Provisional figures for Cleary Gottlieb Steen & Hamilton demonstrate an increase of just two per cent for profit per equity (PEP) partner and a nine per cent hike in global turnover.
Estimated figures show that PEP experienced minimal growth up to $2.142m for 2007 up from $2.1m for 2006 while turnover grew by nine per cent from $813.5m in 2006 to $886.7m.
A Cleary partner commented: “M&A and private equity was booming in the first six months of 2007. The emerging markets such as Middle East and Latin America have proved to be very strong for us.”
The source added that while emerging markets have contributed significantly to Cleary’s global practice groups there are no plans to increase on the ground presence in any new jurisdictions.
“We have found that maintaining a strong presence in a range of jurisdictions puts us in a strong position when the economies are not so strong,” commented the source.
The US firm has had a strong start to the 2008 financial year, scooping a lead role along with Sullivan & Cromwell advising on the $19bn Citigroup equity offering to global sovereign wealth funds.