King & Spalding turnover breaks $1bn barrier

King & Spalding’s revenue broke the $1bn mark for the first time last year, as its global turnover rose by 9 per cent.

The firm saw its revenue increase from $934m (£638m) in 2014 to $1.02bn (£700m) in the last financial year.

Average profit per equity partner similarly rose from $2.36m to $2.5m, a percentage increase of just under 6 per cent.

King & Spalding’s London office is yet to finalise its own revenue but enjoyed nearly a 14 per cent turnover increase between 2013 and 2014 from $37.4m to $42.6m.

According to the firm’s website, 24 partners reside in its London office, with latest lateral hires including Fried Frank Harris Shriver & Jacobson’s disputes head Nick Cherryman and Berwin Leighton Paisner advocacy head Stuart Isaacs QC. In 2014, King & Spalding had 21 partners based in the City.

At the end of last year, the firm promoted one partner in London out of a total of 24 worldwide, namely arbitration counsel Sajid Ahmed.

International highlights over 2014/15 include the launch of a Tokyo office through the hire of four Ashurst partners. The firm also led on Delivery Hero’s $589m acquisition of Turkish food delivery company Yemeksepeti and Islamic financing for a $2bn industrial gases project in Saudi Arabia.