Skadden has made up its largest haul of new partners in London since 2008, a further showing of support for the City office after an uncharacteristically expansive stint in the lateral recruitment market of late.
The move sees the famously conservative Wall Street giant promote three new partners as part of a 17-strong global round, matching a commitment to organic growth in London last seen 13 years ago. Continue reading “Skadden goes organic with three City promotions as investment intensifies in London”
As the financial reporting season for Global 100 firms gathers pace, some less eye-catching financial results have emerged, with Dechert seeing a 6% revenue and profit reversal and Mayer Brown growing turnover only marginally to exceed $1.5bn.
Mayer Brown grew global revenue a sedate 2% to $1.52bn from just shy of $1.5bn last year when the firm recorded 7% revenue growth, while revenue per lawyer saw a slight 1% dip to $900,000 in 2020. Profit per equity partner (PEP) numbers were more heartening, climbing 11% to $2m from $1.8m in 2019 in the context of a 2% uptick in partners to 657 from 646 last year. Total lawyer headcount increased 3% to 1,685 from 1,632 in 2019. Continue reading “‘Reloaded, but not in time’: Dechert defends revenue and profit dip as Mayer Brown inches past $1.5bn turnover”
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 growth . Continue reading “‘Growth in the offing’: Cooley’s City turnover hit by IP team exit as PEP tops $3m “
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”
Missouri-bred Armstrong Teasdale has made an ambitious London launch via the acquisition of Kerman & Co and its 50 lawyers and staff.
The buyout will boost Armstrong Teasdale’s global headcount to over 340 lawyers, and marks the firm’s eighth office opening in the last two years. It swiftly follows the firm’s Delaware launch in January. Continue reading “US march into London continues as Armstrong Teasdale completes acquisition “
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”
Showing no sign of pandemic-induced slowdown, US-bred dispute resolution specialist Quinn Emanuel Urquhart & Sullivan has hiked London revenues by 27% to reach £127.4m.
There was further cause for cheer for the firm as profits shot up 34% to around £91m, putting the office’s profit margin at an impressive 71%. Continue reading “Quinn Emanuel defies crisis with striking 27% spike in City turnover”
Goodwin’s already eye-catching City office has pulled off another coup, attracting the storied Sidley Austin private equity team led by Erik Dahl and Christian Iwasko.
Dahl and Iwasko, who joined Sidley from Kirkland & Ellis in 2016, were most recently co-leaders of Sidley’s private equity practice and co-heads of the European corporate and private equity group respectively. Continue reading “‘An easy decision’: Sidley London private equity team lands at Goodwin “
‘I think – and I say this as the pessimist – we will easily move ahead on our strategy.’ Frances Murphy, Morgan, Lewis & Bockius
To mark the launch of our 2020 Global London report, we ask senior figures at leading US firms for a progress report
Continue reading “The Last Word: F=MA”
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”