Texas firm Bracewell & Giuliani has posted a 15 per cent revenue hike for the 2008 financial year.

The US firm increased revenue from $239m in 2007 up to $275.4m in 2008. Average profit per equity partner (PEP) grew 16.8 per cent to $862,000 from $738,000 the previous year.

Bracewell managing partner Mark Evans said the firm’s strategy of building a diversified practice in particular had paid dividends.

“Our north east practice has seen significant growth in insolvency and restructuring, particularly in the Connecticut office,” Evans added, “while our New York office incorporates counter cyclical practices such as restructuring and private equity on the distressed side.”

The firm is currently looking to expand across both its US and international network. Bracewell has leased an additional floor in Connecticut and hopes to grow the number of lawyers based in the restructuring-focused office from 12 to 20 over the next year.

The firm’s six-lawyer London office is also expanding. M&A partner Martin Hunt, who currently splits his time between New York and the City is due to relocate to London on a full-time basis in July this year. Hunt will be joined by a Washington DC associate.

Evans said: “The plan has always been to relocate Martin to London. He has an international practice which fits with our London office. It’s also valuable to add more senior level lawyers to the team in the UK.”

Bracewell has made 12 lateral hires this year including the former chief counsel to Lehman Brothers commodities business in New York, David Perlman, who joined the firm’s DC office as a partner in the energy practice group in January.