Akin Gump posts rises in turnover and PEP

Texas-headquartered Akin Gump has posted a 4.5 per cent increase in gross revenue along with a 4.3 per cent rise in average profit per equity partner (PEP) for the 2011 financial year.

Total revenue was $770m (£490.5m) last year, up from $736m in 2010, while average profit per equity partner (PEP) rose 5 per cent, from $1.6m to $1.7m.

2011 saw the firm work on a handful of big-ticket deals, including the $4.5bn sale of 6,000 Nortel Network Corp patents and patent applications, and a $380m settlement between the Osage Tribe and US Government.

The firm also hired CMS Russia’s head of real estate Vlad Sourkov in a bid to build a local real estate practice (16 November 2011 http://www.thelawyer.com/akin-gump-appoints-cms-russia-real-estate-head/1010256.article) at the end of 2011.

Akin Gump is the latest US firm to reveal its financial results for the last year. Earlier this week Holland and Knight posted rises in turnover and PEP of 3 per cent and 11 per cent, respectively (15 February 2012), while Dorsey & Whitney posted flat revenues for the 2011 financial year (15 February 2012).