Legal Business Blogs

London lags global growth as Debevoise turnover breaks $1bn barrier

US firm Debevoise & Plimpton has increased London revenue almost 9% following a strong year in which global turnover broke through $1bn.

London revenue hit $151.6m, up from $139.3m last year. This growth, however, lagged an impressive 13% uptick globally to surpass $1bn from $929m last year. Firm-wide revenue per partner increased to $7.62m from $6.83m in 2018, although the London figure stayed almost flat at $7.43m, compared to $7.33m last year.

The London figures were supported by a number of significant mandates in the City over the last year. The firm advised Capital Group as well as other shareholders in the sale of Eaton Towers to American Tower Corporation for approximately $1.85bn and acted for TPG/Abraaj in its takeover assets of the Abraaj Group’s $1bn global healthcare fund. Meanwhile, in litigation the firm acted for AIG in one of the last cases arising from the 2008 financial crisis, with 23 former executives seeking over $100m allegedly owed through an AIG deferred compensation scheme.

The firm did not make any lateral hires in the City over the last year, instead growing organically with three partners being minted in London in the firm’s last global promotion round.

More broadly, the results continue an impressive reporting season for US firms in the City. Quinn Emanuel Urquhart & Sullivan increased its London revenue 20% to £100.6m while King & Spalding upped London revenue 15%. Morrison & Foerster likewise saw growth, upping its City revenue an impressive 25% for a third consecutive year.

Surprisingly, White & Case was unable to grow its London revenues over the last financial year, instead overseeing an almost 4% decline in the City after a difficult start to 2019.