Eversheds Sutherland is spinning off its £40m New Law business in a bid to supercharge its growth to £100m over the next five years, while opening it up to external investment.
The firm today (26 June) launched Konexo, an entity merging its advisory, interim resourcing and managed service offerings – including its ES Consulting business – to act as a global alternative legal service and compliance provider. Eversheds intends to make it a separate corporate structure, initially owned by the partnership but with the potential to attract external investment.
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 Jenkins.
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 people.
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 than a year ago.
Bryan Cave Leighton Paisner (BCLP) co-chair Lisa Mayhew has been elected to serve another four years in the role. Meanwhile, current co-chair Therese Pritchard was ineligible to serve another term and is to be succeeded by St Louis transactional partner Steven Baumer.
The terms for Mayhew and Baumer begin 1 January 2020 and will run four years, with Pritchard set to return to her practice after not being eligible to seek another term. Both Mayhew and Pritchard had led their legacy firms going into the transatlantic merger to create BCLP, which was completed 3 April 2018.
Slaughter and May is bolstering associate pay to a £100,000 including bonuses, becoming the latest of the City elite to play its hand on lawyer salaries.
The move comes after Freshfields Bruckhaus Deringer and Clifford Chance (CC) both hiked their newly-qualified (NQ) pay to £100,000 in a bid to head off the ever-increasing threat from US rivals.
Fieldfisher is looking to further reduce the percentage of overall turnover generated in the UK following a year defined by geographic expansion.
Turnover at the mid-market pace-setter hit £242m, up a better-than-expected 17% in the third consecutive year of double-digit growth at the firm. Profit per equity partner (PEP) rose 7% to £805,000, and has nearly doubled over the last five years.
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’ affecting Picón.
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 the restructuring partner will now start on 30 September and run for two weeks, the SDT confirmed.
LB editor-in-chief Alex Novarese recently posted a piece entitled ‘Innovation needs law firm champions’, which hooked on to the story of Axiom’s much-awaited flotation and made some excellent points on the limitations (versus the hype) of New Law. However, in discussing Axiom’s decision to split up its business pre-float, the claim was made that it is easier to see progress in the industry coming from conventional law firms, than New Law equivalents.
This argument just doesn’t hold water. Yes, conventional law firms might have the heft behind them to implement progress, but the hard truth is that they are hampered by their traditional structure. This is what has made the pace of change within the sector slow – the structure lacks transparency and responsiveness, promotes inefficiency and simply costs too much.