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United Kingdom

31 Aug 2010

Gide London hit with £3.3m loss

Gide Loyrette Nouel’s London office posted a loss of £3.3m in 2009, The European Lawyer can report, as the French firm’s flagship international branch is hit by the global downturn.

 

The dramatic figures, revealed in Gide’s LLP accounts filed this month, show that turnover fell from £11.9m from March to December of 2008 – or £18.2m on a pro-forma basis – to £9m last year.

 

Overall profits also nosedived into negative numbers. Profit in 2008 stood at £3.4m but dropped by almost £7m over the last year. This meant Gide’s London office posted a loss of £3.3m in 2009. The accounts reveal the firm spent a hefty £4.8m on salaries in 2009 which, with an average headcount of 65, means the average salary was around £73,000. The firm also forked out £903,513 in a provision for an onerous lease.

 

Gide was not available for comment but, in its LLP accounts, the firm cited the ‘current market crisis and its impact on the global economy’ as affecting it activity levels.

 

The loss comes against a 14% drop in Gide’s overall revenues, which stood at €223m in 2009.