Mayer Brown has joined Winston & Strawn and Baker Botts to post strong financial results for 2007 - despite a challenging year for the transatlantic firm.
Mayer Brown managed to boost revenues and partner profits by 9%, despite legal claims against the firm and an internal restructuring.
Turnover at the top 10 firm rose from $1.084bn (£550m) in 2006 to $1.183bn (£601m). Meanwhile, profits per equity partner (PEP) moved up by 9% to $1.24m (£629,000) in 2007, up from $1.14m (£577,000) the previous year.
The results follow a period of international expansion for the firm during which it agreed to merge with Hong Kong leader Johnson Stokes & Master and hired a number of high-profile partners for its City base, which matched the firm’s global average with a 9% increase in revenues.
The firm brought in more lateral partners in London last year than any other US firm; its total of nine new recruits included McDermott Will & Emery corporate partner William Charnley and Ashurst real estate partner Gary Watson.
However, Mayer Brown had several claims made against it during 2007 relating to the firm’s advice on the 2005 collapse of futures broker Refco. The firm also announced in March that it would be de-equitising 45 partners across its offices.
Commenting on the firm’s performance, Mayer Brown vice chairman Paul Maher (pictured) told Legal Week: “These are good results against the background of the credit crunch.”
Maher said the firm remained committed to substantial expansion in London over the next two years.
Mayer Brown’s Chicago rival Winston also enjoyed a strong performance in 2007 with the firm growing revenues by 14% to hit $697.4m (£354m) up from $612m (£311m) in 2006.
PEP increased by 6.5% to hit $1.28m (£649,000), up from last year’s figure of $1.20m (£609,000).
However, both firms saw their growth outpaced by Texan energy leader Baker Botts, which increased PEP by 18.6% to a new mark of $1.30m (£660,000), up from $1.09m (£557,000) in 2006.
Revenues also jumped significantly, with turnover growing by just under 15% to reach $577.7m (£294m), up from $502.7m (£256m) for the previous 12-month period.
Highlights over the last year include acting for Transocean on its $53bn (£25.8bn) tie-up with fellow oil giant GlobalSantaFe, a deal on which Skadden Arps Slate Meagher & Flom advised GlobalSantaFe.
