Bingham McCutchen has reported an increase in London revenues of just over 33 per cent having reaped in a turnover of $31.2m for 2006.
The London office saw a $7.7m increase in gross revenue from last year’s turnover of $23.5m. However, this year, profit per equity partner (PEP) stands at $1.45m, down from last year’s figure of $1.6m.
Bingham’s London managing partner James Roome told The Lawyer: “The increase in turnover is partly attributable to the increase in the number of partners we have taken on over the year.
“Financial restructuring has had a solid year with some growth but the increase in turnover is probably due to growing the partner ranks.”
Bingham McCutchen, which launched in Hong Kong last November, also shot up the US revenue charts by posting a rise in turnover of nearly 16 per cent to $686.1m (£372.88m).
In stark contrast, Bingham could not grow its profitability with PEP static on last year's $1.22m.
Last week, Paul Hastings Janofsky & Walker reported a staggering 84 per cent increase in London revenues, conclusively surpassing the results of many of its US rivals. (thelawyer.com 15 February).
The US firm’s London office reaped in gross revenues of $21.4m (£11.6m) in 2006 up from $11.6m (£6.4m) the previous year.