Shearman tight-lipped on City revenue amid reduced headcount and 4% global turnover rise

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Shearman tight-lipped on City revenue amid reduced headcount and 4% global turnover rise

After rising by less than 1% in 2017, Shearman & Sterling’s global revenue grew at a slightly faster pace last year to hit $955.5m as profit per equity partner increased 5% to $2.4m.

The New York-headquartered firm today (21 February) declined to disclose its London revenue for the second year running, although senior partner David Beveridge told Legal Business the City office grew at a comparable rate to the firm globally. The last time Shearman released London numbers they showed a 14% revenue uptick to $169.7m in 2016. Continue reading “Shearman tight-lipped on City revenue amid reduced headcount and 4% global turnover rise”

The comeback kid: Return to form as Reed Smith hikes London revenue 18% to $222m

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The comeback kid: Return to form as Reed Smith hikes London revenue 18% to $222m

Reed Smith has bolstered City revenue by 18% to $222m amid a reversal of fortune which has seen global revenue rise for the second year running after a disappointing spell.

Global turnover increased 5% to $1.17bn after the Pittsburgh-bred firm last year bounced back following two consecutive years of decline, increasing its top line by 4% to $1.12bn in 2017. Continue reading “The comeback kid: Return to form as Reed Smith hikes London revenue 18% to $222m”

Cadwalader London revenue drops 13% after restructuring team exit as global turnover makes slight return to growth

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Cadwalader London revenue drops 13% after restructuring team exit as global turnover makes slight return to growth

Bucking a trend which has seen a number of City outposts of US firms grow apace last year, turnover at Cadwalader Wickersham & Taft’s London office dropped 13% to $43.1m in 2018.

While London suffered the impact of a five-partner team departure at the beginning of last year, global figures painted a rosier picture as firm-wide turnover grew 3% to $420.7m after three consecutive years of decline. Continue reading “Cadwalader London revenue drops 13% after restructuring team exit as global turnover makes slight return to growth”

‘Investing in strength’: Akin Gump’s City turnover spikes 28% amid restructuring bonanza

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‘Investing in strength’: Akin Gump’s City turnover spikes 28% amid restructuring bonanza

The London office of Akin Gump Strauss Hauer & Feld has recorded a 28% revenue hike to $123.5m.

The City results, with revenue up from $96.2m, mark a blistering year on the back of a swathe of big-ticket transactions in the financial restructuring space and stand out against the more muted firm-wide revenue uptick of 3% from $1.04bn to $1.07bn. Continue reading “‘Investing in strength’: Akin Gump’s City turnover spikes 28% amid restructuring bonanza”

King & Spalding posts stronger year globally with UK revenue up 12%

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King & Spalding posts stronger year globally with UK revenue up 12%

US outfit King & Spalding notched a 12% growth in its UK business for 2018, with London revenue rising to $48.3m, up from $43.1m last year.

Meanwhile, firmwide revenues rose 9% to $1.26bn from $1.14bn in 2017, while firmwide profit per equity partner rose 9% to $2.85m. The results in London in particular mark a stronger performance for the firm, after only managing to inch revenue forward 1% last year from $42.6m to $43.1m. Continue reading “King & Spalding posts stronger year globally with UK revenue up 12%”

Goodwin London revenue surges 60% as European hiring spree pays off

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Goodwin London revenue surges 60% as European hiring spree pays off

Goodwin Procter’s City arm grew at more than three times the pace of the firm globally in 2018, hitting $66.8m in the year in which the firm launched a European life sciences practice.

The eye-catching 58% growth in London from $42.3m came as Goodwin’s global turnover rose 16% to $1.2bn, profit per equity partner was up by 14% to $2.46m and revenue per lawyer 10% to $1.25m. Continue reading “Goodwin London revenue surges 60% as European hiring spree pays off”

‘Poised for great things’: White & Case City revenue tops $350m as Milbank sees 25% turnover spike

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‘Poised for great things’: White & Case City revenue tops $350m as Milbank sees 25% turnover spike

White & Case’s expansive London office was responsible for 17% of firm-wide revenue as Milbank Tweed Hadley & McCloy has a hiring spree to thank for its pace-setting 25% uptick in City turnover.

White & Case’s City revenue was up 7% to $350m, as firm-wide revenue increased 13.7% to break the $2bn mark at $2.05bn. Profit per equity partner grew 6% to $2.40m and revenue per lawyer increased by 7.8% to reach $954,000 from last year’s $885,000. Continue reading “‘Poised for great things’: White & Case City revenue tops $350m as Milbank sees 25% turnover spike”