Weil Gotshal posts 4% revenue rise for 2011 as partner profits grow 8%
Weil Gotshal & Manges has posted a 4% rise in firmwide revenues alongside an 8% increase in partner profits, reports The Am Law Daily.
The US firm, which saw both revenues and profits slip in 2010, enjoyed moderate growth in 2011, with revenues rising from $1.185bn (£753m) to $1.229bn (£781m).
Revenue per lawyer was up 3.4% to $1.07m (£680,000), while PEP grew to $2.44m (£1.55m).
Litigation stemming from the financial crisis remained a strong spot for the firm, which advised Lehman Brothers on its $65bn (£41bn) Chapter 11 plan in December, while it also persuaded a US court to dismiss a derivative action against 33 AIG directors in March.
On the transactional side, the firm acted for Kinder Morgan on its purchase of El Paso for $37.4bn (£23.8bn) in cash and assumed debt, the second biggest deal in the world last year, while it also represented French pharmal giant Sanofi-Aventis in its $20.1bn (£12.8bn) takeover of Genzyme.
Copyright litigation was active too, with the firm winning summary judgment for Marvel Entertainment and parent Walt Disney over the rights to comic book superheroes.
"It was clear in 2011 that the investments we have made in our European platform were paying dividends as evidenced by their excellent results," said firm spokeswoman Elizabeth Ventura.
The firm advised on 160 M&A deals worth an aggregate $162.9bn (£103.5bn) in 2011, compared with 166 deals worth $165.7bn (£105.3bn) in 2010, according to mergermarket data.
Overall lawyer headcount was virtually unchanged in 2011, with the ranks increasing by one to 1,153. The number of equity partners dropped from 194 to 186 while non-equity ranks grew from 105 to 109.
By Scott Graham