Milbank, Tweed, Hadley & McCloy has become the latest firm to post flat results following the economic slowdown in some of its key markets, including energy and infrastructure, as its London office put in a strong 6% revenue increase to $110.2m.
Milbank’s London revenue rose $6.5m to $110.2m in 2015, 6% up on the $103.7m it achieved in 2014. The firm’s City office now accounts for 14% of global revenue.
Global revenue grew by just 1% last year to $771m, up just $10m on the $761m Milbank generated last year. Profits per equity partner at the firm increased by 1% to $2.76m. It brings an end to a strong period of growth at the firm, with revenue up 8% in 2014 and PEP climbing 7% in 2014.
The rise follows a string of big name recruits, with Linklaters’ global energy co-head Matthew Hagopian and project finance partner Manzer Ijaz among Milbank’s City hires last year. Clifford Chance aviation and shipping partner Nick Swinburne was another arrival to swell the firm’s City ranks.
Milbank’s lacklustre global financial results follow stronger performances from Mayer Brown which broke the $1.5m barrier for the first time in 2015 as revenue rose 3% to $1.26bn, while Gibson, Dunn & Crutcher has been one of the fastest revenue risers. It notched a 20th straight year of revenue growth in 2015, with revenue up 5% to $1.54bn.