A further reminder comes this week that despite much talk of the pressure on the legal market (see Comment: Things I would have said about the future of law if I hadn’t forgotten my notes), leading City players continue to be highly profitable with Linklaters announcing on Tuesday (7 May) that it is raising its salary bands for associates.
Both sides of the volume insurance market saw significant Legal Services Act-themed developments today as two of the most touted investor-backed law outfits announced four proposed acquisitions in a single day.
Plexus Law today (7 May) confirmed it is to merge with insurance dispute resolution practice Greenwoods, creating a £90m defendant insurance litigation business. Plexus is the defendant arm of the Parabis Group, the legal outfit that last year sold a majority stake in its business to buyout house Duke Street in a move expected to fund a war chest for expansion.
Glencore Xstrata has promoted former Glencore general counsel (GC) Richard Marshall as its overall head of legal in the wake of its $66bn merger.
Marshall joined Glencore in 2005, having worked at Cadwalader Wickersham & Taft. He moved to the firm’s London office from the Sydney office of Mallesons Stephen Jacques where he had been a partner since 1984.
I was recently asked to speak on a panel debate for Georgetown Law at Freshfields Bruckhaus Deringer’s City office to discuss the big issues facing the profession. As the panel’s host, Freshfields managing partner Ted Burke, sent the speakers some outline topics and questions beforehand, I sketched out some points to help order my thoughts.
Latham & Watkins has recruited high-profile Norton Rose derivatives and structured finance partner Dean Naumowicz as the US giant makes its third senior City hire of the year.
The Cabinet Office and the Office of the Parliamentary Counsel have published a very interesting report criticising the complexity and quality of legislation and suggesting a much greater willingness to do something about it through an initiative dubbed Good Law.
This section gives a flavour:
Law schools have been dogged by controversy in recent years on both sides of the Atlantic but one of the UK’s major providers has a novel response: giving education away for free.
BPP Law School this week confirmed that it is to offer a free qualification worth up to £16,500 to any of its legal practice course (LPC) graduates who fail to secure a job in the legal sector within six months of graduating.
Allen & Overy (A&O) has won a place on Aviva’s top corporate panel after a lengthy review that saw Clifford Chance (CC) lose its spot as plc adviser.
The move comes as Aviva also kick-started its UK and Europe panel selection process in mid-April, following an overhaul of its 280-staff global legal team.
The review of the plc panel was led by general counsel (GC) and company secretary Kirsty Cooper and Aviva Group GC Monica Risam (pictured).
Antony Townsend, the man who led the Solicitors Regulation Authority (SRA) through its controversy-strewn separation from the Law Society, has today (2 May) confirmed that he is to leave the body.
Chief executive Townsend announced that he is stepping down later this year once a successor has been appointed. He commented: ‘I have headed up the SRA from its inception. The pace of change has been relentless; the challenges have been formidable.
DLA Piper and Simmons & Simmons are among the latest UK firms to announce a reduced number of partnership promotions, appointing 34 and seven lawyers respectively, down from 58 and 10 in 2012.
DLA’s appointments came largely across its US offices, where 19 lawyers were made up to the partnership, with a further seven in continental Europe, four in the UK and four in Australia.