Reed Smith's pre-merger PEP up 17%
Reed Smith revenue up 14% in last results before Richards Butler tie-up
January 12, 2007 at 10:39 AM
1 minute read
Reed Smith has unveiled double-digit growth in both revenue and profits per equity partner (PEP) in its last set of financial figures before its merger with Richards Butler.
The firm posted a 14% rise in turnover for 2006 to gross $644m (£332m), while PEP was hit $941,000 (£486,000) – up 17% from a mark of $800,000 (412,000) the year before.
The firm vowed to increase revenues by 40% in the coming year – taking into account tie-ups with Richards Butler and Chicago firm Sachnoff & Weaver – to reach $900m (£464m).
Reed Smith's merger with the legacy City firm went live on 1 January, while Sachnoff will come under the Reed Smith banner in March.
UK managing partner Tim Foster said the firm would be targeting growth in Asia in the year ahead and said he was "optimistic" that Richards Butler's highly-rated Hong Kong office – which has yet to confirm its participation in the merger – would be joining the combined firm.
Reed Smith's own UK operations saw revenue climb 10% to reach $45m (£23m).
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