DLA Piper posts solid results after layoffs

DLA Piper’s EMEA and Asian businesses today reported a 16.2 per cent revenue hike for the 2008 financial year.

The international firm boosted revenue from £503m in 2007 up to £584.9m during 2008. The EMEA and Asia group far outshone the firm’s US practice, which reported a growth of just 3.8 per cent for 2008 from $1.13bn to $1.17bn.

Average profit per equity partner (PEP) for EMEA and Asia at DLA Piper increased marginally by just under 1 per cent from £640,000 up to £645,000. In the US, PEP grew by 6.4 per cent from $1.21m in 2007 up to $1.29m in 2008.

DLA Piper joint chief executive Nigel Knowles said: “These figures represent a solid performance during what has been an extremely challenging year. Our performance reflects the benefits of diversity both in terms of geography and practice.”

Knowles added that the firm was adjusting to the economic downturn by ensuring it maintains a healthy balance sheet firm wide.

Last week The Lawyer reported that the international firm was making significant layoffs in both US and UK operations. DLA Piper announced that up to 80 associates and 100 support staff in the US could lose their jobs (12 February) just two days after confirming that up to 30 lawyers and 110 support staff in the UK are also at risk of redundancy (10 February).

Earlier today The Lawyer revealed that Simpson Thacher & Bartlett’s PEP had plummeted 13.7 per cent last year to $2.48m while revenues dropped by 6 per cent to $904m (17 February).

Paul Hastings experienced a slight increase of 1 per cent up to $986m while PEP dropped by 1 per cent down to $1.9m.

See The Lawyer Rev Counter for more on US firms’ 2008 financial results.

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