Reed Smith makes comeback with all-around increases
Reed Smith has turned around its two consecutive years of decline with a 4% top line increase to $1.12bn in 2017.
The US firm’s London arm improved even more strongly, with revenues rising by 14% in sterling terms to £147m. Profits per equity partner (PEP) grew 6% to $1.177m, even as the firm had a year marked by wide expansion, including 55 lateral hires globally, a new Miami office, and the acquisition of a 50-lawyer team after the collapse of King & Wood Mallesons’s European practice.
Managing partner Alexander Thomas attributed the comeback to the “balanced contribution” of the firm’s sectors, highlighting the particularly strong performances of the life sciences and healthcare practices.