Fried Frank Harris Shriver & Jacobson has posted record results for the 2015 financial year, with average profit per equity partner (PEP) rising by 21 per cent to $2.2m and average revenue per lawyer also up by double digits (10 per cent) to $1.2m.
The firm’s total revenue to the year ending 29 February 2016 rose by 9.7 per cent to $504m. Net profit rose by 18 per cent to $228.5m.
Total lawyer headcount at Fried Frank remained effectively the same relative to the prior year although the firm hired 15 lateral partners during the 2015 fiscal year, notably in London.
Recent UK laterals include asset management specialists Mark Mifsud, Kate Downey and Alexandra Conroy, all of whom joined in May 2015 from Kirkland & Ellis, and King & Wood Mallesons regulatory partner Gregg Beechey, who joined in July 2015.
May last year also saw Fried Frank hire Hogan Lovells finance partner Stuart Brinkworth in London while in June 2015 finance partner Steffen Schellschmidt joined from Linklaters in Frankfurt.
In January this year Mayer Brown’s joint head of restructuring Ashley Katz quit the firm for Fried Frank to launch a restructuring practice in the City.
The remainder of the firm’s laterals were in the firm’s New York and Washington DC offices.
As a result of the firm’s growth in London Fried Frank is relocating this summer to 41 Lothbury by the Bank of England, a move that will provide the firm with nearly twice as much space as in its current office.
The strong financial results were primarily driven by Fried Frank’s corporate and real estate practices and in particular its M&A and private equity teams.