Osborne Clarke sees strong results despite economic backdrop
International legal practice Osborne Clarke said it saw good growth in its fiscal 2023 with its UK business seeing income rise 9% to £217.3 million compared to £199.1 million in 2021/2022.
Conrad Davies, Osborne Clarke's UK managing partner, said it was a "strong" set of results amid a "challenging" economic market.
"Even though it's been a tougher trading environment, we've made a number of targeted investments to grow our headcount, increase the reward we pay our people and accelerate the roll out of various key change programmes across our legal operations," he said.
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Rob Hayes, partner and recently appointed head of Osborne Clarke's Thames Valley office, added: "We have managed to continue to grow our Thames Valley team during a challenging market, which has included making a number of key strategic hires. I am now looking forward to seeing what we can achieve over the next twelve months, both in the UK market and internationally."
In the UK, there was double-digit growth across five of its seven key sectors, including energy and utilities, retail and consumer, financial services, life sciences, and mobility and infrastructure. The technology, media and comms, and built environment sectors were broadly flat against strong 2021/22 results.
All the firm's practice groups grew over the last 12 months with disputes and risk seeing an increase of 24%. Advisory grew by 14%, while the firm's business transactions group, and projects, real estate and finance group both had 3% growth.
International revenue came in at €442 million (around £380 million) for 2022/23, which was a 9% increase on 2021/22 (which was €407 million).
Notably, Osborne Clarke said it has increased investment in recruitment across key international sectors and services over the past 12 months announcing multiple partner-level hires.
In the UK, these included life sciences patent litigation Partner Trevor Crosse and medical technology regulation expert Peter Rudd-Clarke, data protection expert Jonathan McDonald, technology disputes specialist Philip Tansley and corporate energy Partner Matt Lewy.
A team of five pensions experts including partners Chris Netiatis and David Hosford as well as pensions Partner Carol Dick also joined, along with private wealth specialist Patrick Wooddisse, corporate Partner Louise Grzasko, head of corporate structuring and simplifications Tom Lewis, contentious financial services regulation Partner Benedicte Perowne, and incentives specialist Anika Chandra.
The company said it has a number of programmes to support its people. It has announced a new wellbeing at work strategy as well as race and gender action plans to ensure accountability for managing work-related causes of poor mental wellbeing, and increasing diversity in its business.
The firm also recently announced its long-term science-based target in the UK, to reach at least a 90% carbon reduction against the 2019-20 baseline year by 2040.
It added that this year it was also increasing long service awards, which range from £2,000 for a ten-year anniversary to £10,000 after 50 years' service. The firm is also introducing a discretionary long term incentive plans with bonuses up to 40% paid over three years.
Omar Al-Nuaimi, Osborne Clarke's international CEO, said: "Our teams have pulled together once again this year in an often turbulent market to deliver great results for our international clients and business.
"We're on track to hit €500m turnover by 2025, while delivering on a number of key investment programmes to help us reach our target."
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