Latham & Watkins’ London office reported a 12.8 per cent drop in revenue for the last financial year.
Latham & Watkins’ London office reported a 12.8 per cent drop in revenue for the last financial year.
The US firm reported a revenue of $150m (£105m) for London, down from $172m (£118.39m) during the 2007 financial year.
By contrast, US rival Skadden Arps Slate Meagher & Flom boosted its City revenue by 5 per cent, up from $130m (£89.48m) at the end of 2007 to $137m (£94.3m) at the end of 2008.
The news comes after Latham reported a big drop in profit per equity partner for 2008, from $2.27m (£1.56m) to $1.8m (£1.24m).
TheLawyer.com reported (27 February) that the US firm had announced layoffs totalling 440 employees – 190 associates and 250 support staff.
Last year Skadden underlined its commitment to London by creating four new practice groups, including tax controversy, financial services, investment funds and corporate investigations.
When posting figures for US firms in London, please clarify the original currency in which the figures were published as well as the exchange rates and dates used. US$172m was valued at GBP85m in Dec 2007 – this would mean Lathams had a spectacular year in London with 20+% increase in GBP revenue. What’s the real story?