One breaks US$1bn, while another smashes the US$2bn mark
Double-digit growth has pushed two US-headquartered firms past revenue records in the past fiscal year.
In 2019, Debevoise & Plimpton posted revenues of more than US$1bn for the first time, a 13% jump from its performance of US$929m a year prior. This is the third consecutive year of double-digit top-line growth for the New York-headquartered firm.
The growth, buoyed by strong showings of its transactional and disputes groups, meant the firm also grew its profit per equity partner (PEP), which increased to US$3.7m, up 13.4% from last year.
Debevoise’s revenue per lawyer increased to US$1.48m, up 4.2%. it also grew its lawyer headcount by 8.4%.
Meanwhile, Gibson, Dunn & Crutcher has also broken a record, smashing through the US$2bn mark for the first time last financial year. That’s a 10.4% increase from the previous year, making the second consecutive year it experienced double-digit growth in revenues.
The growth marks the 24th consecutive year that the Los Angeles-headquartered international law firm grew its revenues.
PEP also increased to US$3.76m, an increase of 12.3% from last year. Revenue per lawyer was US$1.49m, an increase of 6.8%.
Like Debevoise, Gibson Dunn’s banner year was headlined by its disputes and transactional practices. Gibson Dunn boosted its lawyer roster to 1,351, up 3.4%.
