Marco Cillario, Legal Business: Are US firms in London about to reach a maturity that means we will see less growth and movement of partners?
James Roome, Akin Gump Strauss Hauer & Feld: If you look at the underlying business that came here from the States – for instance, growth of the high-yield bond market, which went from nil to $50bn in the late nineties – a lot of American firms had very strong business from the US, which gave lots of knock-on opportunities. Do I think the growth of the American finance and corporate base into Europe and the UK will continue? Yes. Most of the bigger US firms will benefit from that. Continue reading “Marching on – A Global London debate exploring the progress and prospects for US leaders”
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”
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”
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”
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”
US outfit King & Spalding notched a 12% growth in its UK business for 2018, with London revenue rising to $48.3m, up from $43.1m last year.
Meanwhile, firmwide revenues rose 9% to $1.26bn from $1.14bn in 2017, while firmwide profit per equity partner rose 9% to $2.85m. The results in London in particular mark a stronger performance for the firm, after only managing to inch revenue forward 1% last year from $42.6m to $43.1m. Continue reading “King & Spalding posts stronger year globally with UK revenue up 12%”
Cooley’s London branch has recorded another year of double-digit revenue growth as its top line grew 16% to $66.7m, four years after its launch.
For the second year in a row, the City office outpaced the Palo Alto-bred firm’s global revenue growth, as the latter rose 14% from $1.07bn to $1.23bn. Global profit per equity partner also grew 14% to $2.4m, while revenue per lawyer was up 8% to $1.3m. Continue reading “‘Another fantastic year’: Cooley City revenue surges 16% as global top line hits $1.23bn”
Disputes heavyweight Quinn Emanuel Urquhart & Sullivan has continued its impressive run of form in London as City revenues for 2018 shot up 16% to £83.6m.
The US-bred firm also saw profits rise 13% to £59.3m. As a result, Quinn’s London profit margin is consistent with the business globally at 70%. Quinn London co-managing partner Richard East told Legal Business: ‘We had a strong year last year after we added lateral partners and launched some key new practice areas, such as contentious tax and construction arbitration. To be up 16% with the same number of people was very pleasing.’ Continue reading “City revenues shoot up 16% after another bumper year for Quinn Emanuel”
Dechert has ramped up investment in its European funds business with a pair of hires, including Marianna Tothova in London from Ashurst.
The hire of Tothova, which comes amid a pacey recruitment drive for the US firm in London in recent months, coincides with that of Carol Widger from Maples and Calder as the managing partner of its Dublin office. Continue reading “Dechert bolsters European funds team with key City and Dublin hires”
US-based firms Kirkland & Ellis, Baker McKenzie, Weil Gotshal & Manges and Mayer Brown have revealed the gulf between male and female pay for their staff in the UK, with all four firms blaming fewer senior women employees for the significant disparity between genders.
As per previous disclosures from UK-based firms, all cite the preponderance of females in secretarial roles or fewer females in senior roles as the root cause of the disparity. But unlike some of the UK firms that have come under pressure for full disclosure lately, none of the firms disclosed gender pay gap for partner pay. Continue reading “Different origins, same excuses: Kirkland, Bakers, Weil Gotshal and Mayer Brown reveal UK gender pay gap stats”