Vodafone has completed the latest refresh of its legal advice panel, selecting eight firms based on a commitment to shared diversity and ESG best practice.
Latham & Watkins, Deloitte and TLT are the new additions from the last review in 2018, alongside Hogan Lovells, Linklaters, Osborne Clarke, Slaughter and May and Wiggin, which have retained their spots. This is a slight increase from the seven firms selected in 2018’s overhaul . The panel will provide broad legal cover on commercial, real estate, employment, regulatory and litigation, as well as support for legal transformation.
As the City marks the one-year anniversary of the first coronavirus lockdown, elite playmakers continue to do deals from their living rooms, with a sizeable National Grid acquisition and Deliveroo’s multibillion-pound initial public offering making headlines in recent days.
Last week (18 March) FTSE 100 utility National Grid emerged as the winner of a competitive auction to acquire Western Power Distribution (WPD), the UK’s largest electricity distribution business, from PPL Corporation for an equity value of £7.8bn.
Ever-expansive listed firm Knights has made its latest major acquisition through the £5.3m buyout of Surrey-based Mundays.
The purchase sees Mundays’ 34 fee-earners, including six partners led by Weybridge-based managing partner and head of corporate Neale Andrews, join Knights, bringing with them key strengths in corporate, real estate and private client law.
As the financial reporting season for Global 100 firms gathers pace, some less eye-catching financial results have emerged, with Dechert seeing a 6% revenue and profit reversal and Mayer Brown growing turnover only marginally to exceed $1.5bn.
Mayer Brown grew global revenue a sedate 2% to $1.52bn from just shy of $1.5bn last year when the firm recorded 7% revenue growth, while revenue per lawyer saw a slight 1% dip to $900,000 in 2020. Profit per equity partner (PEP) numbers were more heartening, climbing 11% to $2m from $1.8m in 2019 in the context of a 2% uptick in partners to 657 from 646 last year. Total lawyer headcount increased 3% to 1,685 from 1,632 in 2019.
As client issues become increasingly complex, working collaboratively to provide solutions is critical. But Professor Laura Empson and David Morley ask: can leaders maintain a collaborative culture in the world of remote working?
Client issues tend to be sprawling and messy – all the more so as the world becomes more complex and uncertain. In finding solutions to complex problems, individual professionals need to bring together people with complimentary skills and perspectives to get the best results.
Cleary Gottlieb Steen & Hamilton has reinforced its impressive European antitrust credentials, hiring Slaughter and May special adviser Jackie Holland as a partner in London.
A leading name at the UK competition Bar, Holland has over 25 years’ private practice experience in addition to an agency background from a stint at the Office of Fair Trading (OFT), where she was a senior director. At the OFT, Holland reformed the agency’s merger control regime and antitrust measures.
Latham & Watkins has brushed aside pandemic-linked uncertainty to report a 15% revenue hike to $4.33bn, while profit per equity partner has hit $4.52m.
The pace-setting results announced today (16 March) mean the Los Angeles-bred giant has bolstered its financials for a fifth year running, with a 20% surge in PEP more than doubling the 10% increase to $3.78m over 2019 .
City business has had cause to take heart in recent days with a clear display of political will behind an overhaul of UK listing rules that could see London shake off its Brexit and pandemic woes and reassert itself as global financial hub.
Proposals set out in the UK Listing Review, led by Lord Hill, will particularly pique the interest of anyone tracking the special purpose acquisition company (SPAC) market. Indeed, the ubiquity of those deals has made them difficult to miss. There has been much talk of London jumping on the bandwagon in a fit of FOMO as other listing destinations, especially the US and Amsterdam, pile into that frothy market with gusto. However, to say that London has been lagging competitors in the US, Europe and Asia for too long is an understatement, and any shake-up to expedite parity with peers hasn’t come a moment too soon.
In the latest round of lateral partner moves, two prominent transatlantic firms in the Global 100, K&L Gates and Squire Patton Boggs, have bolstered their international offices with multiple hires.
K&L Gates has made two senior hires in the City, boosting its asset management and white-collar crime teams. Firstly, Daniel Greenaway joins as a partner from Mishcon de Reya with expertise in advising fund managers on private equity, venture capital, credit, infrastructure and real estate investments.
After posting resilient financial results in the wake of the pandemic, Herbert Smith Freehills (HSF) has recognised the efforts of staff worldwide by gifting everyone a 5% bonus at the same time as announcing its new senior partner, Rebecca Maslen-Stannage.
In a statement, HSF chief executive Justin D’Agostino said: ‘The firm is performing well so far this year. In recognition of that, we will be paying all staff globally a one-off financial payment of 5 per cent of salary, payable in March. I am delighted that all our people will be sharing in our good performance. This is an acknowledgement of their dedication and hard work, in the face of the tremendous disruption and challenges experienced in the last year. This special payment is made in addition to our usual 2021 bonus round.’