Damien Crossley takes charge as Macfarlanes’ profits soar past £3m pep for the first time ever
Macfarlanes, one of the UK’s most exclusive law firms, has smashed financial records with its profit per equity partner (PEP) exceeding £3.1m—on the very same day it announced a major leadership change.
Damien Crossley, current head of the firm’s tax team, will replace Sebastian Prichard Jones as senior partner in March 2026. The announcement of Crossley’s succession coincided with the firm revealing a striking 8% leap in PEP, marking the first time it has ever surpassed the £3m mark.
Turnover also surged by 10.1% year-on-year to £371.4m, while operating profit grew 8.8% to reach £206.5m. These results bolster Macfarlanes’ reputation as one of the most financially resilient law firms in the country, consistently outperforming its Magic Circle counterparts.
Prichard Jones, who took over from Charles Martin in 2020, credited the firm’s success to consistent client activity despite market turbulence. “Our transactional practices performed strongly despite a slightly muted market,” he said. “The UK general election and its aftermath underpinned a standout performance from our private client and tax practices.”
The outgoing senior partner praised both clients and colleagues, emphasising their role in delivering these record-breaking results. He also backed his successor with enthusiasm, highlighting Crossley’s leadership in steering the tax division through a period of “exponential growth and impact.”
Crossley has led the tax team for over a decade, and recently spearheaded initiatives aimed at enhancing services for private capital managers—a segment increasingly central to Macfarlanes’ success. The firm’s decision to pass the reins to a tax specialist signals a strategic pivot, with private wealth and tax likely to take centre stage in the years ahead.
Embed from Getty ImagesIn recent years, Macfarlanes has demonstrated remarkable agility in weathering economic headwinds. After a dip in revenue and profits in FY23—blamed on soft market conditions across private equity and M&A—the firm rebounded strongly in FY24 with double-digit growth. This latest financial year cements its comeback.
PEP at Macfarlanes now far outstrips that of its larger Magic Circle rivals. Linklaters, which has been the only one to report so far for FY25, posted a record revenue of £2.3bn with a 15% growth in PEP—still trailing Macfarlanes at £2.2m.
That level of profitability gives Macfarlanes a distinct advantage in recruiting top-tier legal talent. In October, it hired Victoria Hills from Freshfields to bolster its private equity real assets team. In April, competition law expert Foad Hoseinian joined from Swedish firm Gernandt & Danielsson to reinforce its Brussels office.
The firm has also ramped up internal promotions, announcing its largest partner round since 2019 this March. Nine new partners were elevated, including two from its corporate and M&A team and two from private client.
As the firm sets its sights on the future under Crossley’s command, industry watchers will be keen to see whether Macfarlanes can maintain its extraordinary profitability—and how its new leadership will reshape the firm’s strategic direction.
For now, it’s clear: Macfarlanes is not just surviving the post-pandemic legal landscape—it’s dominating it.
