London Revenue Plummets For U.S.-Based Firms

Nine of the 10 biggest U.S. firms with operations in London saw revenue decreases in 2009 with the lone holdout being Latham & Watkins.

According to TheLawyer.com,  revenue for the top 10 U.S. firms in London fell by an average of 12 percent and among the top 30 firms revenue was down by 5 percent.  Latham & Watkins, which saw its revenue increase by a mere $1.1 million, was in fact the lone firm out of the top 20 to increase revenue.

White & Case again garnered the most revenue among U.S. firms in London, but even it saw its revenue plummet by 20 percent to $197-million.  Runner-up Baker & McKenzie’s revenue fell by 24 percent to $184.5 million.

The biggest drops in revenue percentage-wise were felt by Mayer Brown and K&L Gates. Both firms dropped 28 percent, with Mayer Brown down to $146.3 million and K&L Gates to $43.3 million.

The biggest increase last year came from WilmerHale, which moved from 23^rd in 2008 to 17^th in 2009 through an $8.2 million increase in revenue.