Herbert Smith senior partner David Gold has pledged to invest heavily in the firm's finance division to more than double its turnover.
Gold, who took over as senior partner on 1 April 2005, told The Lawyer that his firm is aiming to increase its revenue to 20 per cent of the firm's worldwide total over five years. In 2004-05, Herbert Smith's finance division, which lags behind most of its rival firms', turned over £22.5m, representing just 8.5 per cent of the firm's worldwide turnover. The division has 22 partners globally.
In contrast, Herbert Smith's corporate practice turned over £108.6m in the last financial year, while the firm's litigation practice billed £106m.
Herbert Smith's litigation and corporate practices account for 41 per cent and 40 per cent of worldwide turnover respectively.
Gold said he was hoping to achieve this ambitious target through lateral hires. Earlier this month former Linklaters senior associate Alexander Currie joined the firm as a partner. Curry, who specialises in project finance deals in the energy sector, had been an associate in Linklaters' projects team since 1999.
Meanwhile, on 1 April, Jason Fox took over as Herbert Smith's head of finance, replacing Clive Barnard.