Akin Gump revenue up 7 per cent as PEP grows by a fifth

Akin Gump has posted a 7 per cent rise in turnover for the 2013 year, with revenue growing from $775m to $828m.

Net income rose by 18 per cent from $268m to $315m while average profit per equity partner grew by 19 per cent from $1.5m to $1.8m.

Revenue per lawyer at the US firm rose from $962,000 to $1m while firm-wide headcount stayed effectively static.

The firm’s chair Kim Koopersmith said the results were partly thanks to the investments Akin Gump had made in the practice the previous year.

“Growth was across the board last year, revenue grew in virtually every single practice area,” said Koopersmith. “In 2012 we had made a lot of investments and we saw the fruits of those last year.

Last year among other investments Akin Gump opened an office in Singapore (24 January 2013). Akin Gump also made a number of hires in its offices in Moscow, Hong Kong and the Middle East while it also continued to invest in London, which last year saw its office revenue grow by 16 per cent to $31.3m.

“We think we’ve made a great deal of strides in London,” added Koopersmith. “There has been growth in our core areas including funds, energy and dispute resolution. I’m of the view that our reputation [in London] is catching up with our experience but it takes time. But we’re going get there, I’m telling you we’re going to get there.”

Last year Koopersmith, who succeeded former chairman Bruce McLean on 1 April 2013, pledged to make the development of the firm’s London office one of the core elements of her plans as Akin Gump’s new leader (15 March 2013).