Legal Business

Latest US profits show positive early signs

The initial numbers to emerge from the US reporting season indicate a relatively resilient performance in 2012 for the world’s largest legal market.

A series of firms have so far posted headline financial results, including Latham & Watkins, Quinn Emanuel Urquhart & Sullivan and White & Case, with the majority achieving growth in profits and fee income.

Latham reported growth of 3.4% with the top five US firm’s revenue hitting $2.23bn, up from $2.15bn for the 2011 year. PEP also grew 7.4% to $2.44m and the firm reported an increase of 2.4% in revenue per lawyer, which hit $1.1m in 2012.

Legal Business

Firms set sights on Asia investment into Middle East

Squire Sanders expanded both its Middle East and South Korea operations in October, as Latham & Watkins reported a surge in investment activity between Asia, most notably China, and the Gulf states.

Cleary Gottlieb Steen & Hamilton also announced in October that it will open an office in Seoul, following approval from the Korean regulatory authorities. This follows the opening of the firm’s office in Abu Dhabi in September. Squire Sanders expanded its Middle East practice through the acquisition of El-Khoury & Partners’ Middle East and North Africa (MENA) business, which formerly operated in Saudi Arabia as EK Partners & Al-Enezee.