Kirkland remains world’s highest-grossing law firm in becoming first to surpass $4bn

Kirkland remains world’s highest-grossing law firm in becoming first to surpass $4bn

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”

Steady global growth for Reed Smith outpaces a subdued year in the City

Steady global growth for Reed Smith outpaces a subdued year in the City

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”

London lags global growth as Debevoise turnover breaks $1bn barrier

London lags global growth as Debevoise turnover breaks $1bn barrier

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”

Goodwin’s City arm hikes revenue 11% to $74m on the back of lateral bonanza

Goodwin’s City arm hikes revenue 11% to $74m on the back of lateral bonanza

In another robust year for Boston’s Goodwin, its ever-expansive City arm has seen turnover lift 11% to $74m amid a year of aggressive investment.

The double-digit City turnover growth may not be as pacey as last year’s eye-catching 58% uptick to $66.8m, but it speaks of the benefits of investing heavily and sticking to the strategy in a year characterised by a slower rate of growth for many more mature practices of US firms in London. Continue reading “Goodwin’s City arm hikes revenue 11% to $74m on the back of lateral bonanza”

Akin Gump falls short of last year’s City revenue surge amid global growth and lateral push

Akin Gump falls short of last year’s City revenue surge amid global growth and lateral push

The London office of Akin Gump Strauss Hauer & Feld may have failed to maintain 2018’s pacy revenue growth of 28% on the back of a restructuring bonanza, but globally the firm has reported steady global growth amid a sustained lateral push.

City turnover was broadly flat in 2019, rising only 1% to $125.1m from $123.5m after an exceptional 2018 that saw revenue surge dramatically from $96.2m. The global picture was stronger, with gross revenue increasing 6% from $1.07bn to $1.135bn and profit per equity partner (PEP) rising 8% to $2.6m from $2.4m the previous year. Continue reading “Akin Gump falls short of last year’s City revenue surge amid global growth and lateral push”

Cooley’s City base passes $70m revenue mark as global growth slows

Cooley’s City base passes $70m revenue mark as global growth slows

Cooley’s London outpost has outpaced the West Coast firm’s global revenue growth for the third consecutive year, rising 9% to $72.9m five years after its launch.

The results disclosed today (13 February) show a global revenue increase of 8% to $1.33bn while profits per equity partner (PEP) rose 6% to $2.54m in 2019. Continue reading “Cooley’s City base passes $70m revenue mark as global growth slows”

A boon for Global London firms on big-ticket buyouts as US investors target hot tech assets

A boon for Global London firms on big-ticket buyouts as US investors target hot tech assets

The take-private market has cooled after a prolonged spree of deals across Europe but US investors have continued to pile cash into non-domestic assets, with Kirkland & Ellis, Latham & Watkins, Baker McKenzie and Simpson Thacher & Bartlett all commanding lead roles on multi-billion-dollar transactions with a tech flavour in recent weeks.

Blackstone’s proposed $3bn acquisition of a majority stake in MagicLab, the London-based dating and social networking app start-up, spelled instant attraction for transatlantic teams from Simpson Thacher and Bakers. Continue reading “A boon for Global London firms on big-ticket buyouts as US investors target hot tech assets”

Partner promotions: Cleary bypasses the City as Ropes again makes up just one in London

Partner promotions: Cleary bypasses the City as Ropes again makes up just one in London

Despite previously denying claims that the firm is retrenching in London, Ropes & Gray has promoted just one new partner in the City as part of a 16-strong round while Cleary Gottlieb Steen & Hamilton has neglected its London arm entirely.

The promotion of Elizabeth Todd to partner in Ropes’ City private equity transactions practice is another sign of the firm’s conservative approach to investing in London after last year promoting only one full-time partner, Aditya Khanna in corporate finance. Continue reading “Partner promotions: Cleary bypasses the City as Ropes again makes up just one in London”

Marching on – A Global London debate exploring the progress and prospects for US leaders

Marching on – A Global London debate exploring the progress and prospects for US leaders

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”