Morrison & Foerster (MoFo)’s City revenue has lifted 25% for a third consecutive year, outpacing a strong global showing and kicking off US reporting season with a showing of expansive City growth.
The firm’s revenue increase to £38.6m comes amid a 10% global increase in the last fiscal year, from $1.04bn to $1.15bn. Meanwhile, revenue per lawyer grew 4% and profit per partner grew 5% to the highest levels in the firm’s history at just over $2m.
The firm’s City showing follows a strong performance last year, when MoFo’s London office, spearheaded by managing partner Paul Friedman, grossed over £30m, up from the £24m the firm reached in 2017.
A series of strong mandates over the last year propelled London’s performance, with MoFo representing SoftBank and SoftBank Vision Fund in numerous transactions, as well as continuing to act for the liquidators in connection with the $9.2bn liquidation and cross-border insolvency of Saad Investments Company.
MoFo has also engaged in a robust recruitment strategy in the City. In February 2019, high-profile finance partner Chris Kandel joined from US giant Latham & Watkins, where he served as co-chair of the firm’s global banking practice. The reboot of MoFo’s London office began earlier in 2018, when the firm hired finance lawyers Caroline Jury and Benoit Lavigne, as well as Kirkland & Ellis arbitration partner Chiraag Shah.
The results mark something of a turnaround for MoFo, with financials in 2014 showing London revenue down 22% to $26m while in 2015 the firm suffered an exodus of corporate and technology partners to Cooley. According to Friedman, the firm’s strategy for 2020 will now focus on integrating new hires and further building its core practices in the City. MoFo has already secured one hire since the start of the year, with equity derivatives partner Polly Ehrman joining the firm from Latham.