Covington laterals pay off as profits and turnover mount

Washington DC firm Covington & Burling has posted a 12 per cent increase in worldwide turnover and a 2.9 per cent boost in average profits per partner.

The firm, which specialises in corporate and life sciences, saw 2002 revenues hit $295m (£188.2m), up from $262.5m (£167.5m) in 2001, with average partner profits up from $690,000 (£440,000) to $710,000 (£453,000).

Covington London managing partner Kurt Wimmer said the diversity of the firm’s practice has prevented it from relying on fees from a handful of large clients. “The litigation and regulatory practice has been very strong and the corporate practice has been surprisingly steady,” he added.

The results come in a year in which the firm made a string of lateral hires in London, including that of the former general counsel of GlaxoSmithKline Jim Beery as senior counsel as well as tax partner David Hinds from SJ Berwin. The firm also moved into new premises in London and San Francisco.