International firm Debevoise & Plimpton has posted a slight decline in profits in its London office after what it described as a ‘significant year for growth’ in 2015.
The London branch of the firm had overall revenue of £85m for the calendar year 2016, down from £88m in 2015.
Profits per equity partner also fell by £171,000 to £1.93m.
Firm-wide, the firm posted revenue of $735m (£588m) in 2016. That is down £16.8m on 2015’s figure.
However, 2015 saw the New York-headquartered firm increase its revenue by £34m when compared with 2014’s figures.
Michael Blair, presiding partner, said: ‘2015 was a year of significant growth for the firm in London. Following that up with a steady 2016 was important to consolidate that growth, which is exactly what we have done.’
He added: ‘The year obviously saw a number of significant events which shifted the business landscape considerably, and making sure we continued to work with our clients to react and adapt to those events was a key focus for the year. Those efforts have meant we can look to the future with confidence. Indeed, 2017 has started very strongly for us.’
Debevoise results ‘steady’ despite revenue dip
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