Morning Briefing: International law firms announce increased profits

by Steve Randall03 Jul 2015
International law firms announce increased profits
Two international law firms have reported their latest financial results with strong growth in revenue and PEP. Herbert Smith Freehills has seen profits increase by 12 per cent to £259.5 million (AU$530.9m) for the year to the end of April while profit per equity partner increased 8 per cent to £801,000 ($1.638m). 

Revenues were up 2 per cent to £815m ($1.667 billion). Joint CEO Sonya Leydecker highlighted successes in Asia for the transactional & disputes practice in China and Japan and the growth in market share for the firm’s Australian offices.

Meanwhile at Allen & Overy record-breaking results saw revenue rise by 4 per cent to £1.28 billion (AU$2.62 billion) for the year to the end of April. Profits were up by 7 per cent to £570 million ($1.166 billion) and PEP was up 8 per cent to £1.21 million ($2.48 million).
Dentons US merger complete
The merger of Dentons US and McKenna Long & Aldridge has been completed this week with the formation of Dentons US LLP. Global chair Joe Andrew commented that the completion of the merger is part of the measures that have “significantly advanced” the firm’s global strategy in the first half of 2015. The US part of the firm now has 1,100 lawyers and professionals across 21 offices while the international footprint of Dentons will cover 50-plus countries and 6,600 lawyers in 125 offices once the merger with Dacheng is completed.
Ince & Co hires new corporate partner for Asia & Paris
Paul Emmanuel-Benachi has joined international firm Ince & Co from Gide Loyrette Nouel in Shanghai. He will work across the firm’s offices in Shanghai and Paris. Emmanuel-Benachi is a French native with extensive experience in China and Hong Kong.
Chinese corporate partner hired by Weil
Weil, Gotshal and Manges has hired Charles Ching as a corporate partner in its Shanghai office. Ching joins from Freshfields in Hong Kong and is experienced in private equity, M&A and securities offerings.
Bakers boosts finance team in Singapore 
Baker & McKenzie.Wong & Leow in Singapore has further enhanced its strengths in India-related financing work with the appointment of Prashanth Venkatesh as local principal. He joined the firm this week from a top-tier law firm in India where he was a partner in the financing group. Prior to that, Prashanth worked at a magic circle firm in London advising on banking, and derivatives and structured products in the European market.