Withers posts hefty spike in financial results

Withers posts hefty spike in financial results

Looking beyond, the firm hires new partners in Los Angeles, New York, Hong Kong and Singapore to get even better results in future

Withersworldwide, the London-based international law firm has declared impressive financial results.

Withers, rated among the top-30 UK firm has reported its revenue grew by 11 per cent to £243.7 million while the profit per equity partner (PEP) galloped an eye-catching 32 per cent to £660,000.

The results for the financial year ending 2021 has followed equally impressive 2020 results when revenue had grown by 13 per cent and PEP by 40 per cent.

Withers, best known for its private client work, has said that its revenue grew up by nearly 50 per cent over the last five years while profits increased by 90 per cent.

Withers has unveiled its strategy of building dispute resolution capability and corporate, finance and IP practices to serve its core client base of high-net-worth and entrepreneurial clients.

The firm's remarkable results are partly attributed to its investment in the international network, particularly in Asia and on the US West Coast. The firm had opened its office in San Francisco in 2014, followed by the launching of its offices in San Diego, Los Angeles and Rancho Santa Fe in 2015.

The contribution of the international market had prompted the firm to try and consolidate its international business further. To coincide with the declaration of financial results, the firm has also announced the hiring of four partner hires across its international network. One of the new hires is the famous Hollywood divorce lawyer Samantha Klein who has been charged with launching a US family practice.

Los Angeles-based Klein, who moves over from the Los Angeles-based firm Wasser Cooperman & Mandles, is being seen as the most significant hire considering her remit to launch a US family law practice and her status as a well-known Hollywood family lawyer.

"We have been looking for the right person to start a US practice, and Sam Klein is the answer," a Withers spokesperson said.

"We will be building a team around her in LA and supporting her to work in collaboration with our private client and estate planning teams in California," the spokesperson added.

At Wasser Cooperman, Klein worked alongside celebrated Hollywood divorce lawyer Laura Wasser. In 2018, she was described as a rising star by The Hollywood Reporter.

The other three partners joining Withers are Doron Goldstein (New York), Joseph Chu (Hong Kong) andGuant Feng Chan (Singapore).

While Goldstein joins Withers from Katten Muchin Rosenman, where he co-headed its privacy, data and cybersecurity practice; litigation and arbitration partner Chu joins from Simmons & Simmons, and banking and finance specialist Chan moves over from Morgan Lewis.