Akin Gump Strauss Hauer & Feld has posted a sharp rise in average profit per equity partner (PEP) for the 2008 financial year, with PEP up more than 16 per cent to $1.4m.
The Texas-headquartered firm also managed a rise in revenue to $780.5m, an increase of just under 4 per cent.
A number of major mandates contributed to the solid financial results. During the year, Akin Gump acted for Clear Channel on its $19.5bn sale to Bain Capital and Thomas H Lee, Brinker Restaurant Corporation in a high-profile class action win and advised clients on several major bankruptcies including Washington Mutual, Nortel Networks and Lehman.
However, the year also saw Akin downsize its partnership significantly, with the exit of almost 60 partners to rival firms.
The latest departures came this week when Greenberg Traurig has hired a three-partner, seven-associate team from Akin Gump in Texas (2 Feb 2009).