Weil Gotshal & Manges’ London office generated £73m last year, posting a 4.2 per cent growth for 2013.
The result marks a slowdown in expansion for Weil’s City base, which the previous year had posted a 21.6 per cent increase in London revenue from £56m to £70m (25 March 2013).
The slowdown in 2013 was partly the result of a number of exits from Weil’s London office. Among them was a three-strong private equity team led by partner Mark Soundy which headed to rival Shearman & Sterling (15 May 2013).
Shearman effectively launched a London private equity practice with the hires and also boosted its fee income, with its London base recording a revenue growth of 20 per cent for 2013 (20 February 2014).
Weil’s exits came months after its London head of capital markets James Cole left for the City base of Paul Hastings (18 January 2013). The firm recorded 28 partners by the end of 2013, compared to 31 the year before. Weil also faced a number of exits in America during the year, including the loss of an eight-partner team in Dallas for Sidley Austin.
Global revenue at Weil fell by 7.4 percent to $1.14bn from $1.23bn in 2012, average profit per equity partner fell from $2.23m to $2.07m and revenue per lawyer dropped by almost 4 per cent to $985,000 from $1.03m.
Elsewhere the firm faced a €12m (£10m) professional negligence claim brought by private equity house Bancroft over its acquisition of a Slovakian ice cream company (4 December 2013).
Weil’s London figures: 2011-13
London headcount 2011: 28 partners and 121 other legal staff
London headcount 2012: 31 partners and 119 other legal staff
London headcount 2013: 28 partners and 114 other legal staff
London revenue 2011: $90m (£56m)
London revenue 2012: $110m (£70m)
London revenue 2013: $114 (£73m)