Research from Citi Private Bank, which reveals solid increases in revenue at some of the world’s largest US firms, has underlined that the place to be is global, transactional and cost conscious. Rocket science it is not, but the Citi data does at least highlight the improving financial position for many US firms.
Its survey of 149 US firms, including 44 of the 50 largest US-headquartered outfits and another 81 of the top 200, found that average net income grew by 6 per cent in 2014 while average profit per equity partner was boosted by 5.7 per cent, a better performance than in 2013.
Earlier today Pillsbury Winthrop’s results backed up this trend with its 3 per cent boost in turnover from $543.5m to $560m in 2014. At the tail end of last week Hogan Lovells posted a 3.6 per cent rise in global revenue to $1.779bn while Mayer Brown’s revenue rose by 7 per cent from $1.14bn to $1.2bn.
More significant rises could be found at Cooley, where revenue rocketed by 19 per cent to $802m, Sidley Austin, which posted a 9.5 per cent increase in total revenue to $1.753bn, and Wilson Sonsini, up 12.3 per cent to $646m.
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