Covington & Burling’s net profit in London dropped 8 per cent over 2015, while revenue remained virtually flat.
The US firm’s London office saw net profit dip from $30.7m to $28.1m (£19.7m) in the last financial year – worlds away from its 18 per cent increase in net profit over 2014.
Despite a revenue increase of 6 per cent in 2014, the firm’s City base also saw a slight dip in turnover last year from $64m to $63.6m (£44.6m).
The results in the City fall short of the firm’s efforts globally, with worldwide revenue growing nearly 5 per cent from $709m to $742.5m. However, global net profit also fell, from $330.5m to $327m. Average profit per equity partner (PEP) dipped across the firm’s 10 international offices from $1.3m to $1.28m over 2015, after a 13 per cent rise the year before.
In terms of headcount, Covington’s London figures contrasted with its overall metrics worldwide. There were slightly fewer Covington partners in London over 2015, falling from 23.02 to 22.03, but partner headcount grew globally from 247.6 to 256.5. Fee-earner numbers also rose worldwide from 962.3 to 978.96, with London headcount dropping from 88.57 to 85.3.
There was a growth in female partner numbers over 2015 worldwide from 57.33 to 58.64, with women representing 22.6 per cent of the London partnership. The figure is in line with the firm’s global female percentage of 22.8 per cent.