Maritime legal specialist HFW posted an 11 percent jump in profit per equity partner (PEP) at the end of the 2020 financial year, as it reported strong growth amid its ongoing international expansion, globallegalpost.com reported on Tuesday, July 28.
PEP rose to £526,000, with revenues up 9% to £195m and net profit coming in at £47m. The firm also recorded rises in both revenue per lawyer and profit per lawyer to £389,000 and £94,000 respectively, citing results seen by some as a broader and fairer measure of a firm’s overall financial metrics.
Richard Crump, the firm’s global senior partner, told Monaco Daily News: “We are very pleased to see our sector-focused strategy and sustained international expansion continue to drive growth across the business. Our newest offices – in Abu Dhabi and Monaco – have both been fantastic additions to the firm, and we’ve also seen strong growth across the Americas, Europe, the Middle East and Asia-Pacific.”
HFW made significant sector-specific lateral hires, such as in Monaco, a fixed location for the shipping industry and for the superyacht segment in particular. The firm diversified its maritime practice with the arrival of a three-partner, seven-lawyer team from Ince in 2019, which Crump called “a fantastic addition to the firm”.