Norton Rose has reported an 8.7% increase in global revenue, marking a turnaround from two years of declining revenue.
Profit per equity partner (PEP) jumped almost 33% from $1.05m to $1.4m in 2023, as the number of equity partners declined by 21% from 644 to 506.
Freshfields Bruckhaus Deringer has broken ranks from its Magic Circle peers on associate salaries, increasing newly-qualified (NQ) pay from £125,000 to a new high of £150,000.
The move puts clear water between the firm and Slaughter and May, Linklaters, A&O Shearman, and Clifford Chance, all which pay their NQ lawyers £125,000.
Eversheds Sutherland, Allen & Overy and Womble Bond Dickinson were among the major winners at the inaugural Legal 500 UK ESG Awards 2024, which welcomed more than 400 guests to the InterContinental London Park Lane on 24 April.
Sidley Austin has continued its decade-long streak of growth in London, posting a 12.4% hike to reach $209.7m, with firmwide revenues reaching the $3bn mark.
While global revenues grew 6.1% on last year, with profit per equity partner (PEP) up 10.3% to $4.6m, the Chicago-headquartered firm’s London office stood out with another year of double-digit growth.
Allen & Overy has hired its second partner from the London arm of Milbank so far this year, bolstering its restructuring practice with the addition of partner Karen McMaster.
Recognised as a leading individual in The Legal 500, McMaster leaves Milbank after six years at the US firm.
Following his initial appointment to lead Baker McKenzie’s London office in 2021, managing partner Ed Poulton has been re-elected for another three-year term, starting from July.
Speaking to Legal Business, he described the process of being re-elected as ‘relatively straightforward’.
‘We conduct soundings so that the partners get a chance to speak to a small group of partners,’ he said. ‘The message was I had strong support and people wanted me to continue.’
Herbert Smith Freehills this week announced the appointment of new co-heads of its global arbitration practice, succeeding Paula Hodges KC, who is retiring after 37 years with the firm.
Simon Chapman KC and Andrew Cannon will now co-lead the practice.
Paul Weiss, Kirkland, and Skadden were all active in London lateral hires this week, with two partner exits from Linklaters amid the moves.
Prominent high-yield partner Kevin Muzilla has retired from Allen & Overy, in the latest departure from the practice ahead of next month’s A&O Shearman mega-merger.
Ranked in the Legal 500 Hall of Fame for London high-yield, Muzilla joined A&O from Milbank as a partner in 2009, and has since headed up the firm’s leveraged finance teams, first the US and then Europe.
DLA Piper has expanded its presence in Germany with the opening of its fifth office there, with confirmation of the move coming as Paul Weiss pushes ahead with a competition launch in Brussels.
Adding to its offices in Frankfurt, Hamburg, Cologne, and Munich, DLA Piper is set to establish in Düsseldorf on 15 April this year.
