Debevoise PEP falls for first time since 2014 as revenue slides 3 per cent

Debevoise & Plimpton’s global revenue has fallen by 3 per cent from a record level of $756.9m to $735m in 2016.

Similarly the New York-headquartered firm lost its growth trend for average profit per equity partner (PEP) that began in 2014 with the most recent figure falling 8 per cent from $2.6m to $2.4m in 2016.

UK revenue is understood to have been £107m in 2016.

As well as in the US, Debevoise presiding partner Michael Blair commented that 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. 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.”

Last year, Debevoise & Plimpton partner and former Hot 100 Sophie Lamb joined Latham & Watkins to head up its arbitration practice. However, the firm also added Boies Schiller & Flexner partner Wendy Miles to its disputes practice.

High-profile mandates worked on by Debevoise include acting for Rolls Royce alongside Slaughter and May on a criminal probe into allegations of bribery and corruption.

Debevoise had originally been instructed on the probe, but the company also brought Slaughter and May in late 2013.

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