Dewey & LeBoeuf breaks a billion in first results
Dewey & LeBoeuf today (Monday 25 February) announced its first financial results since the merger of Dewey Ballantine and LeBoeuf Lamb Greene & MacRae last year.
Global revenue for 2007 was just over $1bn (£500m), representing an approximate increase of 9 per cent on the combined revenues of Dewey Ballantine and LeBoeuf for 2006, which add up to $921m (£460.4m). That year the two firms reported revenues of $408m (£203.9m) and $513m (£256.4m) respectively.
The average profit per equity partner (PEP) of the two firms in 2006 was $1.43m (£715,000). On that basis, PEP increased by almost 10 per cent last year, to $1.57m (£785,000).
Dewey & LeBoeuf firm chairman, Steve Davis, told The Lawyer: “The markets have changed significantly throughout the year and the firm has certainly experienced a shift in emphasis. We are redeploying our lawyers and are looking more to restructuring and disputes.”
Last year (30 November), The Lawyer reported that Dewey had snared Weil Gotshal & Manges co-head of restructuring, Martin Bienenstock along with partner Judy Liu and associate Timothy Karcher to strengthen the firm’s restructuring capabilities.
Davis added: “The firm will be focusing on integration in 2008. We will experience a slowdown in lateral hiring and we will be looking more to integration post merger.”
Dewey’s merger with LeBoeuf last year created a 1,300-lawyer firm, with operations in 12 countries and a combined turnover of $921m (£460.4m).
In December, Davis underscored the firm’s dedication to London, vowing to reposition Dewey & LeBoeuf as a transatlantic firm. Davis said the firm aimed to increase the London headcount by 50 per cent.
