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

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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”

Quinn Emanuel defies crisis with striking 27% spike in City turnover

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Quinn Emanuel defies crisis with striking 27% spike in City turnover

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”

‘An easy decision’: Sidley London private equity team lands at Goodwin 

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‘An easy decision’: Sidley London private equity team lands at Goodwin 

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 “

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

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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

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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

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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

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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

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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

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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”