In keeping with Hogan Lovells’ recently released financial results, Akin has reported strong financials for 2023, contradicting fears of diminished returns for the global elite.
Revenue at the firm is up 11% to $1.37bn from $1.23bn, while profit per equity partner (PEP) has jumped 22% to $3.15m from $2.58m. This follows a sluggish 2022 for the firm, which saw global revenue grow by only 1% and PEP drop by 17%.
The firm highlighted its financial restructuring, private credit, traditional energy, energy transition, international trade and litigation practices as particularly high performers over the last financial year.
Commenting on the bounce back, chair Kim Koopersmith (pictured) said: ‘It is Akin firing on all cylinders. Your strategy works when it addresses what your clients need. We were perfectly aligned.’
Recent standout mandates for the firm include advising an ad hoc group of creditors on a $4.4bn Digicel restructuring as well as representing Adler in its $6bn restructuring and the landmark appeal of its sanctioned restructuring plan in the UK. The firm also recently advised Intrum on a €1bn asset sale to Cerberus, and advised Talos Energy on its $1.29bn agreement to acquire QuarterNorth Energy.
The firm also advised Apollo Global Management on the formation, fundraising, and closing of the Apollo Investment Fund X, Apollo’s tenth flagship vehicle. The fund held its final close with $20bn in committed funds.
Over the past year, the firm has doubled down on lateral partner hires, with several key additions across its offices. In New York, the firm bolstered its investment management practice with the addition of partners Ira Kustin, previously at Paul Hastings; James Munsell from Sidley Austin; Max Karpel, previously at Lowenstein Sandler; and Patrick Dundas, from Schulte Roth & Zabel.
The firm’s Los Angeles office was strengthened with the addition of white-collar defence & government investigations partner Lance Jasper in January. Jasper was previously senior counsel in the enforcement division of the SEC. Meanwhile, projects and energy transition partner Vanessa Richelle Wilson joined the firm’s Washington, DC office in November 2023. She was previously the US head of the energy and natural resources sector at DLA Piper.
The Washington office was also joined by a trio of international trade partners, Ryan Fayhee, Roy (Ruoweng) Liu and Tyler Grove, in July 2023. Fayhee was formerly a senior prosecutor and national security official with the DOJ. Liu was formerly a partner and chair of the greater China practice at Hughes Hubbard & Reed and Tyler Grove was also a partner at Hughes Hubbard.
In London, Jacqueline Ingram joined the firm’s financial restructuring practice in January, moving from Milbank.
