Businesses can’t be winners every year. Although Weil Gotshal & Manges was one of the City’s top revenue risers in 2012, posting a 21.6 per cent increase in London revenue, The Lawyer has revealed that London revenue growth for 2013 was a modest 4.2 per cent, with the firm’s UK income inching up from £70m to £73m.
While 2012 featured a string of UK laterals – partner hires in 2012 included Freshfields Bruckhaus Deringer high-yield head Gil Strauss and Hogan Lovells restructuring partner Alex Wood – 2013 featured some high-profile exits. A three-strong private equity team, led by high-profile partner Mark Soundy, headed to rival Shearman & Sterling, while Weil’s London head of capital markets James Cole left for the City base of Paul Hastings.
That said, Weil’s office has stayed cool (despite facing a professional negligence claim involving a Slovakian ice cream company) by still managing growth, which is more than can be said for the firm as a whole, which saw its global revenues drop by 7.4 per cent to $1.14bn in 2013.
Also on The Lawyer:
- Reed Smith has posted a 6 per cent increase in turnover for the 2013 financial year, with total revenue rising from $1.013bn to $1.075bn
- Squire Sanders has announced the promotion of seven lawyers to its partnership ranks, with two lawyers making the cut in the UK
- It is now two years since the collapse of mammoth firm Dewey & LeBoeuf. But the next chapter in the story of its dramatic spiral into crisis is about to emerge in lurid technicolour following a High Court trial