Reed Smith edges past K&L Gates with 7% revenue rise
The firm's revenue rises as PEP increases on the back of growth in financial services, real estate and shipping
March 04, 2015 at 02:21 PM
2 minute read
Reed Smith has posted a 7% rise in global revenue for 2014, while average profits per equity partner (PEP) have increased by 6%.
The firm posted revenue of $1.151bn (£750m), compared to $1.075bn (£701m) in 2013, and PEP of $1.14m (£0.7m) up from $1.2m (£0.78m).
The growth marks a modest increase on last year when revenue rose 6% and PEP grew 4%.
The results mean Reed Smith has overtaken K&L Gates' in the rankings, after the latter firm's global revenue slipped by 1% to $1.150bn (£750m). Mayer Brown and Weil Gotshal & Manges have also jumped ahead of K&L Gates in terms of revenue. Last year, all three firms were in lower positions than K&L Gates in Legal's Week's Global top 50 2014.
Reed Smith's results come after the re-election of global managing partner Alexander "Sandy" Thomas (pictured) who began another three-year tenure in August.
Commenting on the results, Thomas said that the firm's performance in London bolstered the growth.
"London was a significant contributor especially the financial services practice which has grown in the past three or four years."
The firm also saw a strong performance from its real estate and shipping and transport practices across its global bases.
"Real estate picked up with outbound work from Asia going to the rest of the firm. Shipping and transport had an even stronger year in 2014 compared to 2013."
Thomas said the firm's presence in Houston, where it opened an office in 2013, was also a strong contributor to its 7% global revenue growth last year.
"We made a number of investments in 2013 in energy and natural resources. Over the course of 2011 through to 2013, a number of firms opened their doors [in Houston]".
The firm plans to ramp up its Houston office from 45 lawyers to 100 within five years.
"We started from scratch in Houston and we've grown to nearly 45 lawyers. The Houston market is contributing more and more to our global revenue."
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