Thomas Alan finds revenue growth tempered at many US firms with 2019 proving a sterner test for the global elite
It would have been difficult to match the rampant advances of US firms among the Global 100 in 2018 and so it has proven. A handful of the largest players endured quieter years with uncertainty identified as the primary culprit, but the big picture is still one of global growth, as Kirkland & Ellis became the first law firm in the world to hit $4bn, just two years after breaking the $3bn barrier. Continue reading “‘Universal slowdown’ adds up to a less dynamic year but Kirkland becomes first $4bn law firm”
Kirkland & Ellis has added $390m to its top line to trounce Latham & Watkins once again as the world’s highest-grossing law firm, as global turnover surged to $4.15bn.
The Chicago-bred giant today (18 March) revealed results for the 2019 financial year, revealing a 10% hike in revenue from $3.76bn last year. Profit per equity partner (PEP) reached $5.2m, up 3% on the $5.04m for 2018. Kirkland’s head count grew 13% in 2019 with revenue per lawyer dropping 2% to $1.6m from $1.63m the previous year. Continue reading “Kirkland remains world’s highest-grossing law firm in becoming first to surpass $4bn”
Bryan Cave Leighton Paisner (BCLP) endured a challenging debut year as a fully-merged entity, as the cost of integration weighed on growth.
Turnover was down 2% to $874.1m from the $899.4m the firm posted for 2018, the year legacy Berwin Leighton Paisner and Bryan Cave finalised their transatlantic union. Net income was also down almost 4% to $228m. Continue reading “‘Inevitable distractions’ hit BCLP revenue and profit in lean post-merger debut”
Paul Hastings recorded another year of double-digit growth in its City office to surpass $100m, amid a more muted performance globally.
The firm grew turnover 16% in London to $107.2m, an improvement on last year’s 14% rise. Globally, revenue hit $1.26bn following a steadier 4% uptick, compared to a 9% rise over 2018. Profit per equity partner, meanwhile, rose 5% to $3.41m across the firm. Continue reading “‘All about the future’: Paul Hastings reaps investment rewards with double-digit London growth”
Sidley Austin’s City base grew by less than 1% and missed expectations it would turn a profit in 2019, as the firm’s global growth also slowed.
The Chicago-bred firm reported yesterday (4 March) revenue of £98.1m for its City base compared to £97.5m the previous year, despite a 6% increase in its London lawyer headcount to 153. Continue reading “‘Natural attrition’: Sidley’s London growth grinds to virtual halt as global revenue nears $2.4bn”
Global revenue at Shearman & Sterling barely grew last year as the firm marginally improved its key metrics while not revealing London results.
Turnover hit $968m at the New York-headquartered firm, a 1% increase on last year’s $955.5m. Profit per equity partner (PEP) was up just under 3% to $2.46m from $2.4m while revenue per lawyer was up almost 5% to $1.13m. Continue reading “Shearman & Sterling quiet on London amid muted 1% global revenue growth”
Reed Smith produced a comparatively muted showing in the City last year, with global revenues seeing the more meaningful gains.
London saw revenue creep up 3.3% from $208.2m to $215m as global turnover almost doubled the City’s growth rate with an increase of 6% to $1.247bn, compared to 5% growth last year. Firmwide profit per equity partner was up almost 5%, reaching $1.32m compared to $1.26m last year. Continue reading “Steady global growth for Reed Smith outpaces a subdued year in the City”
Latham & Watkins has reported its second consecutive year of double-digit growth as its revenue surged to $3.768bn in 2019 while profits per equity partner (PEP) hit $3.78m.
The results announced today (26 February) mean the Los Angeles-bred giant has improved its performance for the fourth year in a row, with the 9.5% surge in PEP outpacing the 6% increase achieved in 2018. Continue reading “Latham rampant for second year running as surging City growth helps revenue hit $3.7bn”
London outpaced global growth at Milbank following a quieter year for standout laterals, as US outfits continue to post impressive results in the City.
Milbank’s London revenue reached $171.2m in the last financial year, an increase of 10% on $156m in 2018. Continue reading “Milbank’s City revenue outstrips global growth as Mayer Brown nears $1.5bn global turnover”
US firm Debevoise & Plimpton has increased London revenue almost 9% following a strong year in which global turnover broke through $1bn.
London revenue hit $151.6m, up from $139.3m last year. This growth, however, lagged an impressive 13% uptick globally to surpass $1bn from $929m last year. Firm-wide revenue per partner increased to $7.62m from $6.83m in 2018, although the London figure stayed almost flat at $7.43m, compared to $7.33m last year. Continue reading “London lags global growth as Debevoise turnover breaks $1bn barrier”