Newly merged law firm Wragge Lawrence Graham & Co has created a £172 million turnover business delivering profit of £58.7 million at a margin of 34 per cent, it has been revealed.
The financial picture for the firm was revealed as it announced the results of its legacy firms - Wragge & Co and Lawrence Graham - for the financial year to April 2014.
The turnover figure comprises £121.2 million from Wragge & Co and £50.8 million from Lawrence Graham, with profit of £41.5 million and £17.2 million respectively.
Wragge Lawrence Graham & Co's chief executive David Fennell said: "The merger consolidates our position among the UK’s top 25 firms and creates a strong platform for further growth and success.
"Although the market remains challenging, there are signs that confidence is returning and we are in a good position to capitalise on that."
He added: "Our new firm offers clients a greater range of specialists, deeper sector knowledge and broader international reach, all delivered by people who are dedicated to giving clients the best possible service.
"We have a bright future ahead and I'm excited to be leading the firm at this stage in its development."
Wragge Lawrence Graham & Co is home to one of the UK's largest real estate practices, accounting for more than £56 million or a third of the merged firm's total turnover.
The practice put in a strong performance, with turnover increasing by 15 per cent. This was driven by growth across the full range of real estate disciplines and headline instructions including the redevelopment of Battersea Power Station and the development of a new market town in the South West.
In dispute resolution, the merger united Wragge & Co's strengths in IP, construction and commercial litigation with Lawrence Graham's focus on international disputes, particularly in the areas of fraud/asset tracing, contentious trusts and insurance/reinsurance.
At £40.9 million, dispute resolution generates a quarter of the merged firm's turnover and this area of the practice delivered a seven per cent increase in turnover.
In corporate, positive performances in equity capital markets, investment funds, M&A and private equity saw a turnover increase of 10 per cent.
Highlights include new instructions from BlackRock and Cantor Fitzgerald, along with the £233 million sale of Prime Public Partnerships (Holdings).
The firm's chairman Andrew Witts said: "We have made a strong start to life as Wragge Lawrence Graham & Co and will continue to invest in the people, practices, sectors and locations that will take us forward.
"Both clients and our people are already experiencing the benefits that being a bigger and better firm can offer."
Formed in May this year, Wragge Lawrence Graham & Co employs 1,250 staff, including 770 lawyers, operating from Birmingham, Brussels, Dubai, Guangzhou, London, Monaco, Moscow, Munich, Paris and Singapore.
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