International commercial law firm, Hill Dickinson has today announced financial results for the financial year ending 30 April 2016.
Financial Highlights
- Total revenue of £103 million
- Distributable profit of £17.7million
- Profit per equity partner of £314,000
- Total borrowings reduced by 25%
- Net debt reduction of 20%
Operational Highlights
- Successful acquisition of the wealth management and commercial practices of Matthew Arnold Baldwin
- Significant new client wins and panel appointments including: Kingfisher, Walgreen Boots Alliance and Health Trust Europe 13 new lateral partner hires
- National health team expanded by over 20%
- Intake of 14 trainees and 11 apprentices
- Three internal promotions to partner together with ten promoted to legal director. Of the total number of 31 lawyers promoted, over 50% are female
- Launch of strategic sustainability programme including charitable foundation and membership of United Nations Global Compact
The firm has announced a turnover of £103m and distributable profits of £17.7m, an increase of £2.3m on the previous year. Debt and net borrowing have been significantly reduced as a result of continued financial discipline and focus across the business.
Commenting on the results Hill Dickinson CEO, Peter Jackson, said:
“These results show the progress we have made against our strategic priorities. They are particularly pleasing given market conditions remain robust and the fact that they follow a period of significant restructuring for us.
“It’s no secret that the volume end of the insurance market has been tough and there are hard recessionary issues at play in global shipping but the breadth of our offering brings a resilience to our business and we are protected from the worst of these challenges.
“Against this backdrop, we are seeing strong growth in our commercial and health practices, as well as in retail, commodities and education. In addition, we have boosted our client base with a number of impressive client wins and our strengthened balance sheet and enhanced management structure gives us an ideal platform for growth. We will continue to pursue opportunities over the coming year but they must be the right fit for us, both culturally and operationally.
“Technology is transforming the legal sector and our continued commitment to innovation will ensure we are able to meet the evolving needs of our clients. This year will see us invest in a number of areas with the aim of enhancing the capability and performance of our business.
“These results would not have been possible without the dedication and commitment of everyone at Hill Dickinson and I’d like to take this opportunity to thank them for their continued commitment to the firm.”