US results season 2013: Hogan Lovells unveils highest post-merger results with 5.2% increase in turnover

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US firms Hogan Lovells

Transatlantic firm Hogan Lovells has today (27 February) unveiled its highest post-merger global financial results, posting a fee-income increase of 5.2% while profit per equity partner (PEP) and revenue per lawyer (RPL) increased by 10% and 3.7% respectively.

Fee-income increased to $1.72bn, while PEP rose to $1.21m and RPL was up to $742,613. Across the regions, the Americas represented approximately 46% of total billings, while London and Continental Europe together equalled 47%, and the Asia & Middle East region totalled 7%.

US merger talks: Patton Boggs and Squire Sanders confirm ‘early’ discussions

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Legal mergers Squire Patton Boggs

Washington-based Patton Boggs and transatlantic top 40 Global 100 firm Squire Sanders are in preliminary merger talks, the firms confirmed to Legal Business today (27 February), with a view to creating a 1,700-lawyer firm with 45 offices across 22 countries.

The confirmation, which comes after widespread reports of the talks across the US legal and financial media yesterday (26 February), stressed that ‘discussions are in very early stages, and there is no assurance that a combination will be completed.’

Family marketing teams on DEFCON 1 as Law Commission calls for gold-plated prenups in UK law

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Legal regulation

For marketing teams at the family bar it’s been a tough wait but at last the Law Commission has issued its long-trailed proposals on matrimonial property laws.

Private practice teams across London have been lightening quick to respond to the report, published today (27 February), which proposes new legislation to take out the uncertainty surrounding the enforcement of pre-nuptial agreements, an issue that has dogged divorce cases of wealthy couples, setting London at a disadvantage to the majority of countries in Europe.

Sochi over, the World Anti-Doping Agency brings in new GC as it looks to tougher 2015 code

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In-house

As the excitement surrounding the successful albeit controversial Winter Olympics 2014 in Sochi fades, the World Anti-Doping Agency (WADA) will shortly, albeit with less fanfare, welcome the arrival of new general counsel and chief operating officer Olivier Niggli, who joins the global agency from Swiss law firm Carrard & Associés.

Currently a partner at the Lausanne-based business and sports boutique, where he specialises in sport, arbitration and commercial law, Niggli will in June join the agency he helped to set up in 1999, as it prepares to implement a new, far stricter code, which comes into effect on 1 January 2015 and will double the ban for athletes found guilty of doping from two to four years.

Making a splash – partners from Shearman, Covington and Jones Day join breakaway Freshfields arbitration boutique

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Litigation Covington & BurlingFreshfields Bruckhaus DeringerJones DayShearman & Sterling

As brand new start-ups go, the Freshfields Bruckhaus Deringer-breakaway arbitration boutique set up by heavyweight arbitrators Constantine Partasides, Paris-based Georgias Petrochilos and former arbitration co-chair Jan Paulsson earlier this month is making quite a splash.

Following news of its launch on 17 February, the latest announcement today (26 February), less than ten days later, is that Shearman & Sterling Paris international arbitration partner Todd Wetmore, Covington & Burling’s London-based international arbitration co-chair Gaetan Verhoosel, and Washington-based Jones Day litigation partner Luke Sobota have all resigned to co-found the new venture.

US financial results 2013: Paul Weiss builds on 2012 success with revenue increase of 7%

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US firms Paul, Weiss, Rifkind, Wharton & Garrison

New York elite firm Paul, Weiss, Rifkind, Wharton & Garrison has built on its double-digit growth of 2012 by turning out a near 7% increase in revenue for 2013, up to $934.5m, while its profit per equity partner (PEP) figure rose by 8% to $3.62m.

The results follow the 803-lawyer firm’s 12% increase in turnover to $877m in 2012, coupled with a 6% increase in PEP to $3.35m. Much of the top 40 Global 100 firm’s success is credited to its top flight litigation practice, which has represented major financial institutions such as Bank of New York Mellon in its defence against a $1bn claim last May.

Systems overhaul required as Treasury Solicitor’s Department falls foul of Data Protection Act

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Legal affairs

Whitehall’s largest legal department, the Treasury Solicitor’s Department (TSol) is to improve its data protection practices after an independent investigation found it had breached the Data Protection Act four times between 2011 and 2012.

The investigation by the UK’s independent data privacy authority, the Information Commissioner’s Office (ICO), found that TSol failed to comply with the act after it released the personal information of individuals to third parties on four separate occasions between August 2011 and November 2012.

RBS litigation: Bird & Bird’s head of dispute resolution criticised for £500m fluctuation in value of claim

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Finance Bird & Bird

The highly complex Royal Bank of Scotland 2008 rights issue litigation has seen Bird & Bird’s dispute resolution head Steven Baker criticised at the High Court over a £500m fluctuation in the value of the claim.

In his fifth witness statement to the court in November Baker, who represents John Greenwood and the RBoS Shareholders Action Group Limited, with around 12,000 retail and around 100 corporate, institutional and charitable members (the BB Action Group), told the court: ‘the losses suffered by the members of the BB Action Group who have actually issued proceedings so far would equate to approximately £900m…and the total acquisition value of those claimants’ shares is £1.25bn.’

Hogan Lovells eyes growth in South Africa with hire of Edward Nathan Sonnenbergs partner as banking head

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Strategic recruitment Hogan Lovells

Transatlantic giant Hogan Lovells has made its first lateral hire in South Africa since merging last December with Routledge Modise, taking on finance partner Anina Boshoff from leading local firm Edward Nathan Sonnenbergs (ENS) to head up its banking and finance department in Johannesburg.

Boshoff (pictured), who returned to South Africa early in 2010 after working in the Singapore office of Allen & Overy for three years, will begin her new role on 1 March, and will be joined by ENS associates Candice Morgan and Sanrie van Tonder.

Reforming the reforms: One-year-on Jackson soundings likely to lead to further calls for overhaul of DBAs

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Litigation

The first year bedding down Lord Justice Jackson’s extensive civil litigation reforms was always going to be challenging, but as the Civil Justice Council (CJC) this month announces a one-year-in soundings process, senior City litigators are expected to call for a radical overhaul of the largely unpopular damages-based agreements (DBA) provisions ushered in by the reforms.

Announced on 13 February, the CJC is inviting written submissions from the legal profession on the ‘practical impact’ of the reforms and will hold a conference in March to discuss the submissions with representatives of stakeholder groups such as practitioners, the judiciary, consumers, major court users and other interested parties.