Record year for law firm
Shepherd & Wedderburn boosted by overseas growth
Andrew Blain: ‘all divisions were busy’
Shepherd & Wedderburn has achieved record results in its 250th year, with revenue and profits at the law firm rising 4% and 3.6% respectively.
All its divisions delivered year-on-year growth through sustained investment in people and technology, and a high level of client activity, despite ongoing Brexit uncertainty.
Revenues for the year totalled £55.7 million against £53.5m in 2017/18, and profits before partner distributions rose to £22.8m, marginally up on the £22m over the same period last time. The firm did not confirm profit per equity partner. However, it is awarding a 4% practice-wide bonus to all eligible employees.
In March it established an office in Singapore as work for international clients made a significant contribution to growth in recent years. The firm’s lawyers supported clients in more than 120 jurisdictions outside the UK.
Andrew Blain, managing partner, said: “We are pleased to report a second consecutive year of record financial performance, which is the result of sustained investment in client services and strong client activity, both here and overseas, despite the ongoing uncertainty around Brexit.
“All divisions were busy and reported growth in 2018/19. We have continued to listen to our clients and respond to their needs, which has included working in partnership with a number of them. We won significant new business in the year from both existing and new clients.
“Although we have yet to see what the outcome of Brexit will be, we remain cautiously optimistic about the year ahead.”
The firm last week announced that Clare Foster, head of clean energy, has been appointed to the board of industry body RenewableUK.