The days when London offices tended to be expensive beachheads draining profits from American parents appear to be long gone, with Weil, Gotshal & Manges and Covington & Burling joining the string of US law firms to substantially hike their revenues in the City in 2014.
Weil’s London arm saw a 10% rise in revenue to $125m in 2014 as the New York firm targeted the newer divisions of private equity clients, including credit and distressed debt desks. Last year the firm grossed $114m in the UK. The result means Weil’s 31-partner City arm was a major driver of growth as firm-wide revenue was up only 1.2% to $1.15bn.
