Mayer Brown has entered the US financial reporting season with an increase in both partner profits and turnover, with the latter up five per cent to $1.14bn.
Average profit per equity partner (PEP) also rose at Mayer Brown last year, from $1.15m to $1.28m, while it’s London office bounced back from a turbulent 2012 with a reported 12 per cent increase in turnover.
The City office made seven partner hires in less than two months last year, after losing five partners in a short space of time the previous December (4 March 2013).
These arrivals included White & Cases’s international corporate finance partner Greg Stonefield, SJ Berwin real estate partner Patricia Jones, Berwin Leighton Paisner (BLP) banking and finance partner Richard Todd (7 October 2013), BLP finance and restructuring partner Trevor Wood (24 October 2013) and White & Case senior associate Mayank Gupta, who was made partner.
Sources said 2012’s exits had been down to income partners pushing for equity, not getting it and moving on for higher salaries. The first six months of the 2012 financial year were also unusually quiet, causing global revenue to fall from $1.13bn (£751m) in 2011 to $1.09bn in 2012.
Senior partner Sean Connolly said 2013 was a particularly strong year for London’s litigation, finance and real estate teams. He said the percentage increase in London turnover was not linked to “one or two big clients” or the lateral hires which came in at the end of last year.
When the firm’s global management committee met up in June 2013, they drew up a new strategy document which had the City at its heart.
Read The Lawyer’s interview with chairman Paul Theiss in Mayer Brown takes London to its heart.
Comings and goings at Mayer Brown
London leavers 2012: Inclues reinsurance litigator Ian McKenna to Locke Lord (29 October 2012), structured finance partner Stephen Day to Cadwalader Wickersham & Taft (24 August 2012), corporate partner William Charnley to King & Spalding (5 July 2012), leveraged finance partner Neil Caddy to Milbank Tweed Hadley & McCloy (August 2012) and finance partner Nicola Marley to Minter Ellison (2 May 2012).
The firm also launched a redundancy consultation among support staff (21 September 2012) after announcing plans to cut some 20 lawyers and staff from its London office in May (4 May 2012), a process that ultimately saw the departure of 16 people.
London joiners 2012: The London office took on longstanding Ashurst partner Martin Wright to fill the new position of European real estate head in November (15 November 2012), months after picking up CMS Cameron McKenna real estate finance partner Chris Harvey (19 March 2012). The firm says it made five lateral partner hires in London during 2012.
London leavers 2013: US firm King & Spalding established a financial services regulatory practice in London with the addition of Mayer Brown partner Angela Hayes (3 September 2013). Cadwalader Wickersham & Taft hired finance and banking practice partners Bruce Bloomingdale and Jeremiah Wagner (18 September 2013). The firm also hired London-based White & Case litigation partner Alistair Graham.
London joiners 2013: Partner hires in recent weeks include Berwin Leighton Paisner (BLP) banking and finance partner Richard Todd (7 October 2013), Allen & Overy (A&O) senior associate David O’Connor, White & Case’s international corporate finance partner Greg Stonefield and SJ Berwin real estate partner Patricia Jones. Two more partners are expected to join the firm’s finance department in the coming weeks.