Cooley feasts off record deal markets
Cooley feasts off record deal markets
Despite record deal markets, Cooley's revenue rose by 28 percent to $1.9 billion.
In 2021, Cooley enjoyed record deal markets that led to an impressive 28percent increase in revenue to $1.9bn and 28percent increase in profit per equity partner to $4m.
In 2001, the Palo Alto-based company advised a record number of US public companies, closing more than 385 financings totaling $46 billion in the capital, and advising on more than 1,400 transactions totaling more than $93 billion.
Also, the firm benefited from the boom in M&A transactions in the US technology sector, which was fuelled by SPACs.
London's office performed well than the firm's overall performance, increasing by 50percent to $105 million from $70 million in 2020.
The managing partner of Cooley's London office, Justin Stock, said, "We had a great year in London and are very pleased with the team's performance."
Stock mentioned the firm's move to its new offices at 22 Bishops gate, a 62 story skyscraper that also houses McDermott Will & Emery and Covington & Burling, two of the firm's US competitors. As a result of its positive start to the year, he added, the firm will work hard to "build on our platform as the go-to player in tech and life sciences in Europe."
In addition, Cooley noted that its litigation practice has grown substantially. This led to its recruitment of nine consultants from Winston & Strawn, Latham & Watkins, and DLA Piper in May. Following this, it added a trio of litigation partners - including Matthew Kutcher, a former Department of Justice lawyer who headed Latham & Watkins' Chicago litigation group - to its new Windy City office in July.
Earlier this week, Reed Smith released its own set of financial results that included strong performance from the London office. In Pittsburgh, revenue increased by 13.5percent, from $214 million to $243 million, while firm wide revenue increased by 9.6percent, to $1.44 billion, the firm's best financial performance in the past 145 years.
