Top 50 law firm Penningtons Manches Cooper has announced its 2018-19 financial results. The firm’s revenue has risen to £79.5 million, an increase of 4.5%, with overall profits of £25.2 million and a net profit of £14.5 million.
CEO David Raine said: “This is our tenth consecutive year of growth, and although a fairly modest uplift in comparison to the last two years, overall we’ve had another solid 12 months across our key strategic sectors and practice groups.”
“During 2018-19 we’ve made a series of substantial investments in areas we continue to see as vital to supporting future growth. This has included an increase in spending on technology – in people, systems and processes – that strengthen our operational infrastructure, facilitate ongoing development and deliver on international expansion strategies such as the recent merger with Thomas Cooper.”
Shortly after the end of the financial year, Penningtons Manches announced that it was to merge with Thomas Cooper – the firm’s first major transaction since Penningtons and Manches joined forces in 2013. The merger completed on 30 June. The new combined business, Penningtons Manches Cooper, has a turnover of over £90 million and international offices in Paris, Madrid, Piraeus, San Francisco, Singapore and Sao Paulo. The firm also expanded its domestic footprint earlier in the Spring with the opening of a new office in Birmingham.
David Raine commented: “In the coming year we expect to see a strong financial performance, particularly as we start to see the benefits of the merger. Already in the first quarter of this year, we’ve seen really encouraging progress across the business, with some practice areas performing exceptionally well: commercial dispute resolution has risen 21% on a like-for-like basis, private client has risen by 19% and the real estate division has risen by 18% in the same period.
“Like most other firms, a certain level of caution exists around the possible impact of a no deal Brexit. However, post the merger and with an expanded network that includes key jurisdictions both inside and outside of Europe, we’re in a good position to balance domestic challenges with the pursuit of international growth opportunities.”