Dechert has strongly condemned retired white-collar partner Neil Gerrard after the High Court today (16 May) ruled that he and the firm itself breached their duty of care to mining giant and client ENRC.
The £70m claim brought in 2019 was heard by the High Court in an 11-week trial between May and September 2021. It centered around allegations that Dechert – which represented ENRC between 2011 and 2013 – colluded with the Serious Fraud Office (SFO) during an investigation into the company. Gerrard led on the matter for Dechert, with ENRC specifically alleging he passed on confidential information to the fraud watchdog and the press.
Greenberg Traurig continues to bolster its white-collar crime and investigations team with the addition of Rebecca Meads. Meads joins as the chair of the London white-collar practice from corporate crime boutique Peters & Peters. She arrives alongside senior associates Gavin Costelloe and Alex Swan.
This follows the firm’s hire of Jo Rickards, now co-chair of its global white-collar defence and special investigations practice, as part of a seven-shareholder coup from Mishcon de Reya in October 2021.
Hasn’t what I’m snappily calling ‘Stephenson Harwood WFH pay cut-gate’ caused a furore?
In case you’ve missed it, the RollOnFriday report that the City firm is offering staff the option to work from home full time – but with a 20% salary reduction – has sparked righteous indignation, the level of which has not been seen since… forever.
Ince has launched a formal internal investigation after a viral tweet from a Cardiff restaurant owner claimed a group of its lawyers had behaved inappropriately towards a waitress.
In the social media post, which as of today (9 May) has been ‘liked’ close to 132,000 times, Cora owner Lee Skeet alleged in an email that the group had ‘talked down to, disrespected, and touched unwantedly’ a 22-year-old waitress named Lily.
Richard King has been succeeded by corporate partner James Waddell as Stevens & Bolton’s managing partner as part of a leadership revamp.
King is stepping down after a successful five years in the role. In 2021, the Guildford-headquartered firm reported turnover of £29.1m, bringing the firm to 11 consecutive years of solid revenue growth. Corporate was among the fastest-growing practice areas last year posting 10% growth on 2020, behind only the firm’s intellectual property team, which reported a 17% growth.
Ropes & Gray has taken further steps towards its goal of becoming the go-to private equity practice in the city with the addition of partners Dan Oates, Simon Saitowitz and Angela Becker in the London office.
The trio, all of whom have joined from Fried Frank, are the latest in a string of London recruits by the Boston-headquartered firm, which has seen a 25% increase in fee earners in the capital since last year. All three bring expertise in cross-border M&A and private equity transactions.
Following on from the spate of Moscow office closures in March as a response to Russia’s invasion of Ukraine, international firms have started to set out their future plans for practices and teams.
Clifford Chance outlined plans for its Moscow team, having announced that it would begin an ‘orderly wind down’ of its business in Russia in March.
Clifford Chance (CC) has promoted 37 lawyers to the partnership including 17 in the City, making it the latest Magic Circle firm to announce increased partner rounds in 2022.
All of the Magic Circle firms saw a jump in partner promotions this year, including the typically conservative Slaughter and May, which made up eight lawyers, an increase from five in 2021. Meanwhile, Allen & Overy’s 39-strong promotion round globally – including 13 in London – marks a step up from 30 last year. Linklaters promoted 41, up from 35 in 2021 and Freshfields Bruckhaus Deringer minted 27 compared with 22 last year.
Keystone Law has made last year’s 11% uptick in turnover look ordinary by comparison, today (28 April) announcing an eye-catching 27% boost in revenues from £55m to £69.6m.
This rate was bettered by the profitability increase: adjusted profit before tax stood at £9.1m, representing a pacey 52% jump from last year’s £6m figure. Overall, Keystone is in a healthy financial position, boasting zero debt and a strong operating cash conversion of 103%, with cash generated from £10m in operations.
In another batch of strategic recruitment, Keystone Law’s flexible working model has attracted ten new partners, the firm has announced.
The new hires include five corporate specialists: Michael Holter, who counts aviation and e-commerce companies among his clients, and Rupert Weber, who has expertise in investments into and from Africa, arrived from McDermott Will & Emery; Keith Gilbert from Freeths, and Paul Toolan and Stephen Fuller from Ince. Additions in the real estate space include hospitality sector expert Ed John from Howard Kennedy, Amanda Lloyd from Penningtons Manches Cooper, and Minesh Patel from stevensdrake. Private client partner Simon Mackie joined from Irwin Mitchell and insurance expert Ruth Hite arrived from Berkshire Hathaway Specialty Insurance. These additions follow a dozen partner level hires in January.