Weil Gotshal & Manges and Milbank Tweed Hadley & McCloy have both announced double-digit growth in turnover and profitability with Milbank managing to boost revenues by almost 20%.
Milbank more than doubled its 2006 growth rate to record an 18.8% rise in global fee income, taking turnover from $540.8m (£274.6m) in 2006 to $642.5m (£326.2m) in 2007.
Profits per equity partner (PEP) rose by 16.4% to $2.53m (£1.28m) compared to $2.17m (£1m) in 2006.
Commenting on the performance, London managing partner Phillip Fletcher (pictured) said: “This was the best year we have ever had in the London office, as well as in Germany. Milbank has improved profits over the last 10 years in both up and down economies. It is because we have the right balance of business, with a diversified portfolio.”
Meanwhile, Manhattan rival Weil Gotshal saw PEP break the $2m (£1.03m) mark following an 11% increase in 2007. The rise took partner profits to $2.11m (£1.07m), up from last year’s figure of $1.9m (£965,000).
The firm also increased its total revenues by 12% last year to hit $1.175bn (£597m), up from $1.05bn (£533m) in 2006.
The global results come after Weil Gotshal’s City arm last month reported a near-doubling in partner profits, with PEP increasing from around £700,000 in 2006 to £1.35m last year.
In contrast, revenues rose by only 6.5% to £57m, with local chief Mike Francies citing private equity and capital markets as top-performing areas in the UK.
The office enjoyed high-profile instructions on deals including Terra Firma’s buy-out by EMI and its failed £10bn bid for Alliance Boots, as well as a first-time instruction from Japanese camera and medical devices company Olympus.
However, Weil Gotshal also lost several UK partners, including private equity partner Will Rosen, who joined DLA Piper, and restructuring head Chris Mallon, who joined Skadden Arps Slate Meagher & Flom.
In the US, the firm lost the co-head of its much-vaunted global bankruptcy practice, Martin Bienenstock, who left to launch a practice group for Dewey & LeBoeuf.
