Weil Gotshal & Manges has reported double figure growth for global profits and revenues for the 2007 financial year.
Revenues grew by 12 per cent from $1.05bn in 2006 to $1.175bn at the end of 2007. Global profit per equity partner at the US firm was boosted by 10.5 per cent up to $2.11m for last year from $1.9m for 2006.
Weil Gotshal chief financial officer, Norman LaCroix, commented: “The first six months were extremely busy particularly on the transactional side. The momentum of the first half definitely had a significant impact.”
Last month (28 January) The Lawyer reported on Weil’s London office doubling its profits from £700, 000 in 2006 to £1.35m in 2007. Despite market volatility during the last six months of the financial year, the firm reported a 6.5 per cent revenue hike from £53.5m up to £57m in 2007.
LaCroix said: “We certainly saw a slowing in the last six months and bankruptcy team becoming busier. It is hard to say how things will develop in 2008 but we expect our bankruptcy group to be busier still.”