Industry pioneers are attracting public and private interest in alternative models
While many lofty predictions of New Law’s rise remain unrealised, the market’s traditional champions have all made major contributions to its growth in recent weeks. Flexible lawyering business Axiom engaged in a surprise private equity (PE) sale; US alternative provider UnitedLex turned over $350m in an impressive year; while Elevate achieved revenues of £76m in another record result. Continue reading “Growth and investment define New Law as frontrunners make big gains”
Leading US firms continue to dominate the London recruitment market with significant appointments from the Magic Circle, as Weil, Gotshal & Manges hired Linklaters’ highly-rated M&A partner David Avery-Gee (pictured) shortly after Allen & Overy (A&O) saw corporate pair Simon Toms and George Knighton jump ship to Skadden, Arps, Slate, Meagher & Flom.
The hire of Avery-Gee is a coup for Weil, which has struggled against more potent US rivals in recent years in London. The office has had setbacks in corporate, including the loss of London managing partner Mike Francies’ protégé Samantha McGonigle, who left after 13 years to co-found a growth fund in February. Continue reading “Double blow for Magic Circle as US leaders Weil and Skadden secure M&A veterans”
Ruling sends strong message but Nathalie Tidman finds unease over watchdog’s shifting remit
October’s prosecution of Freshfields Bruckhaus Deringer partner Ryan Beckwith highlights awkward truths for the profession as regulators increasingly target claims of harassment and sexual misconduct in law. The ruling on 10 October, the most high-profile scalp yet after a string of embarrassing post-#MeToo disclosures for the UK legal profession over the last 18 months, has already produced a bout of soul searching across the City along with many lurid headlines. Continue reading “Beckwith ruling a wake-up call for profession as regulators close in on #MeToo complaints”
Anna Cole-Bailey rounds up the latest management reshuffles at home and abroad
The autumn saw significant c-suite changes announced at Global 100 and Legal Business 100 (LB100) players, with Baker McKenzie voting in Milton Cheng as its new chair in a victory for the Asia partnership, while the figureheads of Herbert Smith Freehills (HSF), TLT and Clyde & Co will step down to pave the way for successors. Continue reading “New brooms – Asian coup for Bakers as Clydes, HSF and TLT announce leadership changes”
Hamish McNicol assesses the adviser mood as clients flex buying power
‘Would I say it’s the norm? No. But would I say I’m surprised? No.’ Continue reading “‘There will be pushback’: Dawn of pay-to-play tenders will stoke law firm tensions with GCs”
He may have overseen more than 50 law firm combinations over the last decade – 12 since July alone – but Dentons chair Joe Andrew (pictured) is adamant that the double US tie-up his firm pulled off at the beginning of October is something completely different.
Pending approval by the partnerships, the 10,000-lawyer globetrotter will in January add another 300 bodies to its sprawling verein as it combines with 175-lawyer midwest firm Bingham Greenebaum Doll and 140-strong Pennsylvania-bred Cohen & Grigsby. Continue reading “Dentons rejigs US structure in bid to create first ‘truly national’ American dream team”
DWF Europe chair Ulrich Jüngst aims to triple German lawyer headcount and launch in Frankfurt after opening the firm’s second international office since listing on the London Stock Exchange. DWF announced its fourth German base in Düsseldorf in October after taking over six-lawyer corporate boutique Marccus Partners.
While Marccus is not listed in any of the recognised legal directories for Germany, Jüngst described it as ‘a good fit with what we have’. ‘We want to cover the western regions in Germany and it’s much better to do that with integrated offices in Cologne and Düsseldorf,’ he told Legal Business. Continue reading “DWF brings post-float sales pitch to Germany as it seals Düsseldorf deal”
Allen & Overy (A&O) suffered another significant loss with the departure of litigation partner Marc Florent to Baker McKenzie. Florent is experienced in banking disputes, particularly in the wholesale and retail banking areas, asset management, funds and sponsors on cross-border matters. A&O also lost its head of fraud Mona Vaswani to US rival Milbank, Tweed, Hadley & McCloy.
Alston & Bird launched a City branch, hiring three partners for its UK finance and payments practices. Andrew Petersen joins from K&L Gates where he was head of the finance practice, alongside fellow finance partner James Spencer. The pair have worked together on real estate private equity, commercial mortgage-backed securities deals, restructuring, and debt and equity workouts. James Ashe-Taylor, former head of European antitrust at US boutique Constantine Cannon, also joins the new City office. Continue reading “Significant hires”
I’m London born and bred, never lived anywhere else apart from three years in Manchester at university. Went to City of London School up the road, worked at St Martin’s Le Grand, Aldersgate Street, Fleet Street, Adelaide House in London Bridge and here [Fleet Place]. My wife would say I’m limited in a whole bunch of ways. To be honest, I don’t like to be too far from my family.
My mum was a formidable primary school teacher. I was in her school when she was deputy head at a state primary. Interesting experience. Continue reading “Life During Law: David Collins”