Reed Smith revenue up 10 per cent, PEP falls

Reed Smith has announced a 10 per cent revenue hike for the 2008 financial year, just missing the $1bn mark.

Global revenue rose to $980m in 2008, up from $892m in 2007.

Profit per equity partner (PEP) suffered a 6.5 per cent drop on 2007, from $996,000 to $935,000 in 2008.

Reed Smith global managing partner Greg Jordan, said: “The rate of growth was checked in part by the global economic slowdown, and it was also adversely impacted by foreign currency fluctuation.”

Revenue per lawyer dropped by 3.5 per cent from $683,000 In 2007 to $660,000 last year.

Jordan added: “On the plus side we continue to realise the benefits of our significant geographic and practice diversification. More than half our lawyers are involved in our litigation and restructuring practices and they are very busy.”

Earlier this week Weil Gotshal & Manges posted a 4 per cent revenue hike for 2008 from $1.18bn up to $1.23bn (20 January). while Bingham McCutchen grew PEP by 6 per cent from $1.35m to $1.42m last year. Revenue increased by 3.2 per cent from $767m to $743.5m.

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