Dentons’ U.K., Ireland and Middle East (UKIME) arm grew its revenue by 14% during the most recent financial year, as it readies to launch a new strategy.
According to a statement by the firm on Monday, revenue rose from £229.1 million to £260.4 million, a £31 million increase. Last year, revenue grew by just 1%.
The firm’s U.K. corporate practice was particularly lucrative, posting over a 20% increase in revenues, “fuelled by domestic and cross-border M&A activity”, according to Dentons’ UKIME CEO, Paul Jarvis.
According to someone with knowledge of the situation, the firm’s PEP currently stands just below the £1 million mark. The firm declined to provide an overall profit figure.
In a statement the firm said three key branches fuelled the revenue uplift. The firm’s newly opened Dublin office has “materially outperformed expectations” in its first full year of trading. Jarvis described the office as “absolutely on fire”.
Inbound work from outside the UKIME region, particularly from colleagues in Europe and the U.S., totalled £35 million, according to the firm, which was a 40% increase from last years £25 million. Dentons’ ‘new law’ offering Dentons Helix also contributed £8.3 million to revenue.
The latest figures cover the firm’s operations in London, Milton Keynes, Scotland, Dublin, Abu Dhabi, Amman, Cairo, Doha, Jeddah, Muscat and Riyadh.
Later this year the firm will be launching a refreshed strategy. Jarvis said the new approach will be focused on three main pillars, including “making our clients more connected as we hope to do more work on the borrower side, utilising our global presence having had a number of laterals join us, and continue premium rate work for premium clients.”
In March, Dentons overhauled its UKIME bonus structure and upped pay for newly qualified lawyers. Jarvis added that this has had a positive impact, with multiple reasons behind the change, particularly from a wellbeing perspective as workload is spread more evenly. “I want the hours spread across more fee earners” he said, “I would rather have the majority of lawyers working productively at 1400 – 1500 hours than only 20 to 30% of people doing 2000 hours”.