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Press Release
WFW reports strong year - revenue increases by 25%
11 June 2009
Watson, Farley & Williams ("WFW") is pleased to announce its financial results for this year. Total revenue rose to £73.5 million, an increase of 25% on the previous year (£59.0m).
This income growth reflects expansion of the firm during the year, in which the firm opened two new offices (Milan and Munich) and the fee earner head count grew by 17%.
Profit per equity partner was £430,000, a small increase on last year, and revenue per lawyer/partner was £310,000, an increase of 7%.
Michael Greville, Managing Partner, commented, "We experienced a strong first 6 months to end October 2008 and, whilst we have noticed a decrease in utilisation since Q4 2008, there remain reasonable amounts of work across the firm. Depreciation of Sterling during the year had some positive effect on the top line (we estimate about 6%), meaning that real growth in fee income was greater than growth in head count and we are pleased to have ended the year with profits per partner holding steady. WFW does not have a highly leveraged business model and this helps us to maintain profitability in a downturn; whilst it is difficult to predict what the current year will bring, we feel well positioned to face the challenges".
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For further information, please contact:
Hannah Truman, PR Executive
London Office
Tel: 020 7814 8088
E-mail: htruman@wfw.com
Editors Notes:
1. Watson, Farley & Williams is an international law firm with offices in London, New York, Paris, Hamburg, Munich, Rome, Milan, Athens, Piraeus, Singapore and Bangkok. The firm currently has 200 lawyers and over 350 staff.
2. Watson, Farley & Williams focuses on three key sectors where it is recognised for its specialist knowledge and expertise; Maritime, Energy and Finance & Investment. The firm advises on international finance, corporate and commercial matters, mergers and acquisitions, corporate finance, taxation, dispute resolution and real estate law. Our legal teams advise on English, German, French, Greek, Italian, Russian, New York, US federal and Thai law and we maintain active relationships with leading law firms in many countries.
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