Latham is latest LA firm with strong '06 figures

Latham & Watkins has unveiled double-digit growth in turnover and profits per equity partner for 2006, joining a growing band of US firms to have posted robust year-end figures. The Los Angeles giant pulled in $1.624bn (£832m), up 15% from last year's mark of $1.412bn (£724m). Partner profits, meanwhile, rose 16% to $1.86m (£950,000).

February 20, 2007 at 04:32 AM

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Latham & Watkins has unveiled double-digit growth in turnover and profits per equity partner for 2006, joining a growing band of US firms to have posted robust year-end figures.

The Los Angeles giant pulled in $1.624bn (£832m), up 15% from last year's mark of $1.412bn (£724m). Partner profits, meanwhile, rose 16% to $1.86m (£950,000).

The results follow a year when Latham continued to expand its international network, notably in Europe.

At the end of 2006, the firm made its long-awaited Spanish debut, launching offices in both Madrid and Barcelona after hiring Cuatrecasas corporate partner Jose Luis Blanco Ruiz.

Latham also built up its German arm, with significant additions including Frankfurt-based corporate partner Dirk Oberbracht, who joined from Baker & McKenzie, and Milbank Tweed Hadley & McCloy leveraged finance partner Christina Ungeheuer.

Latham becomes the latest US firm to post strong year-end results, including Los Angeles rivals Paul Hastings Janofsky & Walker and Gibson Dunn & Crutcher.

Paul Hastings saw turnover and partner profits both surge by more than 20%, with fee income reaching $813.5m (£442m) for the last financial year, while Gibson Dunn posted more modest increases, with revenues up 8% to $809m (£411m) and profits improving by 7% on 2005 to $1.75m (£888,000).