A start-up from Allen & Overy’s (A&O) Fuse innovation hub is one of the first 17 companies to join banking giant Barclays’ legal technology lab.
Deal platform Legatics, which has been in Fuse for each of A&O’s first two cohorts, has taken up residence at Barclays’ 100-person LawTech Eagle Lab in London’s Notting Hill. AI provider ayfie, contract generator Ginie AI, and document collaboration platform Annotate are the only other start-ups in the lab to have been named.
Herbert Smith Freehills’ (HSF) rhetoric of improving corporate capabilities has taken a blow after a trio of transactional partners left for the London office of US firm Morgan, Lewis & Bockius.
The departures include HSF’s head of London private equity, Mark Geday, who had been at the firm since 1996, alongside corporate partners Nicholas Moore and Tomasz Wozniak. They will come as a disappointment for HSF, particularly after the firm made concerted efforts to promote the success of its corporate practice over the last year.
Away from the headline laterals last week, Jones Day was the only firm to make moves in London after securing a double hire to bolster its finance offering, while Clifford Chance (CC) lost a London partner to in-house in Hong Kong and Hausfeld strengthened in Berlin.
Jones Day has set about reinvigorating its City offering after an exodus earlier this year, announcing the hires of Lee Federman and Ewen Scott who join the firm’s banking, finance and securities practice. Federman joins from Dentons, where he served as a finance partner having originally joined the firm in 2015 and brings with him experience in cross-border syndicated financing transactions, with particular focus on leveraged finance and corporate lending.
Allen & Overy has become the latest Magic Circle firm to announce pay increases for its trainees and newly qualified associates (NQs), alongside a slightly reduced September 2018 retention rate.
The salary for NQs has risen to £83,000 from £81,000, while second year trainees can now expect to take home £50,000, up from £49,000. First year trainees will earn £45,000, compared with the previous £44,000 salary.
Mid-tier pacesetter Fieldfisher has become the latest firm to explore volume legal services, opening a low-cost hub in Belfast to be staffed by 125 people.
The new Northern Irish office will provide document negotiation and legal support from a team largely consisting of paralegals. The venture is being launched in conjunction with Donaldson Legal Consulting (DLC), with which Fieldfisher has had a Belfast tie-up since the end of last year.
Latham & Watkins has secured the services of two of the highest profile names in the City’s infrastructure private equity space in a double hire at the expense of Clifford Chance (CC) and Allen & Overy (A&O).
CC’s private equity offering took a knock amid one of the firm’s most senior departures in years as infrastructure head Brendan Moylan quit for Latham & Watkins.
Weil Gotshal & Manges and Slaughter and May have scooped key mandates on Bain Capital’s proposed £1.2bn takeover of UK insurer esure as RPC and Clifford Chance (CC) wade into the House of Fraser saga.
Weil is advising Bain on the proposed take-private, which will see the private equity player acquire, via its Blue (BC) Bidco Limited subsidiary, all shares in the motor and home insurer for 280 pence per share. The Weil team is led by private equity partner Marco Compagnoni and senior consultant Ian Hamilton.
Ince & Co’s senior partner Jan Heuvels has stepped down just weeks after a wave of cuts in the firm’s London office saw 32 job losses.
Veteran partner Peter Rogan, who was Ince’s senior partner between 2000 and 2008, has been named interim chairman of the firm’s board. Rogan will oversee the permanent appointment of Heuvels’ successor, in addition to the day-to-day running of the firm.
In a lull for City recruitment, Dechert made the only significant London hire last week, with Kennedys recruiting in the regions and Clifford Chance (CC) hiring in New York.
Dechert brought in Hogan Lovells M&A and private equity partner Robert Darwin, with the Philadelphia-based firm looking to strengthen its corporate life sciences group. The London-based Darwin had been partner at Hogan Lovells for more than three years.
It has been a choppy year for the Scottish economy but local independent Burness Paull has used a 30% increase in international mandates to drive its ninth consecutive year of revenue growth.
The firm’s revenue for the year to 31 July 2018 rose 7% to £57.6m, while profit lifted 8% to £23.8m. Chairman Peter Lawson (pictured), who took on the role at the start of August alongside new managing partner Tamar Tammes after the firm changed its leadership for the first time in a decade, told Legal Business he was pleased given it had been a tougher year for the Scottish economy.