‘Progress in sight’: Cooley’s Metropolis income was impacted by the exit of the IP workforce as PEP exceeds $ 3M
Cooley’s London office suffered a 4% drop in sales following the loss of its intellectual property team. PEP increased 25% to $ 3.2 million and global financials.
The results showed that London sales fell from $ 72.9 million in 2019 to $ 70.3 million – a reversal after rising 9% last year, marked the third straight year of sales growth.
In contrast, company-wide numbers were more encouraging: the Palo Alto-bred company saw global sales jump 17% to $ 1.55 billion from $ 1.33 billion in 2019, and sales per attorney (RPL) up by 10% from last USD 1.32 million to USD 1.5 million year.
Justin Stock (pictured), managing partner of the now six-year-old London office, largely attributed the city’s decline in sales to the departure of a London IP team led by Nick Bolter, head of the international brand, copyright and advertising group , was directed to Morgan Lewis.
Speaking to Legal Business, Stock is optimistic about the firm’s position in London. ‘What has been exciting lately has been our capital markets and emerging businesses, as well as venture capital practices (ECVC). Emerging companies are a big part of the company’s history. We came to London from the start six years ago and this part of the business has really worked. We are leaders in this area for larger, rapidly growing companies. ‘
Recent standout venture capital issues include advising Snyk on its Series D funding round, in which the company was valued at $ 2.5 billion, and General Catalyst Venture Partners as the main investor in the £ 240 million equity funding round of Cazoo valued at £ 2 billion.
Cooley was also one of four law firms to advise the government on the Future Fund in the context of the coronavirus pandemic. The life sciences were also busy advising Silence Therapeutics on, among other things, a strategic collaboration with AstraZeneca to discover, develop and commercialize small disruptive RNA therapeutics for the treatment of cardiovascular, renal, metabolic and respiratory diseases.
Pandemic-related mandates included UNION Therapeutics obtaining an option, under an option and licensing agreement with TFF Pharmaceuticals, to acquire an exclusive worldwide license to use their thin-film freezing technology (TFF) in combination with niclosamide to access the treatment to focus from Covid -19.
Stock noted an increase in the work of foreign private issuers for overseas companies looking to list in the US, as well as the recent hiring of Guadalupe Sampedro as Bird & Bird’s privacy partner as particular highlights. ‘In a company like ours, it makes sense to have data protection functions. We have a fantastic team in the US and data protection will not only be the taste of the month but also for years to come, ”said Stock.
He signaled a clear desire to expand the London office, especially on the transaction side. “We are incredibly busy, incredibly, and as a result we are getting a strong hiring boost, not just employees but laterals as well. M&A, litigation, ECM and ECVC have all been in full swing and the pipeline is showing no sign of deterioration. ‘
Regardless of the pandemic, Stock ended optimistically: “We will move into our new offices after Easter. The new offices are significantly larger than our current ones and we intend to fill them as we can obviously work flexibly. There is enormous growth ahead. ‘