Baker Botts has added its name to the ranks of U.S. firms posting strong financial results for 2007, with profits jumping by almost a fifth at the Houston-based law firm.
Profits per equity partner (PEP) improved by 18.6 percent to a new mark of $1.3 million, up from $1.09 million in 2006.
The Texas energy leader also saw revenues jump significantly, with turnover growing by just under 15 percent to reach $502.7 million, up from $577.7 million for the previous 12-month period.
Highlights for the last year included acting for Transocean on its $53 billion mega-merger with fellow oil giant GlobalSantaFe, where Skadden, Arps, Slate, Meagher & Flom advised GlobalSantaFe.
The results come after Baker Botts this month bolstered its Moscow office with the hire of Maxim Levinson and Sergei Stepanov as partner and special counsel. The pair, who have broad corporate and finance experience, both joined from the local arm of rival U.S. firm White & Case.
Last year the firm grew its Dubai office with the hire of Denton Wilde Sapte Middle East energy and projects chief Sean Korney and Shearman & Sterling projects partner Nigel Thompson, who had been based in London.
Commenting on the Moscow hires, Baker Botts managing partner Walt Smith said: "Our client base in Russia continues to expand, with an increasing volume of instructions being received on behalf of businesses, corporations and individuals based in the country."Adding Maxim and Sergei to our Moscow office ensures that we will continue to maintain the high level of service in Russia that our clients expect of an international law firm."
