Coronavirus measures pay off for Reed Smith as revenue tops $1.3bn while profit soars 

Coronavirus measures pay off for Reed Smith as revenue tops $1.3bn while profit soars 

Despite starting the financial year by reducing partner drawings in response to the pandemic  as well as other cost-cutting measures, Reed Smith has unveiled a respectable set of results that saw global revenue rise to over $1.3bn.

Overall revenue increased 5% from last year’s $1.25bn to $1.31bn this time around, while revenue per lawyer jumped 4% from $778,000 to $811,000. However there was a striking 16% uptick in profit per equity partner (PEP) from $1.3m to $1.5m which, combined with the firm’s 48 lateral partner hires in 2020, underlined the robustness of the results.   Continue reading “Coronavirus measures pay off for Reed Smith as revenue tops $1.3bn while profit soars “

Baptism of fire: New Hogan Lovells chiefs unveil record results as PEP nudges $2m

Baptism of fire: New Hogan Lovells chiefs unveil record results as PEP nudges $2m

Taking the helm of a global law firm is no small feat at the best of times, much less so amid a global pandemic. However Hogan Lovells’ chief executive Miguel Zaldivar and his deputy Michael Davison, who assumed their roles last summer, had cause for cheer as the pair revealed a solid set of financial results, including a 31% surge in profit per equity partner (PEP) to $1.97m from $1.5m in 2019.

Global revenue grew a more sedate 3% to $2.3bn in 2020 compared with $2.25bn the previous year and revenue per lawyer (RPL) rose 4% to $884,000 from $850,000.  Geographical performance has been broadly in line with last year’s output, with the Americas accounting for roughly 49% of total billings, EMEA 45% and Asia-Pacific 6%. Continue reading “Baptism of fire: New Hogan Lovells chiefs unveil record results as PEP nudges $2m”

‘Growth in the offing’: Cooley’s City turnover hit by IP team exit as PEP tops $3m 

‘Growth in the offing’: Cooley’s City turnover hit by IP team exit as PEP tops $3m 

Cooley’s London office has suffered a 4% revenue drop following the loss of its intellectual property team amid a striking 25% surge in PEP to $3.2m and strong financials globally.

The results revealed London turnover fell to $70.3m from $72.9m in 2019 – a reversal after a 9% increase last year marked a third consecutive year of revenue growthContinue reading “‘Growth in the offing’: Cooley’s City turnover hit by IP team exit as PEP tops $3m “

Rude health: White & Case City revenue soars 18% and PEP cracks $3m to defy Covid

Rude health: White & Case City revenue soars 18% and PEP cracks $3m to defy Covid

White & Case has traversed the pandemic minefield to reveal its strongest City financial results yet, with the London office increasing revenue by 18% in 2020 to $397m from $337m in 2019.

The pacey London showing comes against a backdrop of global success and proved something of a resurgence, given disappointing results in 2019 when City revenue dropped 4% amid subdued global  turnover growth of 7%. Continue reading “Rude health: White & Case City revenue soars 18% and PEP cracks $3m to defy Covid”

Reality bites as Mason Hayes posts 6% revenue drop in bellwether  for Irish  firms

Reality bites as Mason Hayes posts 6% revenue drop in bellwether  for Irish  firms

Legal Business’ recent analysis of Ireland’s legal market warned against underestimating the resilience of the Irish, so Mason Hayes & Curran’s less-than-catastrophic 6% dip in turnover for a financial year defined by Covid-19 should come as little surprise.

Revenues at the full-service Irish firm fell to €80m as it acknowledged a substantial hit to both transactional and contentious workflows. In a statement, managing partner Declan Black (pictured) chalked up the fall in disputes work to ‘significantly reduced court hearings’. Overall however, he was ‘satisfied’ with the results and noted ‘professional services were comparatively insulated from the worst effects of the pandemic.’   Continue reading “Reality bites as Mason Hayes posts 6% revenue drop in bellwether  for Irish  firms”

Akin Gump defies annus horribilis with 19% City revenue hike amid restructuring boom

Akin Gump defies annus horribilis with 19% City revenue hike amid restructuring boom

It is often said that the legal industry excels in extreme market conditions and Akin Gump Strauss Hauer & Feld’s 2020 financial results bear testament to that, with the firm’s London office proving again bullish on the back of a stellar run of restructuring matters.

City revenue grew a pacy 19% to $149.2m from $125.1m last year meaning that the London office has bolstered its revenue 55% since 2017. These results are something of a return to form for Akin Gump’s City arm after a flat 2019 when turnover grew only 1%. They reflect the office’s wheelhouse of restructuring following the 2014 acquisition of 28 partners fronted by star restructuring veteran James Roome from the ill-fated Bingham McCutchen. Continue reading “Akin Gump defies annus horribilis with 19% City revenue hike amid restructuring boom”