K&L gates sees rise in City revenue and profit

K&L Gates has posted another year of rising revenue and profit in its London office, reporting a 6 per cent rise to $46.3m.

Average profit per equity partner (PEP) in London was up 2.4 per cent from $636,222 in 2009 to $651,664 in 2010, while net profit in the City was up 28 per cent to $16.3m

The average number of staff in London in 2010 was down slightly, from 262 to 254.1, while the average number of fee-earners rose from 128.5 to 130.1, and the number of partners from 54.5 to 55.3.

As reported on TheLawyer.com last month, global revenue in 2010 grew 2 per cent from $1.034bn in 2009 to $1.055bn, and average PEP was up 8 per cent from $861,000 to $930,000 (11 February 2011).

This was the 16th consecutive year of rising global revenue and PEP, which continued the firm’s global expansion with the launch of a Brussels base earlier this year (1 February 2011).

Average staff numbers globally in 2010 fell from 3729 to 3642.9, while total fee-earners also fell slightly from 1979.5 to 2074.9.