Debevoise follows New York trend with steady growth

New York firm Debevoise & Plimpton has released its financial results for 2006, posting a steady improvement in both turnover and profit on 2005.

Debevoise is one of the few Wall Street firms to have officially released its figures, and it adds to the general picture of US firms that have announced healthy if not dramatic increases in the last year.

Turnover and profit per partner (PPP) at Debevoise both rose by just over 7 per cent, to $575m (£295m) and $1.806m (£930,000) respectively. The firm is one of the last in New York to operate a pure lockstep.

Debevoise did experience double-digit growth in the form of net profit, which grew over 11 per cent to $238m (£122m). But revenue per lawyer only nosed up 4 per cent, to $1.007m.

Although London figures are not yet available, insiders point to a very healthy year. The bar was set high in 2005: London accounted for 10 per cent of firmwide profits and grew its turnover an astounding 67.5 per cent on the preceding year.