CITY legal outfit Denton Wilde Sapte (Dentons) yesterday posted double-digit partner profit growth and kick started the financial reporting season as the first law firm to reveal yearly results.
Profits per equity partner rose 20 per cent rise to £360,000 and comes as good news for Dentons, which saw the same measure fall by almost 40 per cent last year as the recession bit into the firm’s business.
Dentons chief executive Howard Morris said this was closer to its historic levels after management cut costs, maintained revenue and increased productivity among its lawyers.
Morris said: “The firm is in good shape for the future and we expect to benefit from our strategic strengths in selected emerging markets and sectors experiencing growth in these conditions.”
Overall profits at Dentons rose by 22 per cent to £31.4m, while revenue was fairly flat at £167.5m.
Dentons’ strengths remained in the City and the Middle East, with the latter seeing an 11 per cent growth in revenue for the year.
Improved productivity at the firm meant that revenue per lawyer was up 7.5 per cent on last year to £970,000.
“We have held this position by winning more work, while maintaining a competitive stance on pricing and improved productivity. The outlook is positive and we have responded well to the downturn,” added Morris yesterday.