In the latest round of 2014 financial results for US firms, Cooley has revealed turnover growth of 19% with revenues of $802m while Mayer Brown recorded a 12.8% increase in profit per equity partner (PEP) after generating revenues of $1.223bn.
Cooley’s 19% jump in revenue to $802m from $674m in 2013 sees the firm’s five year performance showing turnover boosted by 55%. The increased revenues come off the back of a 12% increase in headcount in 2014 to just over 750 lawyers and which resulted in revenue per lawyer increasing 6% from $1m to $1.06m. Profit per partner came in at $1.74m, an 11% increase on 2013’s $1.57m.
The firm’s strong performance comes after it acquired Washington DC firm Dow Lohnes at the start of 2014 but does not include its recently launched London office which went live last month with the hire of teams from Morrison & Foerster and Edwards Wildman Palmer.
Meanwhile, Mayer Brown also saw a good year with turnover picking up 6.7% to $1.223bn in 2014, from $1.146bn generated the previous year. The boost saw revenue per lawyer also tick up by 5.7% from $780,000 to $824,000.
The revenue boost translated into a profit of $405.5m, up 17.4% from $345m in 2013, while PEP increased to $1.45m from $1.28m in 2013.
Speaking to Legal Business, Sean Connolly, Mayer Brown’s senior partner in London, said the increase in profitability was in part down to a ‘focus on deepening our relationships with clients, expanding our global services ability and I think that leads you to a wider and deeper relationship with them.’
Mayer Brown recently hired DLA Piper’s head of structured trade and receivables financing Alex Dell as it looks to capitalise on growing cross-border asset-based lending throughout Europe.
For more analysis on the current state of the US market see: The blessed – unheralded, Wall Street’s elite comes roaring back