Cooley’s City base passes $70m revenue mark as global growth slows

Cooley’s London outpost has outpaced the West Coast firm’s global revenue growth for the third consecutive year, rising 9% to $72.9m five years after its launch.

The results disclosed today (13 February) show a global revenue increase of 8% to $1.33bn while profits per equity partner (PEP) rose 6% to $2.54m in 2019.

The pace of growth slowed somewhat on last year, when both global and City turnover were up by double digit figures, 16% to $66.7m and 14% to $1.23bn respectively. Revenue per lawyer at the 1,000-strong firm grew by just 2% in 2019 to $1.32m compared to an 8% rise in 2018.

But overall the results signal another solid year for the Palo Alto-bred firm, fuelled by an ever busy Silicon Valley tech scene and faster-than-usual international expansion, with new offices launched in Brussels and Hong Kong in 2019, followed by Singapore this year. Cooley has grown its global turnover 157% since 2010.

The firm also continued growing its City base, which passed the 100-lawyer mark and is about to move into new premises at 22 Bishopsgate. The firm brought across capital markets partners Claire Keast-Butler and David Boles from US rival Latham & Watkins.

UK deals included advising biotech company Therachon on its $810m sale to Pfizer and manufacturer Bavarian Nordic on its €955m acquisition of manufacturing rights for two vaccines from GlaxoSmithKline.

Cooley was also active on the City contentious side, advising Allergy Therapeutics on a breach of contract claim against Canadian company Inflamax, and biopharma company IQVIA in a dispute with Swiss pharma company Cardiorentis.

In other financial results announced this week, revenue at the London base of US disputes heavyweight Quinn Emanuel Urquhart & Sullivan rose 20% to £100.6m, while King & Spalding increased its UK turnover 15% to $55.7m. Wall Street firm Cadwalader, Wickersham & Taft, however, saw its London revenue drop for the second year in a row, falling 4% to $41.3 in 2019.

This article first appeared on Legal Business.