Law firm Linklaters says US growth fueled record year
The firm reported an overall 14% increase in profit before tax to 1.08 billion pounds ($1.46 billion) in its financial year ending April 30. U.S. profits grew by 57%, the largest increase among Linklaters' core markets.
Linklaters, which has about 3,000 lawyers globally, is among the large London law firms that have prioritized adding lawyers and winning work in the United States.
The firm said it now has more than 50 U.S. partners in its New York and Washington, D.C. offices. Recent hires included a litigation team from Patterson Belknap Webb & Tyler and a finance group from A&O Shearman.
Revenue grew by 11% overall to 2.32 billion pounds ($3.13 billion), including a 26% U.S. revenue increase over the prior year. Profit per equity partner jumped by 15% to reach 2.2 million pounds ($2.97 million).
U.S. partners worked on some of the firm's large corporate deals, including representing Dow in its agreement in December to sell a 40% stake in some U.S. Gulf Coast infrastructure assets to a fund managed by Macquarie Asset Management for $2.4 billion.
($1 = 0.7418 pounds)
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