CMS Cameron McKenna revealed what it described as an ‘uncharacteristically low’ trainee retention rate today (27 March), with only 61.5% of its 26-strong intake staying with the firm while Pinsent Masons secured 15 trainees but from a smaller round of 19.
Both LB100 and Global 100 firms made senior appointments last week, bringing in both current and former team heads to bolster their offerings. Eversheds hired TLT’s head of financial regulation while Reed Smith took on DLA Piper’s Singapore head of restructuring and Gibson, Dunn & Crutcher hired Weil, Gotshal & Manges’ former US private funds …
Last week saw both Clifford Chance (CC) and Allen & Overy (A&O) lose partners in Europe while, in Hong Kong, Linklaters lost a capital markets partner to Freshfields Bruckhaus Deringer. In South Africa, Baker & McKenzie made a significant hire, bringing in DLA Cliffe Dekker Hofmeyr’s head of projects and infrastructure.
After losing two Magic Circle firms as clients, the University of Law has managed to retain Linklaters with the duo announcing a five-year partnership which continues the trend of further integrating business and management modules in courses taken by trainees.
Pinsent Masons’ latest accounts, filed at Companies House, reveal a 3.7% profit increase alongside a 5.9% rise in headcount in the financial year to 30 April 2014, while the firm’s net debt nearly tripled.
Fieldfisher partner Michael Harte has been referred to the Solicitors Disciplinary Tribunal (SDT) by the Solicitors Regulation Authority (SRA) which alleges he broke multiple aspects of the SRA Principles 2011.
Both Clifford Chance and Linklaters have revealed they are keeping on 91% of their spring 2015 cohort with the firms holding on to 41 and 49 trainees respectively.
In the latest round of 2014 financial results for US firms, Cooley has revealed turnover growth of 19% with revenues of $802m while Mayer Brown recorded a 12.8% increase in profit per equity partner (PEP) after generating revenues of $1.223bn.
Clifford Chance’s turnover picked up 7% in the financial year 2013/14, as Asia Pacific led the way with a 8.9% boost, according to accounts filed at Companies House.
Filings at Companies House by King & Wood Mallesons LLP (KWM LLP) have revealed that the firm’s UK office saw a 10.7% fall in turnover in the year to 30 April 2014.
