Legal Business Blogs

US financial results 2013: Paul Weiss builds on 2012 success with revenue increase of 7%

New York elite firm Paul, Weiss, Rifkind, Wharton & Garrison has built on its double-digit growth of 2012 by turning out a near 7% increase in revenue for 2013, up to $934.5m, while its profit per equity partner (PEP) figure rose by 8% to $3.62m.

The results follow the 803-lawyer firm’s 12% increase in turnover to $877m in 2012, coupled with a 6% increase in PEP to $3.35m. Much of the top 40 Global 100 firm’s success is credited to its top flight litigation practice, which has represented major financial institutions such as Bank of New York Mellon in its defence against a $1bn claim last May.Paul Weiss has also been active representing longstanding client Citigroup, including defending it against a $4bn arbitration suit brought by Abu Dhabi’s sovereign wealth fund last March.

Major corporate mandates, meanwhile, have included acting for Time Warner Cable in its $45.2bn merger with Comcast this month, led by chair of the corporate department Robert Schumer.

The firm has continued to work closely alongside Slaughter and May on a host of major London Stock Exchange listings and in January advised alongside the Magic Circle firm on Cineworld Group’s tie-up with the cinema operations of Cinema City International.

The firm’s corporate client list includes private equity heavyweights such as Oaktree Capital and the Carlyle Group, along with multinational companies such as Ericsson, Swiss Re and William Morris.

Recent lateral hires include white collar crime partner Alexandra Walsh from Baker Botts in February last year, and at the start of this year well-regarded tax partner Scott Santag from Weil, Gotshal & Manges.

The results follow a largely positive swathe of US financial results so far, in which most recently Chicago-headquartered firm McDermott Will & Emery continued its post-financial crisis recovery by unveiling a 3.5% increase in revenue to $881m, as close US rival in revenue terms, King & Spalding has seen its turnover increase by 4% to $861.4m.

For an in-depth analysis of the New York legal market see Taking Manhattan – can the Wall Street elite hold out in the age of the $5bn law firm?