Herbert Smith Freehills has announced its unaudited results for the year ended 30 April 2022, with the following headline figures:
- FY22 saw the highest revenue, profit and PEP to date
- The 9th consecutive year of revenue growth
- Revenues were £1.103 billion, 6% increase on the previous financial year (2020/21: £1.038 billion)
- Profit was £381.2 million, 4% increase on the previous financial year (2020/21: £366.9 million)
- Profit Per Equity Partner was £1,163,000, 6% increase on the previous financial year (2020/21: £1,099,000)
CEO Justin D’Agostino commented:
“I am immensely proud to announce another year of continuous growth.This year’s result was particularly pleasing, surpassing our record-breaking FY21 – a year which saw revenue and PEP exceed £1 billion and £1 million respectively for the first time.”
“Activity across all regions and practice areas was strong. Clients turned to our ‘twin engines’ – our leading transactional and disputes expertise – for their most strategically important matters.”
“Among these were transformative deals, such as Sydney Aviation Alliance’s A$32 billion enterprise value acquisition of Sydney Airport – the largest cash and infrastructure takeover in Australia’s history – and Engie’s €7.1 billion sale of Equans.”
“The global surge in deal-making also saw us acting on CapCo’s £3.5 billion merger with Shaftesbury, and BHP’s A$40 billion merger with Woodside. Our transactional strength was evident from our top positions in the M&A league tables and awards.”
“Add to that many landmark disputes, such as AerCap’s US$3.5 billion insurance claim regarding 116 aircraft and 23 engines lost in Russia. Increased client demand in class actions and contentious matters kept our leading disputes and regulatory teams busy across the globe.”
“Our offices in Australia, Hong Kong, New York, Belfast and the Middle East had an exceptional year, as did Paris and Madrid, each with double-digit growth. London also performed strongly. Newer offices including Kuala Lumpur, Milan and our joint operation with Kewei in China also contributed to our robust financial performance.”
“These achievements are down to standout teamwork, cross-border and cross-practice collaboration, as well as dedicated client service and deep client relationships.This year also saw one of our biggest investments in people – in our largest partner promotion round in the firm’s history, new counsel and senior associates. Building on our confidence and strong momentum, we are fully-focused on our firm’s Ambition 2025 strategy this year, cementing our position as one of the world’s leading international law firms.”
“Despite the headwinds in the global economy, we are confident in our financial and strategic resilience. Our decision to close our Moscow office was not taken lightly but our EMEA region is now focusing on future growth.”
