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The Lawyer Global 100

Cleary Gottlieb Steen & Hamilton


Turnover:417.6m
Profit per equity partner:1.08m
Revenue per lawyer:500,000
Total number of lawyers:834

Cleary Gottlieb Steen & Hamilton dropped a place in the Global 100 despite a 2005 performance that saw revenue rise by 9 per cent to £417.6m ($760m).

The firm's 2006 figures are likely to be somewhat better. The firm appeared on a string of major deals during the year and consistently featured prominently in the rankings. For example, in the autumn of 2006 Cleary secured the top spot in Bloomberg's Q3 2006 league rankings for global IPO issuer legal advisers.

To secure top spot Cleary advised as issuers' counsel on seven deals with a hefty global spread and worth a total of £9.1bn ($16.6bn). They included advising Rosneft on its controversial £6bn ($10.65bn) IPO in July, Italian oil refining company Saras on its £1.6bn (€2.1bn) IPO in May, and Mexico's Grupo Aeroportuario del Pacífico's £549.4m ($1bn) IPO in March.

On M&A Cleary headed up the US side of the $20bn (£10.9bn) merger between Euronext and the New York Stock Exchange, and had a key role advising Mittal Steel on its €27bn (£18.6bn) acquisition of rival Arcelor.

Further afield, in October 2005 Cleary announced plans to open its first office on the Chinese mainland, in Beijing. The move coincided with its decision to shut down its underperforming one-partner Tokyo office, bringing to an end the US firm's 18-year local presence in Japan. The firm also has a six-partner office in Hong Kong.

As far as profit is concerned, Cleary retained its place as one of the world's leaders. The firm closed in on the $2m (£1.09m) mark for average profit per equity partner, raising its average remuneration by 15 per cent, from £936,000 ($1.71m) to £1.08m ($1.96m).

 
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