Kennedys’ turnover increases 31% after year of mergers
A 31 per cent rise in turnover at Kennedys saw the firm’s global turnover rise from £149.9m to £196m, while UK turnover grew 14 per cent from £101.5m to £118m.
Much of this growth was attributed to its merger with Manchester-based commercial litigation boutique Berg as well as a rapid expansion programme which saw the firm make numerous hires from now-defunct Sedgwick Chudleigh, establish four new offices and secure its transatlantic merger with Carroll McNulty & Krull.
Kennedys declined to publish its profit, which stood at £27.2m in 2016/17, saying that “the firm maintained profitability levels and continued to increase its investment in innovation”.
Speaking on the results, Kennedys senior partner Nick Thomas said: “Global growth and innovation sum up our focus during 2017/18. We experienced unprecedented growth, which is aligned to our global strategy to be the go-to firm for the insurance sector and to provide the best on-the-ground capability where our clients tell us they need it.
“10 office openings over a 12-month period may seem like a lot but these are all firms and people that we have been in discussion with for a long time. They all complement the firm’s core business and strengthen our market proposition for clients. I feel very proud of our achievements, and most importantly, our clients could not be more supportive.”
Though the firm has shown a notable slowing of its global footprint since the turn of the calendar year, Kennedys’ expansion last year saw it branch out into a number of new jurisdictions.
The firm ended 2017 by establishing an association with Puerto Rican firm Cólon & Cólon having already opened up in Argentina, Bangkok and Melbourne in the final four months of last year.
While international growth appeared to be the firm’s main focus in 2017, Kennedys made a double-partner hire from Mayer Brown, drafting in Ingrid Hobbs and Andy Westlake.
Thomas went on to say: “Alongside this we have invested heavily in innovation, from launching our global Ideas Lab, enhancing our existing suite of products (Kennedys Toolkit), through to strengthening our development team in India who will support our ambitious plans for delivering 21st century legal services to our clients. We will continue to set Kennedys apart through our award winning tools as we feel this is critical to the future of legal services.”
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