Bingham's City office posts 14 per cent revenue hike
The London office of Bingham has posted a 13.9 per cent increase in turnover following a strong year in financial regulatory and restructuring.
James Roome
The firm saw turnover in the City rise from $43.2mto $49.1m, with revenue per lawyer increasing from $1.12m to $1.19m.
London managing partner James Roome said the rises were down to a strong showing in financial restructuring, with the firm advising on cases such as the €1.3bn (£1.1bn) restructuring of the Quinn group during 2011.
‘‘It was a strong year for financial regulatory and litigation, which drove figures hard,’’ said Roome.‘‘The London office is focused on financial institutions, operating on a few areas around a similar theme, so as a whole we try to get to a flat revenue position.’’
On a global scale, revenue for the firm fell 0.5 per cent to $868.5m (£553.6m) while net income rose almost 4 per cent to $278m (£177m), helping to drive a 5.5 per cent increase in average profit per equity partner (PEP) to $1.72m (£1.1m).
Bingham, which has more than 1,100 lawyers across 13 offices in the US, the UK and Asia, also posted flat partner numbers at 328, with 14 partners in the firm’s London office.
The firm ended last year with the hire of Jones Day partner Xiaowei Ye to manage its newly launched Beijing office alongside corporate partner Brian Beglin, who relocated from Tokyo (1 December 2011).
Looking ahead to the remainder of 2012, Roome said: ‘‘It’s difficult to make predictions with the sovereign debt crisis in Greece, but I sense financial restructuring work will pick up.’’
