Milbank, Kaye Scholer post strong '06 numbers

Milbank Tweed Hadley & McCloy and Kaye Scholer have becomes the latest Manhattan firms to announce strong year-end figures for 2006. Total fee income at Milbank rose from $496.1m (£257m) in 2005 to $540.8m (£280m) for the following 12-month period - an increase of 9%. Meanwhile, profits per equity partner (PEP) climbed 7% from a figure of $2.02m (£1,048,452) in 2005 to a new mark of $2.17m (£1.12m).

March 06, 2007 at 06:43 AM

1 minute read

By a:1:{i:0;s:1:" ";}

Milbank Tweed Hadley & McCloy and Kaye Scholer have becomes the latest Manhattan firms to announce strong year-end figures for 2006.

Total fee income at Milbank rose from $496.1m (£257m) in 2005 to $540.8m (£280m) for the following 12-month period – an increase of 9%. Meanwhile, profits per equity partner (PEP) climbed 7% from a figure of $2.02m (£1,048,452) in 2005 to a new mark of $2.17m (£1.12m).

In December Milbank became the first New York firm to unveil its year-end bonuses for associates, matching the previous year's offer of between $30,000 (£15,300) and $65,000 (£33,100).

Kaye Scholer, meanwhile, approached double-digit growth in both revenues and profits. Fee income was up from $383.6m (£199.1m) in 2005 to a new mark of $425.8m (£221m) – a rise of 11%. PEP improved by almost 10% to reach $1.41m (£731,764) – up from $1.26m (£653,000) the year before.

The news comes with a string of US advisers posting robust financial results for 2006, with a clutch of New York firms still to confirm their latest figures.