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01/16/07
Fox Rothschild LLP continues unabated growth
Continuing a pattern of unprecedented growth in its 100th year, Fox Rothschild, LLP, has announced its merger with New York law firm Young, Moriwaki & Greenfader (YMG).
The 400-lawer firm’s successful alliance with YMG means the firm has now added 90 lawyers since August 2005 — a 30 percent growth in the number of attorneys. The merger will also allow Fox Rothschild which already has 14 locations including one also in New York to expand its presence in Manhattan besides bolstering its international business capabilities.
The six-attorney law firm Young, Moriwaki & Greenfader, has offices in New York City and in Tarrytown. The strategic locations make YMG’s attorneys convenient to access and continuously involved in delivering proactive legal advice. The firm specializes in estate planning and administration, corporate, and nonprofit work. The firm has a strong commitment to its diverse mix of clients, including individuals, entrepreneurs, public, and small- and mid-sized companies. Many of the firm’s high-net-worth individual clients are from the world of arts and entertainment. The other fact worth noting is YMG’s work with Pacific Rim companies and its broad base of Japanese and Japanese American clients.
The alliance is believed to be in the interest of both the firms. Fox Rothschild is hopeful that the alliance will help improve its depth of expertise in its practice area besides opening several business development opportunities. On the other hand, Fox Rothschild’s comprehensive legal expertise will enable YMG to offer full-service support to its clients.
Reed Smith achieves 14% rise in turnover
Even before the merger of one of the world’s 15 largest law firms with London-based Richard Butler starts yielding any returns, in its last set of financial figures Reed Smith has achieved double-digit growth, in both revenue and profits per equity partner (PEP).
The impressive financial data reads like this: 14% rise in turnover during 2006 to gross $644m, PEP $941,000 - 17% rise from $800,000 last year.
The firm is quite upbeat about its performance and is determined to increase revenue by 40% in the coming year - taking into account merger with Richards Butler and Chicago firm Sachnoff & Weaver, which will increase the firm’s revenues to $900m.
There were no surprises in Reed Smith's seamless union with the legacy City firm culminated on January 1. The firm has also agreed in principle to merge with the Chicago-based Sachnoff & Weaver. It is scheduled to go into effect on March 1st.
The firm is targeting growth in Asia in the year ahead and hopes that Richards Butler’s highly-rated Hong Kong office - which has not confirmed its participation in the merger yet - would also become a partner in the alliance.
Reed Smith's own UK operations saw revenue climb 10% to reach $45m. In fact, in the past five years the Reed Smith has increased turnover by 289% and profit per equity partner by 139%.
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