INTERNATIONAL alliance Praxity has posted a 9% increase in its members’ revenue figures in the last year.
The second largest alliance, by fee income, said its revenue increased 9% to $4.1bn (£2.5bn) from $3.7bn a year earlier, which represents a 6% increase.
The service line which saw the largest growth across the member firms was management consultancy, which increased 27.9% in 2013 compared with 2012. Litigation support followed with 18.6% growth in a year.
Traditional audit and assurance service lines continue to be the main source of income across the alliance making up 42% of total revenue.
Across the regions, North America and Asia Pacific reported revenue growth was more than 11%, while Africa and the Middle East posted 8% increases with Europe posting growth of 7.5% to $1.31bn.
The alliance attributes a lot of the success to a recovery in the markets and an increase in members during the year.
In August the alliance signed up German six office strong firm HWS, top ten Iceland firm ENOR, Palestine-based El Wafa and UK-based Brand Finance. UK member firms that are already members include Albert Goodman, Forrester Boyd, and most notably Mazars.
Praxity chairman Rick Anderson (pictured) said: “I am very pleased with the success Praxity and its member firms had in 2013. We achieved significant growth in four of the five major operating regions around the world and performed well in our service lines.”
He concludes: “It is important to note that while a portion of this growth was the result of strategic acquisitions by existing Participants and the addition of a few key members in select countries, most of our member firms also had very good internal growth in 2013. They have clearly benefitted from the improving economies in many countries and their membership of Praxity. I am confident 2014 will be an even better year for Praxity and its member firms.”
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars