Atlanta-based Alston & Bird was one of only four firms in the Global 100 to post a reduction in revenue, which fell by 2 per cent from £220.9m ($402m) to £217m ($395m).

The firm's average profit per equity partner also plummeted, falling by 13.4 per cent, from £514,000 ($935,000) to £445,000 ($810,000).

Managing partner Philip Cook attributes the drop to an upward "blip" in the 2003 financial year resulting from a contingent fee from a commercial litigation case of more than £22m ($40m), the largest in the firm's history. Without this, claims Cook, the firm's "core results" would have increased at a steadier rate of roughly £22m ($40m) a year.

Alston is best known for its IP and energy practices, with the former group enjoying a record year in 2005.

Its IP strength originates from its 1996 merger with patent attorneys Bell Steltzer Park & Gibson, based in Charlotte, North Carolina. As a result, it has traditionally been concentrated in the South East. However, it has recently sought to build IP strength in New York, particularly in IP litigation, under Manhattan IP head Philippe Bennett, the former worldwide head of IP at Coudert Brothers.

This reflects a focus on growth in New York, which has also included a venture into private equity and hedge funds, which is traditionally strong only in the Atlanta headquarters, with the hire of Cadwalader Wickersham & Taft partner Tim Selby in April 2005.

Also growing is the Washington DC energy practice. Exploiting regulatory reforms that have created new opportunities, the team has hired aggressively, including head of the group Steven Agresta, who joined with a 14-lawyer team from Swidler Berlin in August 2005 that also included partners Sean Atkins, Bill Glew, Ken Jaffe and Stephen Palmer. There was also a five-lawyer team from Baker Botts in August 2006 that included partners Nick Patel and renewable energy specialist Tom Amis.

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