Re-enforcing what is already shaping up to be a robust year for major US-bred advisers, Reed Smith is the latest major law firm to announce robust growth with revenues rising 7% in 2014 to reach $1.15bn.
Growth in the world’s two dominant legal hubs – New York and London – helped to propel revenue and profitability at the firm, which last year received mandates from Barclays Bank, Sky and AstraZeneca. Revenue for the 700-partner firm increased from $1.07bn in 2013 to $1.15bn while profit per equity partner climbed 6% from $1.14m to $1.2m. Revenue per lawyer growth was more subdued, rising 2% from $691,000 to $703,000.
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