Jones Day joins $1bn turnover club

Jones Day‘s 2004 fee income has jumped by 5 per cent to $1.03bn (£540m), making it the latest US firm to smash the $1bn turnover ceiling.

Average profit per equity partner also increased by 5 per cent from $923,000 (£483,000) to $969,000 (£507,000).

Meanwhile, last month, Jones Day’s London office suffered the loss of another legacy Gouldens partner. Thomas Budd, head of Jones Day’s UK finance practice, quit to join the London office of Gibson Dunn & Crutcher, where he will become co-chair of the firm’s global finance practice.

Budd, who specialises in corporate finance, acquisition and real estate finance, counts Pillar Properties and Arlington Securities as clients.

Last year, Jones Day’s London office suffered the loss of legacy Gouldens partners Christopher Berry and Charters Macdonald-Brown.