NY Surge as Weil Gotshal Profits Hit $1.7m Per Partner
Top 10 US firm Weil Gotshal & Manges is set to break the $1bn (£521m) fees barrier this year as the New York leader unveils double-digit growth in revenue and partner profits for 2004. The results, which underline the increasing gap in partner profits between top US firms and their London rivals, see Weil Gotshal’s 2004 fee income hit $908m (£473m), compared with 2003’s figure of $801m (£417m). The firm’s average profits per partner were up by 13% to $1.7m (£885,000), against 2003’s figure of $1.5m (£781,121).The results maintain Weil Gotshal’s record of posting annual double-digit growth following sustained US and international expansion that last year included office launches in Munich and Shanghai. The 1,200-lawyer firm is also regarded as having been insulated from the corporate slump of 2001-02 by its market-leading US bankruptcy practice.
Details here from the UK's Legal Week.