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published FEBRUARY 01, 2010

International law firm Lovells has published its LLP accounts

Revenue increased to £536m in 2008/09 compared to £495m in 2007/08; Staff costs - including non-equity member remuneration - increased to £271.1m in 2008-09 compared to £225.5m in 2007/08; Profits after tax decreased to £124.4m compared with £148.3m in 2007/08; and Average profit per equity member decreased to £604,000 compared to £720,000 in 2007/08. According to Lovells managing partner David Harris: “Our priority during the turbulence arising from the credit crunch was to focus on our clients, staying close to them and helping address the effects of the downturn on their businesses. Strong performance management was also an important feature of the year, with an emphasis on improved financial housekeeping and cost management and delivering value to our clients. “Our performance has been solid in a difficult market and the measures taken provide a robust base for the current financial year. Our international reach and practice breadth have proved to be a real asset for the firm and for our clients. “There have, of course, been some very significant developments since the period covered by the accounts with our proposed merger with Hogan & Hartson. We will be starting the new financial year in May 2010 as Hogan Lovells as a very different business with a stronger and truly global presence.”