Global turnover and PEP nudge up at Latham & Watkins

Latham & Watkins has posted a 3.4 per cent rise in total turnover along with a 7.4 per cent increase in average profit per equity partner (PEP) for the 2012 financial year.

Turnover reached $2.23bn last year while PEP hit $2.44m, The Lawyer can reveal. Revenue per lawyer also rose, by 2.4 per cent, to $1.10m.

Compared to the previous year, when Latham posted an 11.6 per cent rise in turnover and a 14.1 per cent increase in PEP, growth was marginally slower. The US firm did not want to comment on the figures at the time of writing as they had not been formally released.

Highlight deals that Latham advised on last year include representing Lucasfilm, which is 100 per cent owned by Star Wars creator George Lucas, on its $4.05bn (£2.5bn) acquisition by Walt Disney in October (12 October 2012). The deal, led out of the firm’s Silicon Valley base in Menlo Park, gave Disney the rights to the world-famous film series Star Wars, with the US movie giant now unveiling plans to bring out a seventh film.

The firm was also in the legal line-up for BP’s sale of interests in a range of oil and gas fields in the Gulf of Mexico to US petroleum rival Plains Exploration & Production (11 September 2012). Latham advised Plains on the $5.5bn (£4.3bn) deal, with a Houston deal team led by oil and gas partners Jeffrey Muñoz and Michael Darden acting.

On this side of the Atlantic, Latham’s London office won first-time roles on HSBC’s expanded global legal panel last year (6 September 2012) with other highlights including an instruction by Goldman Sachs to advise a consortium of banks on the restructuring of Israeli telecoms group HOT Telecommunications Systems (17 December 2012).

Elsewhere, Latham relocated corporate partners Rod Brown and Luke Grubb from London to Singapore in a bid to increase its English law capability in South East Asia.

The firm has not yet released year-end figures for its London base.