US leaders grind out growth in 2013 despite ‘anaemic economy’
Despite having to contend with what Latham & Watkins’ outgoing global chairman Bob Dell described to Legal Business as a still ‘anaemic economy’ last year, early results among the US law firms to disclose their 2013 financials are solid, with many forecasting a return to substantive growth this year.
Dechert was among the first to reveal its financials for 2013, with revenue up by 6.6% to $777.2m from $729m.
Identified as one of a handful of firms based outside New York that have mounted a serious challenge to the Wall Street old guard, California’s Gibson, Dunn & Crutcher has followed posting double-digit revenue growth for 2012, with a slightly more modest but nonetheless impressive 7.4% increase in revenues for 2013.
Revenues for 2013 were $1.39bn, up from $1.29bn. This is particularly strong turnover growth, on the back of the 10.7% increase in 2012 on the $1.17bn revenues the firm posted in 2011. Successive increases in revenue has given the firm an impressive overall growth of 42% over a six-year period between 2007 and 2012.
A year of expansion has seen top 15 Global100 firm Sidley Austin post solid 2013 results, with revenue up by around 7% to $1.6bn from $1.49bn and net profits up by around the same margin to $547m from $510.5m. The firm’s profit per equity partner (PEP) and revenue per lawyer both rose by approximately 4% to $1.87m and $954,000 respectively. Continue reading “US results season: Sidley posts a 7% increase in turnover as Mayer Brown sees a return to 2007 PEP levels”
Schulte Roth & Zabel’s (SRZ’s) 80-strong top-tier transatlantic funds practice is set to grow after the US firm announced this week it is to move to bigger premises in the City on the back of increasing demand from its European clients.
The firm aims to grow its international practice focusing on cross-border insolvencies, restructurings, distressed mergers and acquisitions, distressed investing and debt trading. Continue reading “Investment funds: Schulte Roth to grow London practice with move to bigger City premises”
Since New York elite firm Cravath, Swaine & Moore kicked off the US bonus season at the start of December with its decision to hold bonus rates at 2012 levels, firms including Boies, Schiller & Flexner, Cahill Gordon & Reindel, Sidley Austin, as well as Kaye Scholer, Schulte Roth & Zabel and Ropes & Gray have unveiled how they measure up to the traditional market benchmarker.
Where Cravath’s associates are paid from $10,000 (the class of 2013) up to $60,000 (the class of 2005), Boies, Schiller is unusual in awarding significantly more, with the best-rewarded associates receiving $300,000 compared with a maximum bonus of $250,000 paid in 2012. The average young lawyer at the litigation-driven firm will take home a bonus of $85,000. Continue reading “US bonus season: Boies Schiller, Cahill Gordon and Sidley among leading US firms to unveil numbers”
US firms have begun to announce their partnership promotions with Quinn Emanuel Urquhart & Sullivan making the largest number of partner promotions in the firm’s history, while Sidley Austin, Bingham McCutchen and Dechert all announced a decrease in associates to be made up on 1 January.
Quinn Emanuel announced today (13 December 2013) it is appointing 13 new partners in the firm’s largest promotion round yet. For the last three years, the firm has steadily increased its number of partner promotions with 10 new partner elections in 2012, up from eight in 2011 and seven the year before.
Continue reading “Quinn makes record number of promotions as US firms announce partner elections”
David Stevenson reports on Reed Smith’s evolution into credible global contender
For a 1,500-lawyer, top-30 Global 100 firm, Reed Smith has a habit of quietly getting on with its business. This is despite having conducted three mergers since 2001; grown by around one jurisdiction a year; and made a series of high-profile City hires as it builds out from its core shipping and litigation foundations in the UK – in so doing significantly boosting its 2013 London revenues.
The resignation in October of global managing partner Greg Jordan was a rare senior departure for the nearly 700-partner law firm, which in London this year hired Clifford Chance (CC) structured finance and derivatives partner Claude Brown (after hiring his former colleague Peter Zaman in 2012); McDermott Will & Emery City energy partner Rashpaul Bahia; and DLA Piper media partner Askandar Samad.
Continue reading “Reed Smith set for record year in London thanks to lateral push and sector focus”
The US bonus season has kick-started with elite New York firm Cravath, Swaine & Moore setting the tone by revealing it will pay its associates the same end-of-year bonuses as 2012, ranging from $10,000 to $60,000.
Lawyers who joined Cravath in September this year will receive a $10,000 bonus on Friday 20 December, identical to last year’s sum. First-year associates will also receive $10,000 while the most senior associates will receive $60,000. Continue reading “US bonus season: Cravath kicks off by holding bonuses at 2012 levels”
In its 49th lateral hire of 2013, Jones Day has hired Latham & Watkins finance partner Brian Conway to its London banking and finance practice. His hire comes amid a spate of lateral hires to take place between US-based international firms recently.
Conway is the tenth partner to join one of the firm’s global banking and finance practices this year, following the hire of former co-chair of Miami-based firm Akerman Senterfitt’s Rafael Aguilar who joined Jones Day’s recently launched Miami banking and finance practice in July.
Often hailed as one of the greatest US success stories of the last 25 years, new research underlines the elevated position Latham & Watkins has attained in the world’s largest legal market.
The Legal 500 United States 2013 edition shows Latham as the highest ranked law firm judged by the total number of recommendations, putting the Los Angeles-bred giant ahead of a string of top Wall Street firms.
The 600-partner firm received recommendations in 55 practice areas. Recommendations are calculated by the research team of The Legal 500 based on client and peer feedback and the submissions of the firms themselves, and take into account multiple factors including track record in winning cases, the complexity of deals and innovation. Latham received 20 top-tier recommendations, including listings in areas such as capital markets (equity offerings and high-yield debt offerings), project finance (lenders and sponsors), energy (renewable and transactions) and telecoms and broadcast (regulatory and transactional).
Continue reading “Latham, Sidley and Skadden lead the US pack in Legal 500 research”
