‘Executing our strategy’: MoFo London revenue surges 25% but global turnover drops

‘Executing our strategy’: MoFo London revenue surges 25% but global turnover drops

Morrison & Foerster (MoFo) has added its name to the growing list of US firms with London offices outperforming the entire business in 2018 as City revenue grew by 25% against global dip in turnover by 2% to $1.04bn.

The firm announced today (26 March) its London revenue hit £30.93m in 2018, growing by more than 20% for the second year in a row after the 29% rise to £24.72m in 2017 . The 25% rise in its London turnover came amid a muted global performance at the West Coast-based firm, with turnover dropping 2% from $1.06bn. Revenue per lawyer was down 1% to $1.097m from $1.107m. Continue reading “‘Executing our strategy’: MoFo London revenue surges 25% but global turnover drops”

Kirkland breaks $5m PEP and outguns Latham again to stay world’s highest-grossing firm

Kirkland breaks $5m PEP and outguns Latham again to stay world’s highest-grossing firm

Kirkland & Ellis has hiked revenues by more than $500m to remain the world’s highest-earning law firm, as global turnover surged to $3.76bn.

The Chicago-bred giant today (21 March) revealed results for the 2018 financial year, confirmed a 19% hike in revenues against $3.165bn the previous year. Profit per equity partner (PEP) topped $5m for the first time, up 7% to $5,037,000 on the $4.7m for 2017. Revenue per lawyer was up nearly 3% to $1.63m. Continue reading “Kirkland breaks $5m PEP and outguns Latham again to stay world’s highest-grossing firm”

Mayer Brown’s global revenue nears $1.4bn as PEP spikes 8.2% amid expansive year

Mayer Brown’s global revenue nears $1.4bn as PEP spikes 8.2% amid expansive year

Chicago-bred Mayer Brown saw its global revenue rise 5.8% to $1.38bn as profit per equity partner (PEP) hiked 8.2% to hit $1.7m in 2018.

The growth rate is up from last year, when the firm increased its top line 4.2% to $1.31bn globally. However PEP growth slowed slightly, having grown 8.8% in 2017. Revenue per lawyer saw a 5.9% uptick to $885,000, an improvement on last year’s 5.3% figure. Continue reading “Mayer Brown’s global revenue nears $1.4bn as PEP spikes 8.2% amid expansive year”

DLA global turnover surpasses $2.8bn in second year of growth

DLA global turnover surpasses $2.8bn in second year of growth

DLA Piper added 8% to its global top line in 2018, making for consecutive years of growth following a dip in 2016.

The firm’s global revenue rose to $2.84bn, up on last year’s $2.63bn and continuing a bounce back from when the firm’s total turnover dipped below $2.5bn in 2016 because of exchange rate fluctuations across its international business, which is divided between an international LLP and a US LLP. Continue reading “DLA global turnover surpasses $2.8bn in second year of growth”

‘Only the beginning’: Latham adds more than $300m to top line as Sidley nears £100m in the City

‘Only the beginning’: Latham adds more than $300m to top line as Sidley nears £100m in the City

A year after becoming the first law firm to break the $3bn barrier, Latham & Watkins has posted an even stronger set of financial results, growing revenue at a faster 11% rate to hit $3.386bn in 2018.

Meanwhile, Sidley Austin joined the growing number of US firms to report double-digit growth for their City operations in 2018, hiking London revenue 14% to £97.5m. Continue reading “‘Only the beginning’: Latham adds more than $300m to top line as Sidley nears £100m in the City”

‘Better than many’: Paul Hastings sees London revenue grow 14% as Milbank breaks $1bn barrier globally

‘Better than many’: Paul Hastings sees London revenue grow 14% as Milbank breaks $1bn barrier globally

Paul Hastings saw its strong revenue growth in London tempered slightly to 14% in 2018 in what remained a strong year for the US outfit.

The double-digit revenue increase in London is lower than last year’s 25% rise, however it outstrips the firm’s global growth figure of 9%, itself up from 4% last year. Profit per equity partner (PEP) meanwhile broke the $3m mark, rising 12% to $3.25m. Continue reading “‘Better than many’: Paul Hastings sees London revenue grow 14% as Milbank breaks $1bn barrier globally”

Tightening of ranks at Hogan Lovells sees PEP approach $1.4m as turnover rises 4%

Tightening of ranks at Hogan Lovells sees PEP approach $1.4m as turnover rises 4%

Hogan Lovells has posted an 8% increase in profit per equity partner (PEP) to $1.38m after reducing equity partner headcount 6% to 523 in 2018.

The firm today (25 February) posted revenue of $2.12bn, up 4% on $2.04bn in 2017, a less pacey rate of growth than the 6% achieved in each of the previous two years. Revenue per lawyer (RPL) grew at a faster 6% pace to $804,000 as the firm cut its legal workforce 2% to 2,637 while total partner headcount, including non-equity partners, was down 4% to 803. Continue reading “Tightening of ranks at Hogan Lovells sees PEP approach $1.4m as turnover rises 4%”

Shearman tight-lipped on City revenue amid reduced headcount and 4% global turnover rise

Shearman tight-lipped on City revenue amid reduced headcount and 4% global turnover rise

After rising by less than 1% in 2017, Shearman & Sterling’s global revenue grew at a slightly faster pace last year to hit $955.5m as profit per equity partner increased 5% to $2.4m.

The New York-headquartered firm today (21 February) declined to disclose its London revenue for the second year running, although senior partner David Beveridge told Legal Business the City office grew at a comparable rate to the firm globally. The last time Shearman released London numbers they showed a 14% revenue uptick to $169.7m in 2016. Continue reading “Shearman tight-lipped on City revenue amid reduced headcount and 4% global turnover rise”

The comeback kid: Return to form as Reed Smith hikes London revenue 18% to $222m

The comeback kid: Return to form as Reed Smith hikes London revenue 18% to $222m

Reed Smith has bolstered City revenue by 18% to $222m amid a reversal of fortune which has seen global revenue rise for the second year running after a disappointing spell.

Global turnover increased 5% to $1.17bn after the Pittsburgh-bred firm last year bounced back following two consecutive years of decline, increasing its top line by 4% to $1.12bn in 2017. Continue reading “The comeback kid: Return to form as Reed Smith hikes London revenue 18% to $222m”

Cadwalader London revenue drops 13% after restructuring team exit as global turnover makes slight return to growth

Cadwalader London revenue drops 13% after restructuring team exit as global turnover makes slight return to growth

Bucking a trend which has seen a number of City outposts of US firms grow apace last year, turnover at Cadwalader Wickersham & Taft’s London office dropped 13% to $43.1m in 2018.

While London suffered the impact of a five-partner team departure at the beginning of last year, global figures painted a rosier picture as firm-wide turnover grew 3% to $420.7m after three consecutive years of decline. Continue reading “Cadwalader London revenue drops 13% after restructuring team exit as global turnover makes slight return to growth”