Law firm Osborne Clarke has recorded a 19% increase in global revenues in the last financial year and is set to move to a new base in Bristol.
The Bristol-founded company, which employs around 1,600 staff in 26 offices worldwide, recorded revenues of €407m (£349.8m) for 2021/22 – representing a 66% increase over five years.
In the UK, where it is poised to move to a new flagship Bristol base in the top five floors of huge eco-office building Halo, Osborne Clarke’s income increased by 20% to £199.1m, from £166.4m in 2020/21.
The firm said it had continued to strengthen its financial stability with increasing cash resources to £45.8m, up 12% on 2020/21. In addition to revenue growth, UK net profit also increased by 14%, from £67.9m in 2020/21, to £77.2m.
Lara Burch, head of Osborne Clarke’s Bristol office, said: “Impressive as our revenue growth is, it’s not the full story. As the firm continues to grow, being a responsible and ethical business continues to underpin all we do.
“Our upcoming move to Halo, set to be one of the UK’s most sustainable offices, is incredibly exciting and will further establish Osborne Clarke as a company that values diversity, inclusion, sustainability and our people’s well-being.
“We want to be as attractive an employer for Millennials as we are for Gen Z, creating a work environment that appeals to the South West’s diverse young talent.”
Lara Burch, head of Osborne Clarke’s Bristol office. (Image: Osborne Clarke)In February Bath-based workplace design and build company Interaction won a multi-million pound contract to fit-out the company’s interior workspaces at Halo, which is being built on the site of the former Avon Fire and Rescue headquarters as part of the Finzels Reach regeneration project.
Ray Berg, Osborne Clarke’s UK managing partner, added: We have a really well-balanced business that’s delivering great results, which is thanks to our people who have shown outstanding commitment to our clients and each other during the last two years.
“Our 3D strategy, built around the intersection of services, sectors and global transformational drivers, has helped us to build strong relationships with clients that value our insight through the evolving challenges they face. We continue to build a future for our business that delivers growth in a sustainable way.”
Read More Related Articles Bristol lawyers advise on Billie Eilish and Drake agencies deal Read More Related Articles Bristol law firm relocates office to Aztec West Business ParkThe firm said its UK sectors “performed well” with “strong” income growth across real estate, financial services, technology, media and communications, life sciences and healthcare and transport and automotive. It added growth in other sectors was “broadly flat” against strong 2020/21 results.
Osborne Clarke said it had maintained a “healthy balance” of revenue across its four UK service lines. Business transactions increased 27%, projects, real estate and finance grew 25%, advisory by 15%, and disputes and risk had 8% growth.
Omar Al-Nuaimi, Osborne Clarke’s international chief executive, said market conditions had been “favourable”, adding that the firm’s US platform had helped it to win and develop more global client relationships, while a new 30-strong team in Poland had given “additional scale” to its European practice.
The business said it would give all its UK employees a 5% profit share based on annual salaries. This year the minimum payment will be £2,500 up from £1,500. The firm is also increasing performance bonus payments with up to 25% of base salary available.
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