Baker McKenzie steps up to associate pay war with 20% NQ salary uplift

Baker McKenzie steps up to associate pay war with 20% NQ salary uplift

Baker McKenzie has become the latest law firm to put its newly-qualified (NQ) solicitors in line for a six-digit pay package with an eye-catching 23% increase to its starting rates. The firm announced today (17 July) it is raising its basic NQ package from £77,000 to a minimum of £95,000, with performance-related bonuses bringing earnings …

Macfarlanes’ revenue continues to defy gravity but PEP holds steady

Macfarlanes’ revenue continues to defy gravity but PEP holds steady

City stalwart Macfarlanes has posted a mixed bag of financial results as the ninth consecutive year of revenue growth failed to translate into a rise in profit per equity partner (PEP) following last year’s 26% surge to £1.74m. The results announced today (10 July) show turnover grew 8% to £216.98m in 2018/19, a significantly slower pace …

NRF hires the mind behind Barclays radical panel shake-up to launch legal ops consulting arm

NRF hires the mind behind Barclays radical panel shake-up to launch legal ops consulting arm

Norton Rose Fulbright (NRF) is making an ‘offensive move’ against the Big Four on legal operations consulting with the hire of the well-regarded former Barclays’ head of external engagement, Stéphanie Hamon (pictured). The firm announced today (9 July) that Hamon, who quit the bank earlier this year, will join as a fee-earner in August to head …

Revenue continues to fly at Bird & Bird as PEP growth lags behind

Revenue continues to fly at Bird & Bird as PEP growth lags behind

Global traveller Bird & Bird has recorded its 28th consecutive year of revenue growth, hiking its top line 7% to £361m in 2018/19 as profit per equity partner (PEP) rose 4% to £575,000. Announced today (9 July), the results show the pace of growth slowed down in sterling terms compared to last year’s 11% uptick …

CC reveals first Magic Circle 2018/19 results as PEP grows just 1% and revenue nears £1.7bn

CC reveals first Magic Circle 2018/19 results as PEP grows just 1% and revenue nears £1.7bn

Clifford Chance (CC)’s managing partner Matthew Layton spoke of ‘times of investment’ and pointed to his firm’s four-year performance after it followed up on last year’s strong financials with a muted 1% rise in profit per equity partner (PEP) to £1.62m. Kicking off Magic Circle law firms’ financial reporting season for the second year in …

Former Ashurst managing partner Collis quits for Squire Patton Boggs

Former Ashurst managing partner Collis quits for Squire Patton Boggs

Ashurst lifer and former managing partner James Collis has quit the firm to join the London arm of Squire Patton Boggs. The finance partner, whose practice focuses on acquisition finance and general banking law, was at the helm of Ashurst for four years until June 2016, when he was replaced by current managing partner Paul …

Bakers scraps 46 City business services staff roles, more at risk

Bakers scraps 46 City business services staff roles, more at risk

Baker McKenzie is the latest firm to scale down its London business support staff in favour of low-cost centres, scrapping at least 46 City roles and leaving another 33 at risk. The move comes eight months after the firm launched a review of its London professional and business services (PBS) staff, estimated to include 350 …

Latham confirms death of Spain managing partner Juan Picón

Latham confirms death of Spain managing partner Juan Picón

Latham & Watkins’ Spain managing partner and former DLA Piper senior partner Juan Picón, one of his home country’s top commercial lawyers, has died of lymphoma cancer. A post on Picón’s LinkedIn profile about a week ago mentioned a ‘new challenge’, referencing an article on Spanish business media El Confidencial talking about an ‘unforeseen health issue’ …