A sharp rise in partner numbers following merger with BLM, together with ‘long-term investments’, kept partner profit in check at international firm Clyde & Co last year.
Profit rose 6% to £169.2m in the 12 months to 30 April, while profit-per-equity-partner remained flat at £708,000. Income climbed by 6% organically and by 20% including BLM’s addition on 1 July last year, to £788.6m.
During 2022-23 the firm secured 38 lateral partner hires, in addition to 46 partners who joined from BLM. There were also a record 26 internal partner promotions.
Clyde’s expansion over the year included the opening of 10 new offices, including BLM’s UK offices in Belfast, Birmingham, Londonderry, Liverpool and Southampton. The UK accounted for 46% of total revenue.
Matthew Kelsall, Clyde & Co’s CEO, said: ‘Doubling our revenues in the space of 10 years is a testament to the enduring strength of our strategy and the value it provides clients thanks to our clear and long-held sector focus and our strengths across disputes, regulatory and corporate disciplines.’
In 2022-23 Clyde launched what it describes as a ‘market-leading’ parental leave offering, including access to 26 weeks of fully paid leave regardless of gender or parental role.
