Fieldfisher delivers strong financial results with double-digit revenue growth in 2023 / 2024

European law firm Fieldfisher has announced its financial results for the financial period covering 2023 / 2024. The firm changed its financial year-end date from 30 April to 31 March in advance of the HMRC basis period reform changes. The results, therefore, cover 11 months of trading to 31 March 2024, and compare them against the same period in the previous financial year. 

Headline figures and highlights include:

• Firm-wide revenue reached £359 million - up 10% on the previous financial year. 
• Profit Per Equity Partner stands at £966,000 – up 4 % on the previous financial year.
• Double-digit revenue growth was delivered by the firm's Corporate, Dispute Resolution, Financial Markets and Products, Personal Injury and Medical Negligence, Regulatory and Tax practices.
• Revenue growth was recorded across the firm's European network with double-digit increases in Ireland, Germany, Luxembourg, and the UK.
• Fieldfisher's ALSs continued to grow, including 17% revenue increase for Fieldfisher Condor and £3 million revenue achieved by Fieldfisher X.

Fieldfisher's Managing Partner Robert Shooter commented: "This has been a year of significant progress at Fieldfisher, with our strategy focused on European expansion, collaboration and ESG gaining a real momentum. All our teams delivered outstanding results, despite challenging market conditions. We also continued to expand and strengthen our international footprint, increasing our presence in key markets.

Our positive financial results reflect the strength of our full-service offering and our ambition to succeed. I would like to thank all our departments for continuing to deliver an excellent client service, and our Business Services teams for driving operational innovation and improvements in the firm. Our culture of collaboration, support and innovation is crucial to our success, and will help sustain our ambitious growth plans in the years to come." 

Practice area and industry sector highlights

 Success was shared across all of the firm's practices, most of which achieved a double-digit growth.

• A standout performance was delivered by the Regulatory practice with a 36% revenue increase. A 13-strong partner team, specialising in regulatory, competition, trade and public law, regularly leads the market on complex investigations and public inquiries work. Last year it represented Euronet in a competition law claim against Mastercard and Visa, and supported Peloton on regulatory and compliance matters relating to the roll-out and evolution of its fitness platform across the UK and Europe.
• Dispute Resolution, a department which comprises over 400 contentious lawyers firm-wide, increased its revenue by 17%. The team achieved a successful outcome for Eurasian Natural Resources Corporation in the longest-running investigation in the Serious Fraud Office's history. The practice is also acting in the largest-value fraud trial ever brought in the Commercial Court, advising Mikhail Rabinovich as a defendant in a US$14 billion case.
• A 14% revenue growth was delivered by the Financial Markets and Products practice, which specialises in derivatives, structured finance, financial regulation, funds, banking and real estate finance. The team acted on a number of complex matters including a £2bn longevity swap for Munich Re with the MMC UK Pension Fund and advised on the LIBOR transition restructurings of over 40 tough legacy securitisations with an aggregate value of approximately £20 billion.
• Despite the market slowdown, Corporate recorded a significant revenue increase at 10%. Its Equity Capital Markets team regularly tops FTSE AIM 100 adviser league tables. Last year it acted on two of the biggest deals on AIM – SigmaRoc's US$1.1 billion acquisition of CRH's European lime and limestone business, and a placing and subscription by international multi-brand franchisor Franchise Brands plc raising £97 million.
• Personal Injury and Medical Negligence, which forms a distinct part of the firm's business, increased its revenue by 15%. The practice is renowned for its sensitive approach to handling difficult claims and achieving the best possible outcomes for its clients. A recent standout outcome includes a settlement of £10.5 million for a case involving a child who suffered a severe brain injury in a road traffic accident. 

International performance and developments

In the UK, the business recorded a 14% revenue growth with increases in Manchester (14%), Birmingham (16%) and London (14%). A mix of local and international work, conducted by the regional teams, continues to be a successful formula for the UK's growth agenda.

Comprising 5 offices in Berlin, Dusseldorf, Frankfurt, Hamburg and Munich, Germany has grown to become the firm's fastest growing international operation, with revenues climbing 20% on the previous year.

Impressive contributions have also been made by Ireland (10%) and Luxembourg (81%), too. Part of this growth can be attributed to the transition from acting on predominantly local, domestic work to advising multinational clients on cross-border matters, providing a one-stop shop for clients.

The firm's new and thriving Vienna office has significantly bolstered the firm's regional position, opening a direct route to Eastern Europe offering additional business growth prospects.

A strategic change was implemented in Italy, where the firm relaunched its Italian operation as a fully integrated part of its international network. Since the relaunch in April this year, Fieldfisher Italy has already grown to 32 professionals in its Milan and Bologna offices, handling high-profile clients, as evidenced by the recent closing of major M&A transactions, among others.

Underpinning the growth strategy is an ongoing investment in bringing new talent to the firm. In the last 12 months, the firm has invested heavily in key locations in Europe, attracting 22 leading specialists to the firm. They include an eight-strong competition litigation team in London, two arbitration specialists in Spain and the Netherlands, three Technology and Data partners in London, Dublin and Paris and a leading Media team in Germany. 

Progress against the 2022 - 2025 firm strategy

Fieldfisher's ambition of becoming Europe's leading law firm has been significantly progressed through a continued growth of existing offices, office openings in new jurisdictions (Vienna office opening in June 2023) and greater integration (Fieldfisher Italy relaunch).

A central strategic theme of collaboration has also been addressed by the creation of a new Partner Collaboration Framework.

Impressive results have also been delivered by the firm's core sectors - energy and natural resources, technology, life sciences and financial services. The firm's multi-disciplinary, cross-border sector teams have been advising clients on topical sectoral issues including energy resilience and energy transition strategies, AI, and regulations around digital health, medical devices and cell and gene therapies and crypto-assets.

The firm's commitment to ESG was ramped up with the arrival of ESG Director Nicole Bigby, who will take Fieldfisher's sustainability strategy to the next level.

A particular ESG highlight for the firm last year was its One Firm Action fundraising initiative. Through a collective effort of people across Fieldfisher's international network, the firm donated £526,000 to 15 charities in support of various global causes. The action showcases the firm's ability to address critical societal needs through collective action.