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Weil, Gotshal & Manges posted notable increases in both revenue and profits in 2016, signaling that the firm has put post-recession cutbacks firmly in its rearview mirror.

Revenue jumped almost 9 percent in 2016 to $1.27 billion, and profits per partner rose more than 22 percent to $3.1 million. Attorney head count increased 1.8 percent to 1,083, while the number of equity partners at the firm dropped to from 164 to 161.

But the figure executive partner Barry Wolf was most excited to talk about was demand, which has been flat across the legal industry, but rose 2.5 percent at Weil in 2016.

“In a stagnant environment, when your demand goes up, as the CEO of the firm, that is something I look carefully and closely at,” Wolf said. Demand grew by 0.3 percent at law firms in the first three quarters of 2016, according to a December report released by Citi Private Bank.

The firm’s success, Wolf said, extended across its three core areas: litigation, bankruptcy and private equity and M&A.

In M&A, the firm is advising Reynolds American’s transaction committee of the board of directors in its $49 billion takeover by British American Tobacco. The firm has advised Oracle Corp. on its acquisitions of NetSuite, Opower and Textura Corp. It is also advising IMS Health in its $17.6 billion merger with Quintiles.

The firm’s bankruptcies include work for teen retailer Aéropostale Inc., helicopter operator CHC Group Ltd. and gourmet grocery chain Fairway Group Holdings Corp., which all announced Chapter 11s the same week in May. Wolf said he’s particularly proud of this work “because we are not in a significant bankruptcy cycle. … This was a situation where we were just getting more and more market share.”

On the litigation side, the firm’s antitrust practice, which is included in its litigation department, advised Allergan on antitrust matters during the $39 billion sale of its generic pharmaceuticals business to Teva Pharmaceuticals Industries and advised Walgreens Boots Alliance in its $17.2 billion acquisition of Rite Aid.

Wolf said the slight drop in the number of equity partners was due to retirements and some lateral moves, not to a concerted effort to trim any practices. The firm plans to add private equity and regulatory and investigations partners in 2017, he said.

Weil lost several transactional partners this year, including private equity partner David Blittner, who left for Ropes & Gray, and investment funds partner David Kreisler, who joined Sidley Austin. In May, private equity partners Michael Weisser and Sarah Stasny joined Kirkland & Ellis and Eric Schwartzman joined Cooley, while Ropes & Gray hired Garrett Charon a month later.

The firm hired Greenberg Traurig private equity partner Christopher Machera in July. Already in 2017, Weil has brought on former Simpson Thacher & Barlett antitrust partner Kevin Arquit and white-collar partner Sarah Coyne from Debevoise & Plimpton.

Wolf said the firm’s realization rate has held steady and is close to the industry average, which is 85.2 percent at high-performing firms, according to Citi Private Bank.

Contact Nell Gluckman at ngluckman@alm.com. On Twitter: @nellgluckman.

Weil, Gotshal & Manges posted notable increases in both revenue and profits in 2016, signaling that the firm has put post-recession cutbacks firmly in its rearview mirror.

Revenue jumped almost 9 percent in 2016 to $1.27 billion, and profits per partner rose more than 22 percent to $3.1 million. Attorney head count increased 1.8 percent to 1,083, while the number of equity partners at the firm dropped to from 164 to 161.

But the figure executive partner Barry Wolf was most excited to talk about was demand, which has been flat across the legal industry, but rose 2.5 percent at Weil in 2016.

“In a stagnant environment, when your demand goes up, as the CEO of the firm, that is something I look carefully and closely at,” Wolf said. Demand grew by 0.3 percent at law firms in the first three quarters of 2016, according to a December report released by Citi Private Bank.

The firm’s success, Wolf said, extended across its three core areas: litigation, bankruptcy and private equity and M&A.

In M&A, the firm is advising Reynolds American’s transaction committee of the board of directors in its $49 billion takeover by British American Tobacco. The firm has advised Oracle Corp. on its acquisitions of NetSuite, Opower and Textura Corp. It is also advising IMS Health in its $17.6 billion merger with Quintiles.

The firm’s bankruptcies include work for teen retailer Aéropostale Inc. , helicopter operator CHC Group Ltd. and gourmet grocery chain Fairway Group Holdings Corp., which all announced Chapter 11s the same week in May. Wolf said he’s particularly proud of this work “because we are not in a significant bankruptcy cycle. … This was a situation where we were just getting more and more market share.”

On the litigation side, the firm’s antitrust practice, which is included in its litigation department, advised Allergan on antitrust matters during the $39 billion sale of its generic pharmaceuticals business to Teva Pharmaceuticals Industries and advised Walgreens Boots Alliance in its $17.2 billion acquisition of Rite Aid.

Wolf said the slight drop in the number of equity partners was due to retirements and some lateral moves, not to a concerted effort to trim any practices. The firm plans to add private equity and regulatory and investigations partners in 2017, he said.

Weil lost several transactional partners this year, including private equity partner David Blittner, who left for Ropes & Gray , and investment funds partner David Kreisler, who joined Sidley Austin . In May, private equity partners Michael Weisser and Sarah Stasny joined Kirkland & Ellis and Eric Schwartzman joined Cooley , while Ropes & Gray hired Garrett Charon a month later.

The firm hired Greenberg Traurig private equity partner Christopher Machera in July. Already in 2017, Weil has brought on former Simpson Thacher & Barlett antitrust partner Kevin Arquit and white-collar partner Sarah Coyne from Debevoise & Plimpton .

Wolf said the firm’s realization rate has held steady and is close to the industry average, which is 85.2 percent at high-performing firms, according to Citi Private Bank.

Contact Nell Gluckman at ngluckman@alm.com. On Twitter: @nellgluckman.