Gide revenues down 51%, Garrigues turnover up 46%, while Bonelli remains flat

A trio of international firms have filed their London limited liability partnership (LLP) accounts for 2009, revealing differing fortunes for foreign practices in the City.

France's Gide Loyrette Nouel saw revenues fall by 51% from £18.3m to £9m in 2009, with UK income contributing just £2.9m, down from £9.4m in 2008.

Inbound work from outside of Europe handled by the City office saw a slight increase to £2.1m, with major roles for the firm's London base including acting for the Government of India on its $2.2bn (£1.4bn) initial public offering of the National Mineral Development Corporation.

The drop in London revenues contributed to a reported 15% drop in firm-wide turnover, with revenues across Gide falling from €258m (£213m) to €220m (£182m) in 2009.

Gide London head Colin Mercer said: "The financial results are an indication of the reduction in overall activity that was seen in 2009 against a fixed cost base.

"We are confident that we have taken action to reduce the cost base enough now and are starting to hire once again in response to an increase in the flow of deals. The remainder of 2010 and 2011 looks to be on the up for the London office."

In May this year Gide's City office saw the departures of banking and capital markets partners Michael Doran and Christopher Czarnocki to White & Case, leaving six partners in the office.

In contrast, Spain's Garrigues increased London turnover by 46% during 2009, with revenues rising to £2.3m from £1.6m in 2008. Global turnover increased 13% to €334.3m (£276m). The UK LLP generated £763,240 in profit for distribution.

The firm set up its London office in 2007 with Guillermo Munoz-Alonso and Jose Maria Gil-Robles as co-heads. Gil Robles resigned as a member of the UK LLP on 1 January 2010 and relocated to Madrid.

Munoz-Alonso (pictured) said: "2009 was not an easy year for the Spanish legal sector, although Garrigues as a whole did very well. The growth in turnover and [UK] profit in 2009 is the result of our efforts in consolidating our presence in the London market."

Elsewhere, turnover at Italy's Bonelli Erede Pappalardo remained relatively flat, with revenues down by 2.3% to £4.4m.

The highest paid member received £884,934 from the UK LLP, against £954,462 in 2008.

Bonelli expanded its City branch during the year with the relocation of Milan partner Eliana Catalano to the office as a resident partner to establish a corporate practice.

The City arm is also now using Milan-based partner Luca Radicati to offer litigation services. Radicati divides his time between Italy and London.

City head Riccardo Sallustio said: "The results were in line with what we were expecting. Banking and finance work monopolised about two thirds of our activity and private equity/M&A counted for one third. While we had and continue to have some good restructuring deals, we have now further diversified our practice adding more areas to our service such as arbitration and antitrust, and hopefully by the end of the year, tax."