Akin Gump Strauss Hauer & Feld’s London office saw its revenue more than double in 2015 in its first full financial year since its merger with Bingham McCutchen.
The firm’s City revenue jumped 154 per cent from $35.8m to $91.05m (£63.05m), after a deal was announced between Akin Gump and Bingham McCutchen in September 2014.
Combined, the two firms’ turnover would have amounted to $88.1m, with the 2015 figures therefore representing a 3 per cent increase on this.
Bingham’s London office reported revenues of $52.3m in 2013 – its last full financial year before the merger – while Akin Gump’s City base made $35.8m in 2014.
“We’re very pleased with the figures,” Akin Gump’s London partner in charge Sebastian Rice told The Lawyer. “We’ve been lucky in hindsight, as Bingham McCutchen’s financial restructuring team came together with our energy team to work on some key restructuring mandates after the oil price collapsed.”
The rise in London reflects the firm’s growth overall, with Akin Gump seeing a revenue rise of 7.1 per cent from $868m to $930m. Net profit jumped even further by 12.7 per cent to $402m.
However, average profit per equity partner rose slightly less by 1.5 per cent from $1.88m to $1.91m. Rice attributed this to “significant investment made by the firm” in terms of laterals and ensuring the “successful” integration of the Bingham McCutchen partners.
In the next few months, the Akin Gump and Bingham McCutchen teams will come under one roof, having operated in separate offices up until now. The Bingham McCutchen cohort will move into Akin Gump’s London base, after the latter doubled the amount of space it has to four floors.
The firm added 21 new equity partners worldwide over 2015 to 210, while three non-equity partners left taking the total to 112.