Weil Gotshal & Manges has posted a 21.6 per cent increase in London office revenue for the 2012 financial year.
Last year Weil’s total UK turnover broke through the $100m mark to reach $110m, up from $90.4m in 2011. Headcount also grew significantly with the total number of lawyers in London increasing from 89 to 99, the total number of fee-earners growing to 120 and the number of partners growing by three from 22 to 25.
Partner hires over the last year at Weil included Freshfields Bruckhaus Deringer high-yield head Gil Strauss (7 December 2012), and Alex Wood, a restructuring partner who joined from Hogan Lovells last summer (23 July 2012).
Over the past 12 months, via lateral hires and the internal promotions of private equity lawyers such as Simon Lyell and Samantha McGonigle, as well as structured finance specialist Rupert Wall, the firm has continued to build out its core areas.
Transactionally the firm also scored successes with its advice to the AAR consortium on the $28bn sale of its stake in the TNK-BP joint venture to Rosneft – a deal led by partner Marco Compagnoni.
Elsewhere restructuring head Adam Plainer, a recruit from Jones Day in 2011 (26 January 2011), continues to advise alongside KPMG on MFG UK’s special administration, the largest European collapse since Lehman and the first special administration under the UK’s recently introduced regime.
Weil’s UK results significantly outperformed that of its global revenue growth, which remained effectively flat at $1.229bn. Average profit per partner at Weil last year stood at $2.23m.