Morrison & Foerster (MoFo) has become the latest US firm to post year-end financial results that reveal a marginal increase in total revenue coupled with a significant hike in average profit per equity partner (PEP).
Gross revenue at the West Coast firm grew by 5 per cent last year to $930.6m while PEP was up 14 per cent to $1.29m, a figure slightly above its 2007 level of $1.27m.
“We benefited from a strong demand in our services across all our markets, reflecting the legal needs of financial services, life sciences and technology companies, which together represent more than 70 per cent of our revenues,” said MoFo chair Keith Wetmore.
MoFo’s unveiling of its 2010 financial performance coincides with the loss of a senior lawyer in the firm’s London office.
Employment counsel Suzanne Horne is joining the City office of Paul Hastings Janofsky & Walker as a partner to head the US firm’s London practice in the wake of the departure of Christopher Walter, who joined Covington & Burling last year.