International legal practice Osborne Clarke achieved a revenue of €407m for 2021/22. This is a 19% per cent increase on 2020/21 (which was €341m) and a 66% increase over five years.
Omar Al-Nuaimi, Osborne Clarke's International CEO, commented: "It's been a fantastic year and I'm so proud of the hard work and dedication of our teams. While market conditions have been favourable, our business strategy is driving stronger client relationships and delivering strong results. We have had a number of highlights during the last year.
"Our US platform continues to be key in helping us win and develop more global client relationships, while our new 30+ strong team in Poland has given additional scale to our European practice. Elsewhere we've grown aggressively through lateral hires, strengthened our international approach to ESG and we are investing in new technologies that will support our firm's ongoing digital transformation."
Ray Berg, Osborne Clarke's UK Managing Partner, commented: "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."
In the UK, Osborne Clarke's income increased by 20% to £199.1m, from £166.4m in 2020/21. The firm 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 per cent, from £67.9m in 2020/21, to £77.2m. Profit per equity partner (PEP) was £796k up 11%; compared to £714k in 2020/21.
Sectors and services
The firm's 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, while the other sectors were broadly flat but against strong 2020/21 results.
Osborne Clarke has 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.
Osborne Clarke welcomed energy-specialist Hugo Lidbetter and payments expert Paul Harris who both joined in January, three further energy and utilities sector experts John Deacon, Dominic O'Brien and Hannah Roscoe joined in March, incentives specialist Anika Chandra and a team of five pensions experts joined in May. The firm also made Eight UK promotions to partner in April, of which 38% were female.
Across Osborne Clarke's international business, the firm most recently welcomed laterals including environmental law specialist Joanna Peltzman and finance partner Anne Vrignaud in France, ESG regulatory special counsel Sern Yang LIU in Singapore, tax specialist Claudio Grisanti in Italy and new employment counsel Bernd De Marrez in Belgium. Dorothée Chambon was promoted to partner and head of the firm's tax practice in France, five partners were promoted in the Netherlands and there were five partner promotions in Germany at the start of the year.
"We're investing to grow our business so we can support the next generation of our firm. We want Osborne Clarke to be known for attracting and retaining top talent because we provide opportunities for all our people to grow and develop their careers, doing high-profile work in a supportive and inclusive workplace.
"Reward is closely tied to personal growth and well-being, so we're looking at how we competitively reward our people. From transparent base pay and enhanced bonus payments, to recognition of long-serving employees and increased pensions contributions we feel incentivising our top performers and valued employees is a big part of being a responsible business," said Ray.
Osborne Clarke is again giving all its people in the UK a 5% profit share based on annual salaries, which will be paid in June. 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, to be paid in July.
ESG (Environmental Social and Governance)
In June, Osborne Clarke announced its commitments to both a near-term target and the long-term Science Based Targets Initiative Net Zero Standard, one of only a few UK firms that have made similar commitments.
The firm has shown strong dedication to the promotion of diversity and inclusion within the workplace during the last year, which has resulted a number of achievements including: improving its 2021 UK Social Mobility Index performance, jumping 33 places to now rank 48th out of 203 participating employers and receiving the silver award for its LGBTQ+ commitment and efforts - jumping 159 places in Stonewall Workplace Equality Index, now 113th out of 403 and 16th of 34 in the legal sector.
Being a responsible and ethical business and employer underpins Osborne Clarke's business strategy. The Osborne Clarke For Good framework is the firm's way of ensuring it's a good corporate citizen, a good employer and a good business.