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Dorsey & Whitney unveils 30% PEP surge

Author: Sofia Lind

Published: 06/02/2008 11:58

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Dorsey & Whitney has unveiled record financial growth for 2007, with profits per equity partner (PEP) improving by almost a third over the last 12 months.

Profits at Dorsey reached $672,000 (£343,000) last year, representing a 30% surge from the previous year’s mark of $505,000 (£256,500).

Total revenue, meanwhile, grew by 11% from $329.5m (£168.9m) to a new mark of $366m (£186.9m).

Managing partner Marianne Short said the results exceeded all the targets Dorsey had set for the year, with corporate, tax litigation and capital markets cited as strong performers for the firm.

Short said the year ahead would see the firm focus on sectors including financial services, healthcare and life sciences, energy and natural resources, while London is among the offices targeted for growth.

London office head Paul Klaas commented: “We are very pleased that… Dorsey is focusing on London and on some of our strongest practices – M&A, tax litigation and capital markets.”

Dorsey also said it intends to increase the amount of pro bono work from 3% to 5% of total billable hours during 2008 to 2010.

Klaas added: “We are already racketing up our pro bono service, from representation of Caribbean juveniles in capital cases to adoption of London arts organisations,”

The results come with a number of rival US firms having announced positive financial figures for 2007.  Cadwalader Wickersham & Taft was one exception, however, with the New York law firm posting a 6% dip in partner profits to $2.72m (£1.38m).

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