Silver circle firm King & Wood Mallesons (KWM) saw a 1% drop in revenue from $1.04bn (£722m) in 2014 to $1.02bn (£708m) in 2015. The Hong Kong based firm has seen rapid growth in China over previous years with the latest financial figures indicating that 35% of revenue was generated in its Chinese offices. The firm cited the volatility in currency in two of its major markets, China and Australia as the reason for this drop in profit. The firm projected a rise of 8% in global revenue had it not been for the 17% fall in the Australian dollar against the US dollar in 2015.
Global Managing Partner Stephen Fuller has announced a new 2020 global strategy, which coincided with the announcement that his term has been extended by five years to conclude in 2020. Fuller cited three areas that KWM intends to grow, which are the firm’s corporate and energy infrastructure sectors as well as their US law capability. He stated that they are watching the US market with ‘intense scrutiny’ for a potential merger.