Fried Frank Harris Shriver & Jacobson has announced its financial results for the 2007-08 year.
Figures for Fried Frank’s fiscal year, which unusually for a US firm closes at the end of February, show a 14 per cent increase in gross revenue to $537.4m (£268.6m) and a 5 per cent rise in average profit per equity partner (PEP), to $1.6m (£800,000).
Net profit grew 10.3 per cent to $227.3m (£113.6m) while the number of lawyers (on a full time equivalent basis) grew 12.5 per cent to 602.
Fried Frank’s co-managing partner Justin Spendlove said the relatively small growth in PEP was primarily a result of the firm’s heavy investment overseas, particularly in its new Hong Kong and Shanghai offices it launched late in 2006.
“Activity in our core business remained at a high pace throughout the year but by any standards we made a substantial investment in Hong Kong and Shanghai,” said Spendlove. “To increase both our revenue and profits, as we have in these circumstances is, we believe, a very strong performance.”
In September 2006, Fried Frank raided the China practice of Simmons & Simmons to launch its first operations in the region. Three months later the firm launched a second raid on Simmons to launch its office in Hong Kong.
The firm now has 46 lawyers across the two offices, 40 in Hong Kong and around half a dozen in Shanghai.