K&L Gates London revenues up 23 per cent as global PEP drops

K&L Gates has posted a 23 per cent increase in London turnover to £40.5m, while global profit per equity partner (PEP) has dropped by 7.4 per cent to $832,376.

London revenues are up from £33m in 2013, while global PEP stood at $899,960 for the same period, well below the PEP of $930,122 achieved in 2010.

However firmwide revenue inched up 9 per cent during the 2013 financial year, rising from $1.06bn to $1.158bn. The firm joined the billion-dollar club in 2010, when it posted a total turnover of $1.034bn.

The financial results also reveal a 256 per cent revenue rise for the Asia Pacific region, from $41.4m to $147.7m, following the firm’s merger with Australia’s Middletons in January 2013 (4 December 2012).

In the Americas, however, revenues decreased by 2.5 per cent from $924,935 to $901,648m, coming on the back of a 2.5 per cent decrease the year before (21 February 2013). Meanwhile revenues in Europe continued to grow, rising 16.6 per cent to $109,506m.  

The firm also revealed it had no bank debt and invested $109,248 in office equipment, leasehold improvements and IT during the year.

The results came amid a detailed performance report for the year ending in December.

The level of detail in the financial statement, prepared to Securities & Exchange Commission reporting standards, is unusual for a US firm, where financial reporting is significantly less transparent than the UK’s. 

For more on K&L Gates watch our interview with chairman and global managing partner Peter Kalis.