Freshfields Increases Revenue, Will No Longer Release Figures

Freshfields Bruckhaus Deringer, which has embarked on an aggressive expansion strategy in the US in recent years, has reported its seventh consecutive year of revenue growth.

The London-founded firm saw an 8% increase in its revenue to £1.84 billion (about $2.38 billion), while its profits per equity partner rose 1% to £2.09 million (about $2.7 million), according to recently released financial information by the firm. The firm’s fiscal year ends April 30.

“We have a global growth strategy that puts the U.S. at the heart of the firm alongside our leading European, Asia and MENA businesses,” said Freshfields senior partner Georgia Dawson in a statement.

“As the financial performance announced today demonstrates, it’s a strategy that’s working,” she said.

The firm also noted that starting next year it will no longer be releasing financial information to the media. The financial information that is released as “a matter of law” will continue to be available via Companies House, the UK organization that allows citizens to access records for companies in the country.

“We consider the real sign of the firm’s progress to be based on the quality of business we’ve built and the client mandates we’re winning around the globe,” said firm managing partner Rick van Aerssen in a statement.

The decision mirrors that of London-based law firm Mishcon de Reya which last week said it will no longer publish its equity partner figure, describing it as not helpful or useful.

Over the last year, the firm brought on 14 lateral partners in the US, including a four-partner group from Wilson Sonsini Goodrich & Rosati, as well as David Sewell from Perkins Coie and Damien Ridealgh from Weil Gotshal & Manges in New York.

The firm will also be moving its offices from midtown Manhattan to 3 World Trade Center where it will occupy four floors of the lower Manhattan skyscraper starting in early 2024.

The firm also picked up key roles on several high profile deals, including advising UBS Group AG in its acquisition of Credit Suisse Group AG for $3 billion and the independent directors of Qualtrics on its $12.5 billion sale.