The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
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.