City revenues up at Mayer Brown while firmwide figures remain flat

Mayer Brown’s London office has posted a 10 per cent increase in total revenue for the 2010 financial year.

The rise, to £102m, takes the firm’s City revenue back up through the £100m barrier for the first time since 2008 and comes after a 16 per cent drop in fee income in 2009 from £111.6m to £93m.

The London office’s performance contrasts with Mayer Brown’s firmwide results, which saw both total turnover and average profit remain effectively flat.

The US firm’s total revenue in 2010 was $1.107bn while average profit per equity partner (PEP) rose 1 per cent to $1.07m.

The US firm does not break out profit data on an office basis, but sources suggest that Mayer Brown’s London average PEP rose by in excess of 20 per cent.

That suggestion is backed up by confirmation from the firm’s London office senior partner Sean Connolly that Mayer Brown has already paid out all of the profits to its partners for 2010.

“We normally work on a 15-month cycle and so typically have paid the partner profits out by the end of March,” says Connolly. “This year we’ve paid out partner profits already.

The results from the first US firm to report 2010 London revenue suggests a return to form for Mayer Brown City’s office after a period of some upheaval.

Over the past two years Mayer Brown has moved to a new office on Bishopsgate, lost its London office head when global vice-chair Paul Maher quit to launch Greenberg Traurig Maher, and endured the global financial meltdown.

“It’s fair to say it was a bit of a horror show in the financial year between April 2009 and April 2010,” said Connolly. “Calendar year 2010 showed a bit more resilience.”