Weil Gotshal & Manges rebounds with 16.5% PEP rise
US firm comes back from disappointing 2013 with increases in PEP and revenue after major staff layoffs
January 22, 2015 at 06:45 AM
2 minute read
US firm Weil Gotshal & Manges has rebounded from a disappointing 2013 with a 16.5% rise in profit per equity partner (PEP) in 2014.
The firm reported PEP of $2.4m (£1.6m) in 2014, up from $2.1m (£1.4m) the previous year.
The results mark a sharp rebound from 2013 when both PEP and revenue dropped 7% to $2.1m and $1.1bn (£725m) respectively after the firm went through one of the biggest staff layoffs of any big law firm since the financial crisis.
In 2014, Weil's net profit for the year rose by $52m (£34m) to $412m (£271m), shooting up 14.5%, while the firm's revenue grew by 1.2% to $1.15bn (£758m), up from $1.1bn in 2013.
Revenue per lawyer rose by 9% to just over $1m (£659,000) from $985,000 (£649,000) as the number of lawyers it employed dropped 7%.
The number of partners at the firm fell 10% to 281, from 312 the previous year, while the number of equity partners fell 2% to 171, down from 174. Weil's total number of lawyers fell 7% to 1,157, from 1,072.
Weil's executive partner Barry Wolf attributed the positive results to a strong performance in Europe.
He said: "It was a strong rebound year for the firm. Europe did very well, in particular London and Paris."
The firm did not provide a breakdown of figures from the London office but in 2013 it contributed $114m (£68.6m) to the firm's revenue, up from $110m (£66.2m) in 2012.
The improved performance came despite partner headcount at the City office dropping to 28 from 31, with legal staff numbers also down to 114 from 119.
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