DLA Piper posts global revenue rise of 1 per cent
14 Jun, 2011
DLA Piper has posted a 1 per cent increase in global turnover, with revenue at $1.96bn (£1.27bn). Total profit was up 5.9 per cent at $777.8m £503m), according to the firm’s report: ‘Financial Performance for the Year ended December 2010 Strategic Framework 2011-2014’
In 2010, DLA Piper delivered strong financial results and made significant progress in its ambition to be the Leading Global Business Law Firm. This momentum has continued into 2011 and the Firm is confident of building on this success in the current year.
DLA Piper saw improved performances across all practice areas and with particular regional highlights being Continental Europe and the emerging economies in Asia. The UK and US grew revenue and exceeded budget expectations during this period.
As well as the 1 per cent increase in total revenue, the financial highlights of 2010 included a decrease in costs of 2.5 per cent (as compared to 2009) and an increase in profits of 5.9 per cent as compared to 2009, to $777.8m/£503m.
During 2010, the Firm represented a growing number of international businesses, including: Banco Santander, Barclays, Cheung Kong Infrastructure, Groupon, Industrial and Commercial Bank of China Limited, Macquarie, MBIA, Motorola, Pfizer and QUALCOMM. In addition, 2010 also saw DLA Piper achieve a series of number one rankings including: Number one among the world’s top 20 Law firms (Law 360); Number one for Global Announced Deals (mergermarket); and number one for Private Equity transactions (Dow Jones).
2011 – Continuing Momentum
The Firm’s revenue in Q1 2011 was $32m/£21m higher than Q1 2010 (11.5 per cent). As a result of underlying organic growth and the integration of DLA Phillips Fox on 1 May 2011, the firm expects revenues to rise by 15.6 per cent in 2011 (8.5 per cent excluding Phillips Fox).
DLA Piper’s ambition is to be the Leading Global Business Law Firm and to achieve this its strategy will focus on:
• developing the business internationally in jurisdictions where clients are growing their businesses;
• providing good value to our clients based on our ability to provide consistent, seamless and cost effective solutions across a range of sectors, practice groups and geographies;
• ensuring that the Firm has the expertise and capability to respond to our clients’ full legal business requirements, wherever they do business.
Corporate Developments – Geographic expansion
Over the past eighteen months, the firm has expanded its geographic spread significantly. In 2010, it established a presence in Turkey, Brazil, Portugal and Venezuela and in May of this year integrated with DLA Phillips Fox in Australia.
DLA Piper now has 4,200 lawyers in 76 offices across Asia Pacific, Europe, the Middle East and the United States.
Sir Nigel Knowles, joint CEO of DLA Piper said:
“Against the backdrop of a tough global legal services market our performance demonstrates the advantages of the firm’s diversity of services and geography. Our ambition is to be and remain the leading global business law firm and our absolute focus on our clients and what they need from us now and in the future will enable us to achieve this. Everyone in the firm is focused on continuing to deliver capability and value to our clients wherever they choose to do business.”