Latham & Watkins has set the pace for US firm’ financial performance in 2002, posting a 17% rise in worldwide revenue and a near $100,000 increase (£67,000) in average profits per equity partner.

In what is believed to be the first time in the firm’s history, the Los Angeles-based giant’s contentious practice brought in more revenue than its transactional team, driving 2002 global revenues to $906m (£571m), against a 2001 income of $769.5m (£484.7m).