Freshfields posts double-digit PEP hike as firm restarts revenue growth
PEP shoots up by 12% as firm returns to growth after last year's flat revenues
July 05, 2018 at 11:30 AM
3 minute read
Freshfields Bruckhaus Deringer has posted a 5% uptick in global revenue for 2017-18, following what managing partner Stephan Eilers called "a very satisfactory year".
Global revenues rose by £73m to reach £1.403bn, alongside a 12% profit per equity partner (PEP) hike to £1.734m.
The positive performance comes after the firm experienced a challenging 2016-17, which saw revenues remain flat. Eilers said he was very pleased with this year's results, which he said had come on the back of "very strong performances across all regions".
He highlighted the firm's international restructuring and insolvency practice as having a particularly strong year, while successes in technology, media and telecoms included a role for Liberty Global in its sale to Vodafone, as well as advising Comcast on its £22bn bid for Sky.
In the US, revenues were ahead of budget in a "very good year in all sectors", according to Eilers. The firm expanded its antitrust offering in February by bringing in US Justice Department heavyweight Eric Mahr in Washington DC.
"[The hire] fits nicely into our global capacity. He's a leading antitrust litigator. It will make a real impact," said Eilers. "This year we hope to enlarge our capacity in the corporate and leveraged finance areas in the US, as well as within private equity."
When asked whether the firm's Manchester base, which opened its doors in 2015, had contributed to the firm's recent growth, Eilers said: "The support services business will have an increasing impact on what we generate. But Manchester was not a cost-saving operation. It is a centre to nurture talent in the IT area, and to bring in new talent which we would not otherwise have been able to."
In a year in which the firm overhauled its lockstep, Eilers said partner numbers had remained "broadly stable". The firm had faced tensions within its partnership after more than 60 partners saw their profit share reduced when the firm ushered in its new lockstep system this month, although Eilers said things had now settled down under the new system.
In the past year, the firm has been involved in major deals including Bayer's $63bn acquisition of Monsanto, on which it took a dual role for Temasek Holdings and BASF, while last summer the firm advised Starbucks on its $1.3bn buyout of its East China joint venture.
On the year ahead and the impending Brexit deadline, Eilers was firmly optimistic. "We are Brexit-agnostic. It has influenced neither our internal structure nor our business," he said.
Earlier this week, Clifford Chance kicked off the magic circle reporting season with a 5% revenue rise and a 16% PEP hike. Global revenue increased to £1.62bn, up from £1.54bn, with PEP reaching £1.6m.
Magic circle rival Allen & Overy's results are set to be revealed tomorrow (6 July), while Linklaters is expected to report next Thursday (12 July).
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllA&O Shearman, Hogan Lovells & 10 Top Stories That Shaped Africa in 2024
4 minute readBorden Ladner Gervais Cyber Expert Warns of Growing Threats From AI-Boosted Ransomware Attacks
3 minute readBaker & Partners, LCWP Lead on $1B Fraud Claim by Malaysia's 1MDB Against Amicorp
Trending Stories
- 1'Largest Retail Data Breach in History'? Hot Topic and Affiliated Brands Sued for Alleged Failure to Prevent Data Breach Linked to Snowflake Software
- 2Former President of New York State Bar, and the New York Bar Foundation, Dies As He Entered 70th Year as Attorney
- 3Legal Advocates in Uproar Upon Release of Footage Showing CO's Beat Black Inmate Before His Death
- 4Longtime Baker & Hostetler Partner, Former White House Counsel David Rivkin Dies at 68
- 5Court System Seeks Public Comment on E-Filing for Annual Report
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250