Results from our first-ever in-house survey show that companies’ legal budgets have largely stayed the same or even increased while demand for external services has risen, debunking the myth that widespread cuts to legal budgets have forced general counsel (GC) to instruct law firms less.
Canvassing the views of more than 100 in-house lawyers worldwide, the survey showed that 50% of respondents’ legal services budgets remained unchanged in the last year, while 44% said that demand for external legal services had increased over the same period. This was despite the fact that 67% said their companies had a policy of retaining more matters in-house.
Continue reading “No drop in demand for external legal advice”
Private client firms are scrambling to bolster their arbitration capabilities six months after family law arbitration was introduced in England and Wales. Family lawyers are reporting arbitration training programmes are fully booked going into 2013.
The Institute of Family Law Arbitrators (IFLA) launched the Family Law Arbitration Scheme in February this year as a viable alternative to the court process. The rising popularity of this method of resolving disputes means family law teams will be looking to offer this service as soon as possible.
Continue reading “Family law firms clamber to get arbitrators on board”
The increased global focus of governments on tax avoidance means a handful of international law firms have been pushing their transfer pricing practices to the fore recently.
In July Macfarlanes announced the appointment of Martin Zetter to the new role of head of transfer pricing and senior economist in its tax and structuring group. Zetter joined the firm from Ernst & Young, where he was a director in its financial services transfer pricing group.
Continue reading “Rule changes put transfer pricing practices centre stage”
Trowers & Hamlins senior partner elect Jennie Gubbins has told LB that she is looking to raise the firm’s corporate profile in the City and repair its ailing international offering after a bruising few years.
The firm’s current senior partner, Jonathan Adlington, has announced that he will be retiring next year. Gubbins, currently head of corporate at the firm, will replace him in March 2013.
Continue reading “Trowers unveils new strategy as Adlington bows out”
The CMS group, which passed a major milestone this summer when it provided its financial results as a single entity for the first time, has told LB that it is looking to drop local firm names to strengthen its international brand.
‘We have been looking at the risks of being regarded as a single firm under this type of structure and we have decided we want to move forward towards being a single firm,’ said Duncan Weston, managing partner of UK member firm CMS Cameron McKenna. ‘We’ve already adopted a single visual identity as part of the conversion: the name CMS with law and tax underneath – a logo we decided upon two years ago.’
Continue reading “CMS group moves closer to one-firm model”
US firm Katten Muchin Rosenman remains on the charge in London following the hire of tax partner Sanjay Mehta from Stephenson Harwood in August. The latest hire comes at the end of a highly acquisitive year that has seen the Chicago-based firm make five lateral hires in six months.
This follows a triple hire to Katten’s real estate team in July, which included Stephen John as special counsel and Ranjeev Kumar as partner from the London office of Fried, Frank, Harris, Shriver & Jacobson, alongside Joe Payne from Field Fisher Waterhouse.
Continue reading “Katten Muchin Rosenman continues hiring spree”
King & Wood Mallesons (KWM) has enjoyed a successful first six months as a single firm, according to Handel Lee, head of the firm’s East China offices, who added that Africa could be the next destination for the firm en route to London and New York.
The firm, which went live in March, topped mergermarket’s Asia-Pacific (excluding Japan) M&A league tables for volume for the first half of 2012, placing it ahead of Baker & McKenzie, Freehills and Clifford Chance in the table. The firm did 35 deals worth a total of $9.2bn.
Continue reading “Positive early signs at combined firm King & Wood Mallesons”
The capital has extended its position as the most buoyant legal market in the UK, with midsize London law firms continuing to outpace their regional rivals, notching up an average 10% increase in organic revenue this year compared to just a 5.5% revenue rise for non-London firms.
The South, North and Scottish regions are among the worst performing markets for LB100 firms this year, with firms in those regions increasing revenue on average by just 1%, 5% and 5% respectively.
Continue reading “Growth in LB100 regional peer groups half that of London”
An intense and long-running battle is set to begin over the assets of Dewey & LeBoeuf which, as many observers had long predicted, filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court in Manhattan on 28 May.
The filing sets the stage for a struggle between creditors that experts predict could run for years in a process that one observer likened to ‘bear-baiting’.
Continue reading “Creditors draw battle lines over Dewey & LeBoeuf assets”
Turnover at Magic Circle firms rose by a modest 2.6% this year, with the UK’s five Global Elite firms pulling in over £5.2bn of fees and £4.2bn worth of profit in the 2011/12 financial year.
As the UK’s financial reporting season kicks off, Allen & Overy emerges as one of the top performers after another strong year that saw turnover climb by 5% to reach £1.18bn, up from £1.12bn in 2010/11. The firm is one of the best performing in the group over the past five years, growing revenues by an average of 3% each year since 2008. Much of that can be attributed to the firm’s network in emerging markets, with around 15% of A&O’s lawyers now based in Asia.
Continue reading “Magic Circle sees revenues up after muted financial year”