This Biglaw Firm Will No Longer Release Its Financial Results To The Media
Is this a trend in the making?
Ed. note: Welcome to our daily feature, Quote of the Day.
As we assess our financial reporting in line with our global peer group, from next year onwards, we will not be releasing financial information to media at this point in the year. … 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.
— Rick van Aerssen, managing partner of Freshfields, in a statement given after the global firm announced its latest financial results, which included an 8% increase in revenue to £1.84 billion (~$2.38 billion), as well as a slight increase in its profits per equity partner of 1% to £2.09 million (~$2.7 million). “All financial information which we must release as a matter of law will continue to be available via Companies House in the usual way,” Aerssen said. As noted by the Global Legal Post, Freshfields is still likely to submit data to ALM for rankings purposes. International firm Mishcon de Reya made a similar move earlier this month, announcing that going forward, the firm will no longer be publishing its profit per equity partner.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
