Dentons UKMEA posted a 7.7 per cent increase in turnover to £169m in 2015/16, up from £157m the year before, while the member with highest entitlement to profits rose to £1.3m.
The financial results, which cover Dentons’ operations in Abu Dhabi, Amman, Cairo, Doha, Dubai, London, Milton Keynes, Muscat, Riyadh, Tashkent and Watford, show that net profit also increased by 12.2 per cent from £41.6m to £46.7m in 2015/16.
The firm’s UKMEA bank borrowings, including financial leases, dropped by 44 per cent from £2.9m to £1.6m during the period.
Total costs for staff increased to £78.6m from £74m in the previous year, while the firm’s average headcount increased from 585 to 899 during the period.
Late last year, The Lawyer reported that Dentons’ negotiations to take over a large part of King & Wood Mallesons’ (KWM) EUME business fell through because partners refused to accept a 25 per cent cut in profit share.
KWM did not release its EUME figures for 2016. In 2015, the average profit per equity partner (PEP) in Europe and the Middle East skyrocketed by 39 per cent to £610,000 in its second financial year since it merged with SJ Berwin.
Last year, Dentons opened its third German office in Munich with the hire of three partners from Norton Rose Fulbright, and also opened two offices in Italy, first in Milan and then in Rome following a two-year strategic plan to build a full-service firm in the country.
#1 Lawyers Search Engine