French independents JeantetAssociés and Ginestié Magellan Paley-Vincent are both celebrating successful years, as firms in Paris begin to announce their 2005 financial results.
Ginestié is set to bring in e14m (£9.6m) after its first year in operation, having been formed from the merger between former DLA ally Ginestié Paley-Vincent & Associés and the smaller Magellan in February 2005.
The expected income will be a rise of 40 per cent from the e10m (£6.9m) made by Ginestié in 2004.
Ginestié managing partner Françoise Ciaudo-Ginestié said the expected results were pleasing, adding: “We have lots of work and we’re hiring people.”
But the firm is having to regroup after losing its employment law team, comprising Dominique de la Garanderie and Marie-Alice Jourde, last month.
Jourde and De la Garanderie joined Ginestié from Veil Jourde in July 2004, but have since left the firm to set up employment boutique La Garanderie & Associés.
Ciaudo-Ginestié said she was in discussions with several employment lawyers with a view to filling the labour law gap created by the departures.
But she added that the firm was not seeking to set up a stand-alone employment unit, explaining: “We need it for support and we need it for our clients.”
Meanwhile, Jeantet has recorded a fourth successive year of turnover growth, although it was unable to maintain the 10 per cent increase enjoyed during the previous three years.
Jeantet’s income in 2005 was e32.5m (£22.3m), a rise of 3 per cent from the previous year’s e31.7m (£21.8m). The growth was a long way short of 2004’s 10 per cent hike, which followed 9.5 per cent increases in 2003 and 2002.
The firm recently hired former Coudert Brothers partner Jonathan Wohl, who became Jeantet’s third US-qualified partner and its 24th partner in total.