Financial news

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MoFo’s City refocus pays off as turnover soars 25 per cent

Morrison & Foerster (MoFo)’s London office grossed over £30m in revenue last year, a 25 per cent increase from the £24m reached in 2017. The firm revealed its revenue went beyond £1bn in the past two years, with double-digit growth recorded in revenue per lawyer. Profits per partner hit almost £2m, accounting for the highest […]

money

Simpson Thacher’s City revenue reaches new heights of $176m

Simpson Thacher & Bartlett has added $11.4m to its turnover in London, giving the firm a 7 per cent boost in the City. According to the data, Simpson Thacher’s City numbers increased from $164.9m to $176.3m over 2018, again putting it just behind Weil Gotshal & Manges in terms of London revenue size. Yesterday Weil […]

Gherkin

Kirkland’s City financials reach all-time high of $380m

Kirkland & Ellis’s latest financials have revealed the firm has increased its global revenue by more than $500m, up 19 per cent from last year’s $3.16bn to $3.76bn. Outpacing global growth, London revenue is believed to have hit $380m, rising nearly $100m from 2017’s $300m. Last year, it also hit the dizzying heights of $5m […]

Norton Rose Fulbright

Debevoise posts record financials globally and in the City

Debevoise & Plimpton has posted record financial results for 2018 both on a firmwide basis and in its 30-year-old London office. Firmwide revenue rose by 13 per cent from $822m in 2017 to $929.3m. Average revenue per partner (RPP) also increased, up almost 15 per cent from $5.95m to $6.83m. This was beaten significantly in […]

Money dollars

Sidley Austin closes in on £100m UK turnover

In spite of several comings and goings from its London office, Sidley Austin has recorded nearly a 14 per cent rise in its office turnover to just under £100m. The firm brought in £97.5m over 2018 compared to £85.7m the previous year. Since last summer, Sidley Austin has had a new office managing partner in […]

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Latham’s new chair guides firm to $3.4bn revenue high

Just over six months into his new role as chair of the firm, Richard Trobman has rounded off a strong set of financial results for Latham & Watkins with double-digit revenue growth for 2018. Trobman took on the firm’s top job last summer following the departure from the role of Bill Voge, who was forced […]

dollars money roll

US financials: Paul Hastings joins the $3m PEP club

Paul Hastings’ average profit per equity partner has risen above $3m for the first time, putting it in the same financial league as firms such as Kirkland & Ellis, Latham & Watkins and Skadden Arps Slate Meagher & Flom. According to The Lawyer’s Global 200 report for last year, just 17 firms posted PEP above $3m. These […]

Covington’s City turnover soars above $100m

Building on a series of team hires from firms such as legacy Chadbourne & Parke and King & Wood Mallesons, Covington & Burling has increased its London revenue by nearly 26 per cent over 2018. The firm posted turnover in London of $101m in 2018 from $80.5m the previous year. This means Covington’s City revenue […]

Hogan Lovells

Hogan Lovells’ City office nudges past £300m revenue barrier

Hogan Lovells has made small gains in its London operations, alongside growth globally of 4 per cent, as its long-serving CEO Steve Immelt prepares to hand over the reins of the firm next year. In London the firm’s turnover increased by 2 per cent, in a move that saw the firm break the £300m barrier […]

Shearman’s revenue closes in on $1bn barrier

Shearman & Sterling’s global turnover increased by 5 per cent over 2018, though the pace of growth has fallen behind some of Shearman’s US peers who have all reported double-digit gains this year. Turnover at Shearman rose to $955.5m in 2018, an increase of 4 per cent. This followed the addition of just $5m to […]

Reed Smith’s recovery continues as turnover rises 5 per cent

Reed Smith’s global revenue has risen for the second consecutive year, exceeding levels recorded in 2015 for the very first time. Despite the 5 per cent uptick, the firm’s revenue continues to be around the $1.1bn mark. Over 2018, Reed Smith’s turnover increased from $1.119bn to $1.175bn. This compares to Reed Smith’s financials four years ago […]

City

Cadwalader’s London results suffer after restructuring exits to Milbank

Cadwalader Wickersham & Taft’s London office recorded a double-digit decrease in its revenues, after a series of big-billing partners left the firm for Milbank Tweed Hadley & McCloy at the start of last year. City turnover fell from $50m to $43m, although the firm added that revenues increased overall when discounting the partners who exited. […]

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