Bingham posts 31% increase in City revenues

Bingham McCutchen's City arm saw revenues increase by almost a third in 2009.

The London office has posted turnover of $40.8m (£25.7m) for the last calendar year, compared with $31m (£19.6m) in 2008. The 31% increase comes against marginal growth in profits per equity partner (PEP) to $1.91m (£1.2m) from last year's figure of $1.88m (£1.19m).

Revenue per lawyer, meanwhile, grew to $1.05m (£660,000) from $816,000 (£515,000).

Office head James Roome (pictured) attributed the strong performance to the firm's counter-cyclical balance and strong restructuring practice.

He said: "The counter-cyclical bias of our practice produced a lot of strength for us as we moved into the downturn. The whole office got very busy as we came out of the deal glut of 2004-07 and toward the type of advisory work that we do."

Bingham has been expanding its London office in recent months. In January the firm hired McDermott Will & Emery partner Davina Garrod to launch a London antitrust practice, taking the partner count in the office to 15. The hire followed the recruitment of former Sidley Austin finance partner Sarah Smith in December 2009.

Bingham's strong London performance comes alongside healthy firmwide increases in revenue and profits, with turnover increasing by 12% to $860m (£544m). PEP edged up 2% to nearly $1.45m (£917,000), meaning that 2009 was the firm's 12th straight year of rising revenues and profits.

2009 was a strong year for Bingham's signature restructuring practice, as well as the integration of securitisation boutique McKee Nelson.

Bingham's restructuring partners have advised bondholders on the nationalisation of the three major Icelandic banks, while litigators are defending JP Morgan Chase and Credit Suisse Securities in a range of structured finance disputes.

"Last year consolidated our leading position in the restructuring market," said Bingham chair Jay Zimmerman. "[But] as the economy begins to recover, you're going to need some level of activity in securitisation. We're in the process of transferring that brand from McKee to Bingham."

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