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Fees up 20% as Willkie Farr unveils '07 results

Author: Sofia Lind

Published: 30/01/2008 17:31

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Willkie Farr & Gallagher has announced its financial results for 2007, with the New York-based firm announcing double-digit growth in both turnover and profits.

Willkie Farr posted a 20% increase in global turnover for the last 12 months, with revenues rising from $502.3m (£252.7m) last year to $602.9m (£303.3m).

Profits per equity partner (PEP) climbed by 10%, meanwhile, to reach a new high of $2.23m (£1.12m), compared to $2.03m (£1.02m) in 2006.

The news comes with a number of the firm’s Manhattan rivals having achieved strong results for their London offices.

Weil Gotshal & Manges announced that PEP had nearly doubled at its City base from £700,000 in 2006 to £1.35m in 2007, as turnover increased by 6.5% from £53.5m to £57m.

White & Case, meanwhile, saw revenue at its London arm climb by 37% in 2007 to £119.7m. PEP increased by 19% to £780,000 despite the firm promoting 10 partners at its London office in 2007.

Both Weil Gotshal and White & Case have yet to announce their global results.

Willkie Farr declined to comment on its results in London. Last year the firm saw City chief Gregory Astrachan return to New York, leaving the firm with no full-time partners based in the UK.

The firm is currently reviewing its options for the office, with possibilities including a move into UK law as well as the introduction of a new management team.

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