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US legislation agency Latham & Watkins elevated its income by greater than a fifth final 12 months, hitting $7bn for the primary time as a resurgence in dealmaking bolstered the coffers of American corporations.
The 23 per cent rise in income helped to push common income per fairness accomplice, a key metric that reveals the proportion of income accruing to the agency’s greater than 500 companions, up by 29 per cent to $7.1mn, it stated on Tuesday.
Latham, one of many world’s largest legislation corporations by income, has grown prior to now decade by a spate of funding in its world places of work and robust returns from its M&A and personal fairness practices, greater than doubling income prior to now seven years.
The agency suggested on 31 US preliminary public choices — greater than twice the quantity of another legislation agency — final 12 months. Different necessary mandates included advising Anglo American on the $3.8bn sale of its coal portfolio and Permira on its $7.2bn take-private acquisition of Squarespace.
“We had been on the centre of lots of the 12 months’s landmark offers and high- profile instances,” stated Latham chair and managing accomplice Wealthy Trobman, including that the agency “serves extra public firm shoppers than another agency”.
Latham has been battling it out with Kirkland & Ellis lately to be the world’s largest legislation agency. Kirkland, which is but to report its 2024 monetary outcomes, broke by the $7bn barrier in 2023, recording revenues of $7.2bn, in line with authorized publication The American Lawyer.
Latham has also invested heavily in London over the previous decade. Whereas the agency doesn’t escape its monetary outcomes by workplace, revenues from the UK capital elevated 25 per cent final 12 months to $850mn, in line with an individual aware of the agency’s monetary efficiency. Trobman stated London was “a significant driver of development” for the agency.
The agency suggested funding firm EQT and others on the sale of worldwide college operator Nord Anglia Schooling to a consortium led by Neuberger Berman for a valuation of $14.5bn, in what was the most important UK deal final 12 months. It additionally suggested UK cyber safety firm Darktrace on its $5.3bn acquisition by US non-public fairness agency Thoma Bravo.
Latham has grown its London headcount by practically 50 per cent over the previous 5 years to 140 companions.
