Covington & Burling posts positive 2011 financials
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Covington & Burling is the latest US firm to show recovery from the slump, revealing an increase in revenue and average profits for 2011.
Total revenue at the US firm rose by 5.1 per cent from $581.5m (£368m) to $611m in 2011. Average profit per equity partner (PEP) was too, though by a smaller percentage, rising by 3.9 per cent from $1.15m to $1.2m.
The increase in PEP was coupled with a 2.7 per cent increase in the number of equity partners, which rose from 224 to 230, with notable hires including a team of four partners from Morrison & Foerster (MoFo) to the firm’s London office, bringing an entire life sciences corporate team to the City (16 May 2011).
The London office continued to expand towards the end of last year, bringing another blow to MoFo with the appointment of Kristian Wiggert as a partner in its European corporate group (8 December 2011).
The firm is also spreading its international footprint, announcing plans to open an office in Shanghai by the end of the year (9 February 2012).
