Having endured a difficult time in recent months with an exodus of partners from its London office, US law firm Edwards Wildman Palmer published its UK limited liability partnership (LLP) accounts in August, which recorded a 10% drop in UK turnover, alongside a 21% drop in profit.
The LLP accounts, dated to 31 December 2013, show revenue fell to £25.1m from £27.8m, operating profit decreased to £8m from £10.1m and net debt rose to £323,827 from £54,952.
The office’s staff costs rose by 4% to £8.2m from £7.9m though the monthly average number of fee-earners and support staff dipped from 128 to 120. The firm also operates a set of retirement schemes which collectively total nearly £4.5m, a drop on the 2012 figure of £6m.
The figures shed light on the build-up to a series of partner resignations over the summer. The firm saw a quintet of corporate partners leave, including venture capital group co-chair Shawn Atkinson, who is headed for Orrick, Herrington & Sutcliffe; transactions partner Stuart Blythe, who is joining CMS Cameron McKenna; London private equity and venture capital head David Ramm, who is moving to Morgan, Lewis & Bockius; Niall McAlister, who has departed for Olswang; and capital markets partner Eero Rautalahti, whose next move is unknown.
Commercial litigation partner Rod Cowper also resigned in late July and moved to London law firm Teacher Stern, while its insurance group saw the departures of partners Damian Connolly, who went in-house to American managed healthcare company Aetna International; Francis Mackie, who left to develop Weightmans’ insurance practice and took associate Rhys Davies with him; and Mark Meyer, who joined Cozen O’Connor’s London office.
US law firm Cooley has been in talks to take on a number of partners from Edwards Wildman as the firm prepares to establish a presence in London this autumn, while Arnold & Porter was also said to be in talks with commercial litigation partners.
sarah.downey@legalease.co.uk