Weil London achieves 22 per cent PEP hike

Weil Gotshal & Manges has posted a 22 per cent hike in average profit for the 2008 financial year.

The US firm's London office grew profit per equity partner (PEP) from £1.35m in 2007 up to £1.65m last year. Weil’s revenue saw a 2.3 per cent increase from £57m last year to £58.3m in 2008.

Last month, The Lawyer revealed Weil’s global revenue hike of 4 per cent from $1.18bn up to $1.23bn in 2008. Firmwide PEP also increased though by a significantly lower percentage than London. Firmwide PEP grew by 7.5 per cent from $2.14m up to $2.3m last year.

Last year Weil made a number of key hires in the London office including corporate star Pete King who joined from Shearman & Sterling in July (7 July 2009).

Weil also snared Cadwalader Wickersham & Taft restructuring partner Tony Horspool and finance partner Stuart Hill from O’Melveny & Myers last year.

In the US the firm landed lead roles on a number of high-profile deals during 2008, including Lehman Brothers' bankruptcy.