Bingham City arm posts 4.6% revenue drop-off

Bingham McCutchen's London office has posted a 4.6% drop in turnover for 2008, while profits per equity partner (PEP) have risen by more than 7%. The US firm's City arm took in $31m (£21.3m) in revenues over the 2008 calendar year compared to $32.5m (£22.3m) during 2007. PEP rose to a new mark of $1.88m (£1.29m) from the firm's 2007 figure of $1.75m (£1.2m).Bingham London head James Roome commented: "2008 was really a credit crunch year and restructuring work only really pulled up at the end of the year, so 2009 should be better [for us]. In London it is a case of 'steady as she goes' - so far it has been watching people work harder [rather than recruiting]."

February 04, 2009 at 11:06 PM

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Bingham McCutchen's London office has posted a 4.6% drop in turnover for 2008, while profits per equity partner (PEP) have risen by more than 7%.

The US firm's City arm took in $31m (£21.3m) in revenues over the 2008 calendar year compared to $32.5m (£22.3m) during 2007. PEP rose to a new mark of $1.88m (£1.29m) from the firm's 2007 figure of $1.75m (£1.2m).

Bingham London head James Roome commented: "2008 was really a credit crunch year and restructuring work only really pulled up at the end of the year, so 2009 should be better [for us]. In London it is a case of 'steady as she goes' – so far it has been watching people work harder [rather than recruiting]."

The London office has a total of 40 lawyers including 11 partners. In May 2008 the firm lost barrister Sue Prevezer QC to Quinn Emanuel Urquhart Oliver & Hedges.

Bingham's recently-released firmwide financial results for 2008 saw the firm recording a 3.2% increase in revenue to reach $767m (£552m), while PEP rose by 6.4% to $1.4m (£1.01m).

On Tuesday (3 February) Weil Gotshal & Manges unveiled its firmwide financials for 2008, posting a 5% turnover increase to $1.23bn (£868,000) and a 7.5% PEP hike to $2.3m (£1.6m).

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