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Transatlantic firms DLA Piper and Mayer Brown both experienced slowing rates of growth in 2007, but did finish the year with strong sets of financials.
DLA Piper saw its global revenue break the $2bn (£1.01bn) barrier for the first time following an 18.7 per cent rise to $2.1bn (£1.07bn). Mayer Brown’s global revenue rose by 9 per cent to $1.18bn (£600m).
In terms of average profit per equity partner (PEP), Mayer Brown’s global figure rose by 9 per cent, from $1.14m (£580,000) to $1.24m (£630,000). Although DLA Piper operates separate profit pools for Europe, the Middle East and Africa and the US, its combined average PEP figure rose by 8 per cent, from $1.18m (£600,000) to $1.28m (£650,000).
DLA Piper joint chief executive Nigel Knowles admitted that profit growth was muted when compared with the revenue rise, but he pointed out that this was because the firm had made significant investments during 2007, particularly in the Middle East.
“I’m very happy,” added Knowles. “We’ve had a very good year.”
Practice areas that showed particular strength over the year were corporate, finance and projects, real estate and regulatory, while geographically London, Spain, Germany, Italy and the CIS all performed well.
Knowles added that 2007 saw a greater percentage of income coming from the same clients, which are tapping into the firm’s global network more than ever before.”2007 showed that clients really get what we’re trying to achieve,” he said.
Mayer Brown global vice-chairman Paul Maher said prevailing market conditions had impacted on figures, but that the firm was still satisfied with the overall performance.
“We’ve got the same economic situation as everyone else with the credit crunch and subprime worries,” he said.