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US regulation agency Latham & Watkins elevated its income by greater than a fifth final yr, hitting $7bn for the primary time as a resurgence in dealmaking bolstered the coffers of American companies.
The 23 per cent rise in income helped to push common income per fairness associate, 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 mentioned on Tuesday.
Latham, one of many world’s largest regulation companies by income, has grown prior to now decade by a spate of funding in its world places of work and powerful 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 every other regulation agency — final yr. Different vital 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 have been on the centre of most of the yr’s landmark offers and high- profile circumstances,” mentioned Latham chair and managing associate Wealthy Trobman, including that the agency “serves extra public firm shoppers than every other agency”.
Latham has been battling it out with Kirkland & Ellis lately to be the world’s largest regulation agency. Kirkland, which is but to report its 2024 monetary outcomes, broke by the $7bn barrier in 2023, recording revenues of $7.2bn, in keeping with authorized publication The American Lawyer.
Latham has additionally invested closely in London over the previous decade. Whereas the agency doesn’t get away its monetary outcomes by workplace, revenues from the UK capital elevated 25 per cent final yr to $850mn, in keeping with an individual aware of the agency’s monetary efficiency. Trobman mentioned London was “a significant driver of development” for the agency.
The agency suggested funding firm EQT and others on the sale of world college operator Nord Anglia Training to a consortium led by Neuberger Berman for a valuation of $14.5bn, in what was the largest UK deal final yr. 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 almost 50 per cent over the previous 5 years to 140 companions.
