Gowling WLG’s UK turnover has increased 2 per cent to £184.7m.
The financial results are the firm’s first since the merger of legacy Wragge Lawrence Graham & Co and Canadian firm Gowlings. The Canadian LLP does not publish its results but Gowling WLG’s global revenue for 2015/16 was £410m.
Gowlings’ UK profit before tax also increased by 1.4 per cent to £57.2m, from £56.4m the previous year. Profit per partner has also increased by 5.2 per cent to £364,000.
The UK figures signalled a slow down in growth for the firm after Wragges’ turnover had previously increased by 5 per cent during 2014/15, from £172m.
Speaking to The Lawyer CEO David Fennell said the firm had performed well during a year in which the market slowed due to the general election and the build up to the EU referendum. Fennell said Brexit would not alter the firm’s strategy but would increase the importance of growing its international offering.
Fennell said: “If you are in a country that has said it’s going to be outside of Europe then inevitably you’re going to look more international. We will be working to develop our links in North America particularly through the Canadian piece but also through our US sales network.
“We will continue to developing out our Singapore and China offices, and we’re still looking for a combination partner in Singapore and East Asia. Those things are at least as important if not more important than before.”
Brexit stunted growth in Gowling WLG’s real estate practice, which saw turnover grow by just £1m to £62m last year. The firm was appointed as the sole legal adviser to the M&G UK Property Fund and is advising on the £4bn Brent Cross Cricklewood development.
Gowling WLG recently revealed it had delayed its annual pay review for its lawyers and staff while the firm considers how the UK’s decision to leave the EU will affect its business.
The pay review was due to take place shortly after the EU referendum but Gowling WLG made the decision to delay the review until the autumn. The firm has promised that any changes to salaries will be backdated to 1 July.
Construction and engineering saw the biggest growth throughout the year after revenue increased by 23 per cent. The practice now generates £10m of revenue and advises on a number of projects such as New Covent Garden Market and Battersea Power Station.
The firm’s intellectual property (IP) practice also saw strong growth with turnover rising by 17 per cent. The Anglo-Canadian merger was designed to create a top international IP practice and following the combination Gowling WLG won a contract to advise Weetabix on global IP matters.
The UK LLP also includes a number of overseas offices. Gowling WLG’s Munich office saw revenue grow by 38 per cent, while the Chinese office in Guangzhou saw turnover increase by 16 per cent. Despite being the firm’s biggest overseas office, its Paris turnover only increased by 3 per cent.
The post Gowling WLG UK turnover inches up to £185m post merger appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.