Global revenues at law firm DLA Piper top $2bn for first time as growth pays
WORLDWIDE revenues at law firm DLA Piper have passed $2bn (£1.26bn) for the first time, thanks in part to aggressive expansion plans that recently saw it become the world’s largest law firm by headcount.
Global gross revenue at the firm in 2011 was $2.25bn, while profits per equity partner – a popular way of judging law firm performance – was $1.225m, up eight per cent from last year.
Revenues and headcount at the firm were boosted last year by its tie-up with its Australian ally firm Phillips Fox, which was completed in May.
At the time, the firm predicted the merger would lead to a $300m boost to its revenues.
Excluding North and South American operations, the firm reported a revenue figure of £619.9m to 30 April 2011, a rise of almost five per cent from last year’s £590.8m.
Total lawyer headcount at the firm grew to 3,745 as it added almost 400 lawyers to its partnership over the year. Its profit margin increased by one percentage point to 25 per cent.
Led by managing partner Sir Nigel Knowles, the firm has recently been on a hiring spree, including appointing ex-Linklaters managing partner Tony Angel – a well-known City figure – as its co-global chairman in October last year.