The London office of US firm Bingham McCutchen has boosted profit despite a slight drop in turnover.
Average profit per equity partner rose 7.4 per cent from $1.75m to $1.88m and turnover dropped 4.6 per cent from $32.5m to $31m.
London managing partner James Roome said: “Restructuring really kicked in towards the end of the year with things like Home Builders and the car manufacturers but it is the range of work we do for financial investors that kept us going.”
The PEP figure was boosted by the number of partners dropping from 12 to 11. Litigation partner Neil Micklethwaite left in August 2007 to launch a litigation and human rights boutique with Roger Gherson, a former colleague of Micklethwaite’s from his time at Gouldens.
The UK figures closely echo the global figures, which saw grow 6 per cent from $1.335m in 2007 up to $1.42m and revenues rise 3.2 per cent from $743.5m to $767m.
“We’re pretty cautious,” commented Roome, “we’re now glad that we haven’t made some of the big investments that some other firms have.”