Debevoise & Plimpton has unveiled stellar financial results for 2007, with the New York law firm seeing both partner profits and fees climb by more than 20 percent over the last 12 months.
Profits per equity partner (PEP) at Debevoise rose by 26.5 percent from $1.81 million last year to a new high of $2.29 million. Global revenue, meanwhile, was up by 23.4 percent from $575 million in 2006 to $709.54 million.
The results rank Debevoise as one of the strongest performers in the U.S. results season. New York rival Paul Hastings Janofsky & Walker saw PEP increase by 19.6 percent to $1.92 million against a 20 percent rise in fees to $976 million, while Los Angeles-based Latham & Watkins saw PEP climb to $2.27 million as total revenue jumped by 23 percent.
The results come after Debevoise placed 10th on the European deal rankings by value for 2007, having acted on 34 deals worth just over 147 billion pounds ($225.75 billion).
The firm also made significant hires for its London arm, bringing in former Attorney General Lord Goldsmith as the new head of its European litigation practice in September and former Freshfields Bruckhaus Deringer investment funds partner Anthony McWhirter in July.
Recent highlights for the firm's 60-lawyer London arm include advising Exponent Private Equity on the closure of an 805 million pounds ($1.61 billion) fund, with London-based private equity partner Geoffrey Kittredge leading the Debevoise team.