Reed Smith has posted a 6 per cent increase in turnover for the 2013 financial year, with total revenue rising from $1.013bn to $1.075bn.
Average profit per partner grew at a slightly lower rate than the top line, from $1.08m to $1.14m, a 5.5 per cent increase. Headcount also grew modestly while firm-wide revenue per lawyer stayed static at $690,000.
Global managing partner Sandy Thomas said the results reflected a “strong and solid” year.
“It is more revenue than we’ve ever collected at Reed Smith so we felt really good about the year,” added Thomas.
Thomas said Reed Smith had seen “very strong growth” in two of its key groups in particular – financial industries, Reed Smith’s largest with 225 lawyers, and energy and natural resources.
Thomas said the latter had been driven in particular by Reed Smith’s new offices in Singapore, which launched in 2012 with the hire of two partners from Holman Fenwick Willan (9 October 2012) and Houston, which opened last January after the collapse of the firm’s merger talks with Texan firm Thompson & Knight (23 January 2013).
“Both of these offices were largely built around strengthening our energy and natural resources offering,” said Thomas. “That was a key feature of 2013.”
Thomas took over as head of Reed Smith last year from long-time incumbent Greg Jordan after he quit mid-way through a three-year term (3 October 2013).