Shearman leads the City charge

The US financial reporting season is in full swing and among the obvious winners is Shearman & Sterling, which last week posted positive global results and a 20 per cent hike in London office turnover.

Shearman’s City office income grew from $112.6m to $134.8m during the year while its global revenue inched up 9.1 per cent to $820.5m. Profit per equity partner (PEP) rose by 18.4 per cent to $1.8m.

Other results so far are mixed. Global turnover and PEP have nudged up at Latham, K&L Gates posted a 23 per cent increase in London turnover to £40.5m, although global PEP dropped by 7.4 per cent to $832,000, while reality has bitten hard at Bingham as the credit crunch’s poster child’s revenue plummeted by $110m.

The latter’s results in particular underline the old saying that, eventually, what goes up comes down.

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