LegalWeek.com reported recently that New York-based Paul Weiss Rifkind Wharton & Garrison has unveiled its financial results for 2006, posting only modest rises in revenue and profits. The firm announced a 6% rise in revenues to reach a mark of $594m (£302m), with profits per equity partner (PPP) up just 1% to $2.5m (£1.3m). As noted in the report, “The latest results come with many of the US' top law firms benefitting from a bumper year for big-ticket M&A.”
Chicagoleader Sidley Austin posted an 11% rise in revenue, according to Legal Week, reaching $1.25bn (£637m), while partner profits climbed 6% to $1.3m (£663,000). Other USfirms to have already unveiled strong figures include Reed Smith, Baker & McKenzie and Orrick Herrington & Sutcliffe. Reed Smith announced a 14% rise in turnover to hit $644m (£332m), while PEP reached $941,000 (£486,000) – up 17% from 2005. Bakers and Orrick both recorded double-digit growth in revenue.
Another report, by The Legal Intelligencer , said that Buchanan Ingersoll’s merger with Klett Rooney Lieber & Schorling could vault Buchanan into the Am Law 100 this year. The merged firm shows a 40 percent increase in gross revenue during 2006, compared with Buchanan Ingersoll's pre-merger numbers in 2005. The firm also had strong”organic growth” in certain practice areas, including corporate finance, IP and complex litigation, according to the Intelligencer.
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