PEP climbed from last year’s mark of $940,000 (£476,140) to reach a new high of $1m – an improvement of just over 6%. Revenue per lawyer also edged up by 6%, from $652,000 (£332,000) to $690,000 (£351, 000).
The improved performance comes against a surge in turnover of 39%, largely due to the firm’s combination with legacy City outfit Richards Butler, which went live at the beginning of last year.
Total fee income at the combined practice – which operates in the
Last year the firm also agreed to merge with mid-size
In October the firm finally sealed an agreement with Richard Butler’s profitable Hong Kong arm, with the respected Asian practice – thought to be worth around $40m (£20.4m) a year – coming under the Reed Smith banner from 1 January, 2008.
Reed Smith European managing partner Roger Parker said the results were “above and beyond where we expected to be”.
He added: “We want to make the business hum. But we wouldn’t rule out further strategic growth.”
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