Ted at the wheel – all change at Quinn in the City as East becomes senior partner as Greeno joins leadership

Ted at the wheel – all change at Quinn in the City as East becomes senior partner as Greeno joins leadership

Disputes heavyweight Quinn Emanuel Urquhart & Sullivan has revamped its City leadership team, with Richard East vacating the co-managing partner role to become senior partner in London. Ted Greeno, meanwhile, has moved into the co-managing partner position to head the firm alongside longstanding co-head Sue Prevezer QC.

East had been the co-managing partner alongside Prevezer since the firm launched its London office in 2008. Under East’s joint stewardship, Quinn’s ascent has been impressive, with the LA-born litigation outfit growing revenues 220% between 2008 and 2018 throughout Asia and Europe.

‘Keep doing it better’: Slaughters senior partner Cooke gets another three years

‘Keep doing it better’: Slaughters senior partner Cooke gets another three years

Highly-respected M&A practitioner Steve Cooke (pictured) has had his term as senior partner at Slaughter and May extended until 2024.

Cooke was first elected to senior partner at the City institution in 2016 for a five-year term after a long stint spearheading the firm’s M&A practice. His current term runs until 2021, with the extension meaning Cooke will have been in the role for eight years.

City paywars: a history lesson – Freshfields hikes hark back to era of Magic Circle domination

City paywars: a history lesson – Freshfields hikes hark back to era of Magic Circle domination

The news this week that Freshfields Bruckhaus Deringer was to push through the highest real-terms pay rises by a major City firm for a decade is a significant moment for the London legal market.

The decision to hike its associate pay scale, raising its benchmark rate for newly-qualified solicitors from £85,000 to £100,000 is a bold and expensive step for the City giant. Back-of-the-envelope calculations suggest such a move, which will put Freshfields well ahead of its Magic Circle peers, comes at an annual cost of more than £10m.

Out of office: Freshfields, HSF among nine new Mindful Business Charter signatories

Out of office: Freshfields, HSF among nine new Mindful Business Charter signatories

A further nine law firms have signed up to the Mindful Business Charter, an initiative devised by banking giant Barclays alongside Pinsent Masons and Addleshaw Goddard to try to mitigate unnecessary stress for in-house and external lawyers.

Capsticks, CMS, DWF, Freshfields Bruckhaus Deringer, Herbert Smith Freehills, Michelmores, Osborne Clarke, Stone King and Weightmans have today (9 May) signed up to the charter – six months after it launched – bringing the total number of signatories to 20.

CMS dismisses City IP head and reports to watchdog as scrutiny of partner conduct grows

CMS dismisses City IP head and reports to watchdog as scrutiny of partner conduct grows

CMS Cameron McKenna Nabarro Olswang’s former head of IP Joel Barry has been asked to leave its partnership in a matter that has been reported to the Solicitors Regulation Authority (SRA).

In the latest senior dismissal to hit City law amid increasing scrutiny of partner behaviour, CMS terminated Barry’s appointment on 16 April. CMS declined to comment on the reasons for the move, responding to a request for comment as follows: ‘We can confirm that a partner has been asked to leave the firm and will not be commenting further.’

Stronger than expected recruitment track adds 35% to Keystone’s top line

Stronger than expected recruitment track adds 35% to Keystone’s top line

Revenue at Keystone Law rose by more than a third to £42.7m as the listed legal platform’s principal lawyer headcount rose 14%.

The firm’s financial results for the year to 31 January 2019 – its first full set since becoming the third UK law firm to float in late 2017  – also show a strong 57% increase in net profit before tax to £5.1m.

Kirkland private equity duo quit for Willkie Farr

Kirkland private equity duo quit for Willkie Farr

Long-rumoured to be on their way out of the US giant, Kirkland & Ellis private equity duo David Arnold and Gavin Gordon are set to join Willkie Farr & Gallagher.

The pair joined Kirkland from Ashurst in 2010 in one of the firm’s first major laterals in private equity in the City. Clients Gordon has worked with include Cinven, ABRY Partners, KKR and Vista, while Arnold’s list include CapVest Partners and Montagu Private Equity.

Shades of 2007: Freshfields sends NQ salaries soaring above £100k to head off talent threat from US rivals

Shades of 2007: Freshfields sends NQ salaries soaring above £100k to head off talent threat from US rivals

Freshfields Bruckhaus Deringer is fighting the war on talent by becoming the first Magic Circle firm to raise its pay for newly-qualified (NQ) solicitors to £100,000.

The £15,000 salary uptick is symbolic, given the pressures imposed on the City elite by US competitors in recent years. There will also be a discretionary bonus on top of the new NQ salary.