Not easy out there: A&O adds £75m to its top line amid muted PEP showing

Not easy out there: A&O adds £75m to its top line amid muted PEP showing

Bringing up the rear of the Big Four City firms to post solid but unspectacular financial results, Allen & Overy (A&O) has increased its top line by 5%, sending revenue up by £75m to nearly £1.63bn. A&O’s £1.627bn turnover relegated it from second to third largest Magic Circle firm in revenue terms after Clifford Chance …

Ashurst set to reach £1m PEP target after 31% surge as revenue tops £641m

Ashurst set to reach £1m PEP target after 31% surge as revenue tops £641m

Paul Jenkins, Ashurst’s indomitable managing partner, is aiming to reach profit per equity partner (PEP) of £1m in the next financial year as the City stalwart unveils its best financial results to date. On the back of three consecutive years of growth, the firm added £77m to its top line to hit £641m for the …

Private equity provides the pace as Freshfields posts second year of steady growth while net profits edge up

Private equity provides the pace as Freshfields posts second year of steady growth while net profits edge up

Freshfields Bruckhaus Deringer  has become the second of the Magic Circle to reveal 2019 results, posting a 6% uptick in profit per equity partner (PEP) to £1.84m, while sustaining last year’s income growth to push its top line up 5%. The firm’s turnover grew £70m to £1.472bn on last year’s £1.403bn as net profit edged …

A&O pips Links to the post in Magic Circle NQ pay hikes

A&O pips Links to the post in Magic Circle NQ pay hikes

Allen & Overy (A&O) has become the latest Magic Circle firm to hike its salary for newly-qualified solicitors (NQs) to £100,000, narrowly beating a similar commitment from final holdout Linklaters. The move will see NQs take home a minimum of £100,000, including bonus, marking a 20% uptick on the £83,000 salary set by A&O less …

Freshfields partner fails to block SDT sexual misconduct tribunal

Freshfields partner fails to block SDT sexual misconduct tribunal

The Solicitors Disciplinary Tribunal (SDT) has thrown out an application by Freshfields Bruckhaus Deringer partner Ryan Beckwith to dismiss its prosecution following misconduct allegations made against him by a junior member of staff. The move came to light today (19 June) on the second day of a case management hearing before the SDT. The case against …

Taylor Wessing beset by Goodwin’s City expansion as four more partners defect

Taylor Wessing beset by Goodwin’s City expansion as four more partners defect

Goodwin Procter has made good on its promise to build out its City technology and life sciences bench having again targeted Taylor Wessing, this time for a four-partner team. On the back of a pacey 58% revenue growth for the 2018 financial year in London, Goodwin has hired Malcolm Bates, David Mardle, Tim Worden and …

City O’Melveny exodus continues as Akin Gump hires private equity funds duo

City O’Melveny exodus continues as Akin Gump hires private equity funds duo

The London woes of Allen & Overy’s prospective merger partner O’Melveny & Myers have continued with the loss of private equity funds lawyers John Daghlian and Mary Lavelle to Akin Gump Strauss Hauer & Feld. The path from O’Melveny to Akin Gump has become a well-trodden one of late after private equity funds partners Daniel …

Deal View: Despite that late start, Willkie underlines surprisingly forceful City buyout push with hire of GavDav

Deal View: Despite that late start, Willkie underlines surprisingly forceful City buyout push with hire of GavDav

Affectionately known in buyout circles as ‘GavDav’, the long-time duo of private equity specialists Gavin Gordon and David Arnold has finally landed at Willkie Farr & Gallagher from Kirkland & Ellis after months of speculation. While Kirkland may play down its significance, it is nevertheless a rare and high-profile exit for the Chicago-bred juggernaut and …