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WilmerHale has posted a 17 per cent increase in average profit per equity partner (PEP) for the 2010 financial year, with the sum rising from $1.13m to $1.33m.
The significant improvement is set against much lower growth in total revenue. Wilmer’s fee income rose from $941m to $962m. Revenue per lawyer broke through the $1m mark, rising 10 per cent from $978,000 to $1.08m.
Co-managing partner William Perlstein said the improvement in PEP was the result of a combination of factors including strong demand for several of Wilmer’s core areas such as its controversies practice, government regulation and investigations and IP litigation.
“There was also a good flow of M&A and corporate work with four IPOs and 20 follow-on offerings,” added Perlstein.
Wilmer also reduced its total headcount last year, a factor that Perlstein confirmed also contributed to the firm’s impressive performance on PEP.
“We reduced headcount at all levels but we’re now hiring associates,” added Perlstein.
Last year Wilmer had around 90 fewer lawyers than in 2009 and 21 fewer equity partners.