Reed Smith has hit a key milestone as global revenue hit $1.5bn, up just over 5% from last year’s figure of $1.43bn. PEP, meanwhile, increased by nearly 14% to $1.8m from $1.6m.
London, the firm’s largest office, enjoyed a stellar year with revenue up more than 15% to $247m, while revenue per lawyer surged nearly 30% to $946,720.
The uptick in London revenue represented a turnaround from last year’s 6% drop from $228.8m in 2022 to $214.4m in 2023.
The firm puts the London growth down to strategic investments in areas including private equity, corporate, finance and energy in 2023 and 2024. Gregor Pryor, Reed Smith’s Europe and Middle East managing partner also believes the firm’s move to a new London office in Blossom Yard (pictured) in early 2024 has had a positive effect.
‘We were well placed to capitalise on the uptick in deal activity in the second half of 2024,’ Pryor said in a statement. ‘Our London office’s recent move to Blossom Yard, coupled with our strategic focus on driving activity in our corporate and private equity practices through our industry strengths, brought renewed energy to the office.’
London hires in 2023 and 2024 include private credit partner Linn Mayhew, who joined in 2023 from McGuireWoods, and private equity partner Tom Whelan, and energy partner Nina Howell, who joined in 2024 from McDermott Will & Emery and King & Spalding, respectively.
Reed Smith’s financial industry group led the firm’s industry groups in revenue, while its insurance recovery, litigation, managed care, entertainment and media, and bankruptcy/restructuring practice also enjoyed strong years.
‘Our clients are turning to us for complex, high-value work, and we’ve expanded the range of services we provide to meet their evolving business needs,’ said Casey Ryan, Reed Smith’s global managing partner. ‘We are building on the success of 2024 and have continued the momentum, recently opening offices in Atlanta and Denver.’
The firm’s headcount was down nearly 6% year-on-year, to 1,432 this year from 1,516 last year. The number of equity partners also decreased, to 270 from 276.
In 2025, however, the firm has already added 28 new partners around the world, with 26 in its new US offices in Atlanta and Denver. The remaining two additions are London equity capital markets partner Samantha Myers, who joined from Gowling WLG, and Washington DC finance partner Chris Buchanan, who joined from King & Spalding.
