Weil posts 8 per cent rise in profit for 2011
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Weil Gotshal & Manges has posted its year-end financials for 2011 that reveal for modest top line growth, with all key metrics ahead of where they were in 2009.
Gross revenue rose 3.8 per cent in 2010 from $1.185bn to $1.229bn, while average profit per equity partner jumped 8 per cent to $2.44m.
Weil’s executive partner Barry Wolf highlighted growth in the firm’s London office as one of the highlights of the year.
“We’ve taken on a number of talented lateral partners in London and we’re extremely optimistic about the future here,’’ Wolf said.
Weil strengthened its London finance practice earlier this year with the hire of international finance partner Stephen Lucas. It also hired a brace of restructuring partners from Jones Day (7 September 2011) and a four-partner funds team from Clifford Chance (13 June 2011).
‘‘Issues stemming from the Eurozone crisis means we’ve seen more restructuring work across Europe,’’ added Wolf. ‘‘While the Eurozone might impact figures in future our strategy is to be a balanced practice so that we can show steady results in good times and bad.’’
Highlight transactions during the year include Weil acting as counsel to Kinder Morgan in its $37.4bn purchase of El Paso,the second biggest deal in the world last year, and to French pharmaceutical giant Sanofi-Aventis in its $20.1bn takeover of Genzyme Corp.
