U.S. firm Morgan, Lewis & Bockius showed significant growth in revenues and profits from its London and Paris offices in the 12 months to last September, amid a series of new hires and partner exits.

The latest accounts for the firm's U.K. LLP, which also takes in France, show overall turnover rising by almost 31 percent, from £45.2 million up to £59.2 million, and operating profit surging 73 percent, from £15.0 million up to £26.0 million.

Each office achieved double-digit turnover growth, with London up 32 percent from £42 million to £55.5 million and Paris growing just under 20 percent from £3.1 million to £3.7 million.

The positive results are reported after a year that saw five partners leave and eight partners join the London office's on-average 32-member partnership between September 2017 and September 2018.

Three corporate partners including London private equity head Mark Geday from Herbert Smith Freehills joined last August.

The firm also added Allen & Overy counsel Louise Skinner as an employment partner, finance partners Georgina Quenby from Reed Smith and Paul Denham from Dorsey & Whitney, and made two internal partner promotions last June of Lee Harding in employment and Joanna Christoforou in competition.

Quenby led for the firm on the takeover of budget airline Flybe last month. Harding also worked on the deal.

There were also five departures during the year: corporate partner David Ramm and energy partner Lewis Jones both left for US firm Baker Botts; corporate tax partner Paul Beausang moved to Eversheds Sutherland to become its new head of real estate tax; M&A partner Amy Comer left for US firm Crowell & Moring; and head of immigration Tracy Evlogidis moved to Withers to take up the same role.

London managing partner for Morgan, Lewis & Bockius, Frances Murphy

London managing partner Frances Murphy told Legal Week that the significant rise in profits, even on higher revenues, is down to creating more targeted teams for clients and "looking critically" at costs incurred by clients.

Murphy said the U.K. LLP's profits are fed into the firm's global partnership as part of the distribution to all partners. The firm does not disclose the figure shared by the U.K. and French partners.

Murphy said areas where the firm expects to do well in the current year include private funds, disputes, corporate and antitrust practices

Morgan Lewis is set to launch an eight-lawyer office in Abu Dhabi this week with hires from U.S. firm Squire Patton Boggs.