Bingham's London office announces 14% revenue hike for 2011
Bingham McCutchen has seen London revenues climb 14% during 2011, comfortably outpacing its firmwide financial performance. The US firm's London office posted revenues of $49.1m (£31.1m) for last year, up from the figure of $43.2m (£27.3m) took in during 2010. The double-digit City growth comes after Bingham announced a firmwide 0.5% dip in fee income for 2011.
February 17, 2012 at 11:19 AM
2 minute read
Bingham McCutchen has seen London revenues climb 14% during 2011, comfortably outpacing its firmwide financial performance.
The US firm's London office posted revenues of $49.1m (£31.1m) for last year, up from the figure of $43.2m (£27.3m) took in during 2010. The double-digit City growth comes after Bingham announced a firmwide 0.5% dip in fee income for 2011.
Revenue per lawyer (RPL) in the City also grew in 2011 to $1.2m (£760,000), an 8% increase on 2010, when RPL stood at $1.1m (£696,000).
The results come after a run of high-profile work for the firm's City arm, most notably the €1.3bn (£1.1bn) restructuring of business conglomerate Quinn group.
Bingham London managing partner James Roome (pictured) said: "The focus for us in London is on financial institutions, particularly in restructuring, litigation and regulatory work, and I think the counter-cyclical nature of these areas has proved successful for us this year.
"We have seen some big litigation and our strategy is to continue to focus on winning these larger mandates within our core areas."
Bingham's firmwide results for 2011 saw 15 consecutive years of top-line growth come to an end with the US firm posting a marginal dip in total fee income.
Revenue fell 0.5% to $868.5m (£553.6m) in 2011, although the figure was still the second-highest annual total in its history, and was offset by record highs in revenue per lawyer, net income and profits per equity partner, which rose 5.5% to $1.72m (£1.1m).
For more, see Latham posts double-digit growth as Bingham's 15-year revenue run ends.
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