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Salans Hertzfeld & Heilbronn has revealed that 2001 was a year of growth in both turnover and profits
The New York-based firm generated revenues of $121.7m (£86.15m) in 2001, up 7 per cent on 2000's figure of $113.7m (£80.5m). Profits, too, sneaked upwards from $45.5m (£32.2m) to $47.7m (£33.76m), an increase of nearly 5 per cent. Equity partners saw their average share increase by $33,000 (£23,400) to $571,000 (£404,200). Partners sitting at the top of the equity tree can claim a share amounting to $875,000 (£619,400), while those at the bottom will receive around $322,000 (£228,000). Global managing partner Roger Abrahams said: "We've had a good year and in some ways bucked the trend. Our major offices in Paris, New York and London more than held their own and our offices in Eastern Europe had a very good year." He said that the solid performance was against a difficult economic climate. Although unwilling to speculate about market conditions for next year, he said that the firm had budgeted to increase both turnover and profits for 2002. Abrahams observed that the firm had witnessed growth across all practice areas. "Corporate M&A, perhaps unusually, did well," he commented, singling out the development in the New York office's intellectual property practice as investment that had borne fruit. Salans made the news last year when its merger talks with Theodores stalled and then crashed. Despite enthusiasm on both sides, Theodore Goddard called a halt to four months of discussions, citing an un-predictable international situation in the wake of the 11 September terrorist attacks in New York as a reason. The merger would have provided Theodores with instant international coverage, as Salans is a key player in the legal markets of Eastern Europe. The US firm has offices in Kazakhstan, Poland, Russia and Ukraine.