Latham’s City revenue takes 12.8 per cent hit

Latham & Watkins’ London office reported a 12.8 per cent drop in revenue for the last financial year.

Latham & Watkins’ London office reported a 12.8 per cent drop in revenue for the last financial year.

The US firm reported a revenue of $150m (£105m) for London, down from $172m (£118.39m) during the 2007 financial year.

By contrast, US rival Skadden Arps Slate Meagher & Flom boosted its City ­revenue by 5 per cent, up from $130m (£89.48m) at the end of 2007 to $137m (£94.3m) at the end of 2008.

The news comes after Latham reported a big drop in profit per equity partner for 2008, from $2.27m (£1.56m) to $1.8m (£1.24m).

TheLawyer.com reported (27 February) that the US firm had announced layoffs totalling 440 employees – 190 associates and 250 support staff.

Last year Skadden underlined its commitment to London by creating four new practice groups, including tax controversy, financial services, investment funds and corporate investigations.