Legal Business Blogs

Global London results: Sidley Austin City turnover hits £75m as Reed Smith sees a dip

Sidley Austin has seen its London turnover boosted by 17% in 2016, hitting £75.2m for the firm’s last financial year, while other US shops paint a mixed picture in Legal Business’s Global London Report.

Sidley Austin’s solid year follows a year of extensive lateral recruitment, having landed a six-partner private equity and finance team from Kirkland & Ellis in March 2016, the Chicago outfit saw City revenue grow from £64.2m to £75.2m. The firm made a total of 12 partner level hires last year, with hires from firms including Kirkland; Linklaters; Cravath, Swaine & Moore; Paul Hastings; Willkie Farr & Gallagher; and DLA Piper.

Meanwhile, other US firms reported a mixed bag of results, with Reed Smith seeing London turnover drop 5% in sterling terms to £129m in 2016 from £135m the year before.

Firms including Debevoise & Plimpton, Akin Gump Strauss Hauer & Feld and King and Spalding have all also seen City turnover dip in 2016.

White & Case has remained on the front foot with a 4% increase to $290m, more muted after the firm’s 22% boost in the City in 2015.

Baker McKenzie’s UK LLP results, released today, showed the firm had enjoyed solid growth in 2016, up just over 20% to £176m.

The world’s largest firm by revenue, Latham & Watkins, this year refused to disclose its London office turnover, a year after falling behind White & Case as the highest-billing US firm in the City.

Last year the firm reported revenues for 2015 were up 12% to $263m, however Legal Business understands this year City turnover was relatively flat during a quiet year for its key leveraged buyout practice.

For more on international firms in the City, see the 2017 Global London report