Record profits have been recorded by a number of the US major law firms the Financial Times reports, with profits of $3 million on average.
The FT report that US firm results show double-digit revenue growth during 2019, driven in part by some major deals like the Bristol-Myers Squibb $93 billion takeover of Celgene.
Increase M&A work and the disruption achieved by firms like Google and Amazon saw increased legal work, also assisted by the tough approach taken by competition regulators
So who took home the big dollars?
Dechert achieve average profits of $3 million, an increase of over 10 per cent from the previous year. The Airbus corruption settlement doubtless a major contributor to the profits.
Kirkland & Ellis continue to dominate with their average $5 million figure during the 2018 year and doubtless a major figure for 2019 when it is reported.
King & Spalding received an average of $3 million also, another significant increase over their 2018 figure of $2.84 million.
In London, the FT report that litigation specialist Quinn Emanuel grew its London revenue by a fifth to £100.6m last year, making it the first litigation boutique to break the £100m barrier in the UK.
Quinn Emanuel’s London office has 19 partners. Senior partner Richard East said Brexit and the rise of populist leaders such as US President Donald Trump had resulted in a growing wave of large commercial disputes, as companies fought back against law changes.
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