US and UK law firms announce bumper financial results
Profits soar at Hogan Lovells, Dechert, White & Case and Addleshaw Goddard 📈
A quartet of US and UK headquartered law firms look to have put the economic uncertainty of the pandemic firmly behind them, with all four recording sizeable increases to profits in their latest financial results.
Hogan Lovells announced profit per equity partner (PEP) had climbed a hefty 25.9% to hit $2.49 million (£1.8 million) thanks to a 12.9% uptick in global revenues to $2.6 billion (£1.9 billion). Revenue per lawyer also jumped 16.5% to $1.03 million (£760,000) for the 2021 financial year.
The firm’s chief executive Miguel Zaldivar pointed to the global transactions practice as a “key driver” for the “strongest results in its history”.
Dechert, meanwhile, saw global revenues rise by a quarter to exceed $1.34 billion (£996 million) against a 49% jump in PEP to $4.2 million (£3.1 million). Net income rose from $435.9 million (£324 million) to $597.7 million (£444 million) — an increase of 37%.
Dechert’s CEO, Henry Nassau, commented: “2021 was one for the history books. We are incredibly proud of the firm, our partners and associates and the rest of our business community. This was an extraordinary year with extraordinary demand in the backdrop of another challenging year of Covid.”
Fellow US outfit White & Case also posted robust figures, with revenues climbing 20% to $2.87 billion (£2.1 billion) and PEP rising 17% to $3.5 million (£2.6 million) for the 2021 financial year. In London, turnover enjoyed a 12% increase to roughly $445 million (£331 million).
London office executive Dipen Sabharwal QC said:
“Our London practices were very busy supporting clients as the office again made a significant contribution — one sixth of the global total — to another year of record global financial results. Since the start of 2016, our UK revenue has increased by 53%. Our success speaks volumes for the hard work and dedication of our people in London and the office is positioned to continue its track record of success in 2022 and beyond.”
Elsewhere, UK headquartered outfit Addleshaw Goddard saw pre-tax profits climb by over a third (33%) to £135.6 million. Turnover climbed £285.3 million to £320.5 million. It’s highest paid partner received £1.61 million, a 47% jump on the previous year.
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