Chicago-bred Mayer Brown saw its global revenue rise 5.8% to $1.38bn as profit per equity partner (PEP) hiked 8.2% to hit $1.7m in 2018.
The growth rate is up from last year, when the firm increased its top line 4.2% to $1.31bn globally. However PEP growth slowed slightly, having grown 8.8% in 2017. Revenue per lawyer saw a 5.9% uptick to $885,000, an improvement on last year’s 5.3% figure.
The results make for a welcome long term picture for Mayer Brown, with the firm enjoying 50% growth in net income since 2012. In 2018, net income hit $466.5m, up 7.3% from 2017. The favourable revenue comes off the back of expansion for the firm, having doubled its size in New York during the reporting period.
Meanwhile Mayer Brown made 50 partner hires globally throughout the year, including moves in London. In the City the firm managed to lure former Norton Rose Fulbright partners Sam Eastwood and Jason Hungerford to the firm in 2018, while last week Mayer Brown secured the hires of DLA Piper duo Michael Fiddy and Amy Jacks.
The City office plans to hire more people throughout 2019 with a focus on building out the private equity practice to rival its historically strong pedigree in finance.
In November, the firm matched its 2017 commitment to the City with its last promotion round, minting four partners.
Overall, American firms performed well throughout 2018 in the City, with Latham & Watkins, Paul Hastings, Milbank Tweed Hadley & McCoy and Reed Smith among those scoring standout financial results for the year.