Latham & Watkins has posted a 2.7 per cent rise in total turnover along with a 1.9 per cent increase in average profit per equity partner (PEP) for the 2013 financial year.
Turnover reached $2.28bn last year while PEP hit $2.49m, compared to $2.23bn and $2.44m the year before. Revenue per lawyer also rose, by 1.4 per cent, to $1.11m.
Compared to the previous year, when Latham posted a 3.4 per cent rise in turnover and a 7.4 per cent increase in PEP, growth was marginally slower.
While the firm does not release financial figures by office, London had a strong 2013. The City base has made six lateral partner hires since May, most recently taking on Clifford Chance partner Kem Ihenacho (18 February 2014).
Ihenacho’s arrival followed that of former Clifford Chance private equity head David Walker and Tom Evans as well as capital markets partner Dean Naumowicz from Norton Rose Fulbright (19 June 2013), litigation partner Simon Bushell from Herbert Smith Freehills (7 Februrary 2013) and Nick Benson, who arrived from Weil Gotshal & Manges in January last year having joined Weil in 2011. The office now has 250 fee-earners including more than 60 partners.
Latham’s German operations also had a busy year, securing the hire of three Shearman & Sterling partners to launch a Düsseldorf office, hot on the heels of Shearman’s decision to centralise its German presence in Frankfurt (8 May 2013).
Latham also hired Munich arbitration and compliance partner Markus Rieder from Shearman in a continuation of its growth in Germany. The hire followed the appointment of Allen & Overy partner Okko Behrends, the first significant hire for Latham in Germany for some time, in Frankfurt (19 April 2013).
London head Nick Cline said in a statement: ”There is renewed confidence in Europe, capital markets are performing strongly and our ability to switch debt financing work across different product areas and between top-tier practices in London and New York continues to stand us apart.”