July 26 (Reuters) – International law firm Freshfields Bruckhaus Deringer on Wednesday reported an 8% increase in revenue to 1.84 billion pounds ($2.38 billion).
The firm’s profit per equity partner increased by 1% to 2.09 million pounds ($2.70 million) in its financial year ending April 30. Freshfields saw about an 8% rise in profit per equity partner the prior year.
Peer London-founded firms Allen & Overy, Clifford Chance and Linklaters all reported revenue growth and largely stalled profits earlier this month, citing economic and geopolitical headwinds. Each of those three firms saw slight dips in profit per equity partner compared to the prior year.
“We have a global growth strategy that puts the U.S. at the heart of the firm alongside our leading European, Asia and MENA businesses,” Freshfields senior partner Georgia Dawson said in a statement.
The firm highlighted several cross-border matters its lawyers worked on during the financial year, including advising UBS on its acquisition of Credit Suisse; representing independent directors of Qualtrics on its $12.5 billion private equity-led buyout; and working as lead counsel defending Google in multidistrict antitrust litigation.
Freshfields said it has provided advisory services to 70% of the S&P 1000 largest U.S. companies over the past three years in the United States and globally.
The firm has invested in growing its U.S. offices in New York, Washington, D.C. and Silicon Valley. It has hired at least nine U.S. partners from rival law firms since the beginning of June.
Freshfields’ competitors are also seeking growth in the United States. Allen & Overy is pursuing a merger with New York-founded law firm Shearman & Sterling, with a partner vote expected in October. Clifford Chance recently opened a new office in Houston.
($1 = 0.7741 pounds)
Read more:
Law firm Linklaters cites Moscow closure as profits dip
Law firm Clifford Chance posts increased revenue, stalled profits
Allen & Overy managing partner resigns amid Shearman & Sterling merger plans
Reporting by Sara Merken
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