, including several that were added through the BLM merger.
In the United States, Clyde & Co opened a Boston office in February through a combination with a local 14-lawyer firm. The firm has 15 U.S. offices and more than 70 partners on its U.S. team, which focuses on insurance, according to its website.
The firm has more than 60 offices globally, including 23 across the Americas. North America accounted for 22% of its revenue while the United Kingdom made up 46% of the revenue, the firm said.