Bingham McCutchen’s London office has announced a 4 per cent increase in turnover from $31.2m at the end of 2006 up to $32.5m at the end of 2007.
Net income has risen by 20 per cent from $8.7m at end of 2006 to $10.5m at the end of the last calendar year.
London managing partner, James Roome, said: “Net income has been healthy this year. What I think we have seen is that the cycle of restructuring work has not picked up yet but we expect this to change.”
Roome added that the full impact of the credit crunch is yet to be realised.
“We are all being told to expect more restructurings during the first half of this year. It is hard to say exactly what will happen but we are expecting to have a successful 2008,” Roome said.
Profit per equity partner (PEP) in the London office was boosted by 20.7 per cent from $1.45m up to $1.75m at the end of 2007.