Legal Business

Revolving Doors: Brodies hires Transocean former GC as Squire Sanders and Bird & Bird make key hires

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Strategic recruitment Bird & BirdBrodiesSquire Patton Boggs
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The past week was one for lateral hires outside the City, as Brodies boosted its oil and gas practice with the hire of former Transocean general counsel for Africa and the Mediterranean, Tom Hickey; Squire Sanders beefed up its construction team in Manchester with former head of construction and engineering and corporate services at Pannone, Sean McCay; and Bird & Bird bolstered its Brussels base with the second competition partner exit from Ashurst’s Brussels office in two months.

Dual-qualified in England and Wales and the State of California, upstream oil and gas expert Hickey is to join Brodies’ Aberdeen-led oil & gas team on 6 April but will continue to operate from Paris, where he has been based for the last 15 months while with Transocean.

While at Transocean Hickey negotiated drilling contracts and supported the firm’s operations, compliance and tax teams as mobile rigs were moved between jurisdictions along the north, west and east African coasts, prior to which he held the position of assistant GC at explorative energy company Hess Corporation between 2000 and 2012.

During that time, Hickey worked out of Hess’ London, Houston, Kuala Lumpur and New York offices, advising on a wide variety of upstream and corporate projects in Europe, West Africa, the Americas, Australia and Asia.

Bill Drummond, managing partner of Brodies, said: ‘Tom has an impressive track record working with cross-functional teams on the successful delivery of complex and challenging projects across the globe.

‘In addition to his proven ability to carry out proactive risk analysis, develop local contractual arrangements and offer innovative solutions to manage risk, his in-house experience has given him a deep understanding of the issues that matter most to corporate clients, whether political, commercial or cultural.’

Also joining the Brodies team, this time in Glasgow, is dual-qualified renewables lawyer Donna Kelly-Gilmour, who came across earlier this month as partner from Glasgow-based boutique Wright, Johnston & Mackenzie.

Meanwhile, below the border, former head of Pannone’s construction and engineering group and corporate services division McCay, returns to Squire Sanders as partner in its construction division in Manchester, where he trained and spent 16 years at the firm until 2006, serving as a partner for seven years.

With more than 20 years’ contentious construction and engineering experience, McCay advises private and public sector clients in the energy, utilities, waste management and engineering industries, with particular expertise in advising on nuclear decommissioning and large infrastructure projects and regeneration schemes.

Also joining Squire Sanders’ 21-lawyer construction team from Pannone is contentious construction associate Jody Kite.

This comes just a few months after Australian firm Slater & Gordon announced the acquisition of the consumer services and personal injury (PI) business of Pannone in November in a deal worth £33m.

Meanwhile, across the channel, Bird & Bird has appointed competition and EU partner Efthymios Bourtzalas from Ashurst’s Brussels outpost, where he has been a partner since 2007, having spent three years as a case handler in the European Commission’s directorate general for competition.

Greek-qualified Bourtzalas has been involved in several high-profile and complex competition law matters at an EU and national level, including in particular several phase I and phase II merger and State aid cases. His practice includes merger control, restrictive agreements, cartels and abuse of dominance cases, state aid, public procurement, external trade, internal market, EU regulatory and institutional matters, and litigation on competition and EU matters before the EU and national courts.

His exit comes just weeks after high-profile competition partner Julian Ellison left Ashurst’s Brussels office in February to join Mayer Brown’s Brussels base in February.

Co-head of Bird & Bird in Belgium, Anne Federle, said: ‘We are very excited to welcome Efthymios to our team. His extensive experience, in particular in the energy and communications sectors, makes him a great fit and his track record of working with clients in South Eastern Europe will support the development of our firm’s activities in this region.’

francesca.fanshawe@legalease.co.uk

Legal Business

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

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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.’

These figures were relied on by Mr Justice Hildyard in the third case management conference.

However in his seventh witness statement in January in the proceedings, in which the claimants allege RBS’ 2008 rights issue prospectus was defective and contained material misstatements and omissions, Baker corrected these figures to £392m (in place of £900m) and approximately £490m (in place of £1.125bn) respectively.

Mr Justice Hildyard said: ‘The explanation (and excuse) for these startling differences given by Mr Baker is that there was a mistake made in differentiating between members of the Group and actual claimants, and thus in calculating the value of aggregate claims. This mistake is regrettable in itself, especially in the wake of earlier inaccuracies in statements made by the BB Action Group or on its behalf as to the availability of ATE cover. I shall expect a greater degree of care and accuracy in the future.’

Bird & Bird is heading one of two large claims against RBS over its rights issue, led by Baker and Serle Court’s Philip Marshall QC. The action is being brought against the bank’s former chief executive Fred Goodwin and three other directors.

The second action RBS faces includes a group of 21 claimants involving a number of UK and international financial institutions and pension funds, led by Stewarts Law partner Clive Zietman and 3 Verulam Buildings’ Andrew Onslow QC. Litigation funder Argentum is backing this action.

Herbert Smith Freehills is defending RBS in both cases.

A spokesperson for Bird & Bird said: ‘This is the biggest ever such claim in the UK, and we are representing the leading shareholder group. It is a major achievement to have mustered such a group to fight for compensation on behalf of shareholders who suffered huge losses in RBS’ rights issue in 2008.

‘There was no miscalculation of the issued members of the Action Group’s claims. There was simply a factual error in expressing the value of claims issued when in fact some of those claims had been deferred. In any event, the balance of those claims will be issued shortly, together with further substantial claims.’

sarah.downey@legalease.co.uk

Legal Business

Asia calling: Bird & Bird launches in South Korea as Taylor Wessing and Allen & Gledhill expand Asia footprint

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Bird & Bird has joined a host of international law firms looking to enhance their global footprint with a cooperation agreement in Asia’s fourth largest economy, tying up with South Korean firm Hwang Mok Park (HMP).

Announced today (25 February), the top 20 firm said the aim is to focus on helping clients in industry sectors where technology and regulation are driving change.

Founded in 1993, HMP is acknowledged by the Legal 500 as third-tier in antitrust and competition, banking and finance, corporate and M&A, disputes, employment, and insurance.

Bird & Bird, meanwhile, which currently has a presence in Shanghai, Beijing, Hong Kong, and Singapore through its global association with ATMD Bird & Bird, is, the 966-lawyer firm said, ‘experiencing a period of rapid growth in the Asia Pacific region.’

Bird & Bird’s chief executive David Kerr said: ‘We are impressed with their track record in Korea, where they have a strong base of multinational clients and a broad portfolio of interesting work. We have experienced a significant increase in client demand in the region and this agreement reflects our plans to develop an integrated Asia-Pacific offering.’

Chairman of the firm’s Asian region Justin Walkey added that ‘Korea’s advanced, technology-driven economy is a natural fit for Bird & Bird.’

Bird & Bird expanded its presence Asia Pacific presence last March, having signed a cooperation agreement with Sydney-based digital-economy law firm Truman Hoyle.

Its most recent limited liability partnership accounts for the 2012/13 financial year show that its overdraft facility rose 55% to €21m from €13.6m in 2011/12, while net debt was up 20% from €22.6m to €27.1m during that period.

Other firms to launch recently in South Korean include Linklaters, Clifford Chance, Cleary Gottlieb Steen & Hamilton and Simpson Thacher & Bartlett.

Last week, Baker & McKenzie made a further strategic push into Asia, becoming the latest global player to launch an office in Myanmar. Confirmed last Tuesday (18 February), the firm said the launch of a branch in the city of Yangon was to be led by infrastructure and corporate partner Chris Hughes, who is currently based in Sydney.

Last week also saw Taylor Wessing’s Singapore arm, RHTLaw Taylor Wessing expand its regional footprint with an exclusive tie-up with PBC Partners in Vietnam, which currently has offices in Ho Chi Minh City and Hanoi. The arrangement will give RHTLaw access to 22 legal professionals in Vietnam. That tie-up comes only four months after RHTLaw announced its cooperation agreement with Indonesian law firm, Hanafiah Ponggawa and Partners.

Meanwhile, leading Singapore law firm Allen & Gledhill has also entered the Southeast Asian market by launching associate firm Allen & Gledhill (Myanmar), which came into force on 4 February. Headed by the former chief executive of the Singapore international arbitration centre, partner Minn Naing Oo, the launch follows the establishment of associate firm, Allen & Gledhill (Laos) in Vientiane in 2013.

The launches come after Jones Day confirmed this month its intentions to open an office in Perth in April this year, a region it described as ‘the mining and energy centre of Australia,’, with the hire of Allens Linklaters construction and energy litigation partner Stephen McComish.

Jones Day’s managing partner Stephen Brogan said the firm ‘continues to believe in the growing importance of Australia to the advancement of the global economy.

‘In the next decade, Western Australia in particular will play a critical role in supplying the energy and other commodity needs of Asia. If economic advancement is to benefit the largest number of people in Asia, then access to Australia’s resources will be essential,’ Brogan added.

sarah.downey@legalease.co.uk

Legal Business

Revolving Doors: Key transactional and antitrust hires for Bakers, Bird & Bird, K&L Gates, Trowers, Reed Smith and Mayer Brown

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With transactional activity on the rise international firms including Bird & Bird, K&L Gates, Trowers & Hamlins and Reed Smith have bolstered their European corporate and banking capability, while Baker & McKenzie and Mayer Brown have made appointments in the buoyant pharmaceutical and antitrust sectors respectively.

In London, Bakers on Monday (3 February) announced the hire of highly rated pharmaceutical lawyer Julian Thurston, a former partner and consultant at Morrison & Foerster, who joins the firm’s 450-lawyer global pharmaceutical and healthcare industry group as a consultant.Recognised internationally as one of the leading life sciences transactional lawyers, the Legal 500 describes Thurston, who focuses on strategic joint ventures, licensing and collaborations with an emphasis emerging markets such as China Latin America and Russia, as a ‘leading individual’ in the industry.

Also in London, top 50 law firm Trowers & Hamlins announced this week that it has bolstered its banking and finance capability with the appointment of former Squire Sanders partner Simon Owen, who headed the banking team at legacy Hammonds prior to its January 2011 merger with the US firm.

Adrian Carter, head of banking and finance at Trowers, said: ‘With his enviable track record and skill set, Simon will help further strengthen our existing real estate and finance capabilities.’

In the corporate sector, Bird & Bird announced on Monday that it has hired former Cleary Gottlieb Steen & Hamilton corporate partner and cable market specialist Hans Peter Leube in Germany. Luebe, who joined the Frankfurt office on 1 February from Schalast & Partner in Frankfurt, has had an extensive career working across Cleary’s Frankfurt and New York offices, having previously worked for Baker & Mackenzie in Düsseldorf and Skadden, Arps, Slate, Meagher & Flom in Frankfurt.

‘We are very pleased to welcome Hans Peter to our corporate team. Drawing on his practical experience in the communications industry, especially in the cable market, he can offer our clients an exceptional level of industry insight and advice,’ said Alexander Schröder-Frerkes, managing partner of Bird & Bird’s German practice and head of the international corporate group.

Also bolstering its corporate capability, this time in Paris, Reed Smith last week turned to Hogan Lovells for the hire of corporate partner Isabelle MacElhone, who was previously a partner with Freshfields Bruckhaus Deringer.

MacElhone’s hire, which brings the Paris corporate team up to five partners, follows the launch of the Paris competition practice in April 2013 with the hire of Hogan Lovell’s antitrust partner Michel Debroux.

‘We have a full-service corporate team in Paris, and with Isabelle’s added experience and knowledge we are able to provide both French and international organisations with expert support. Isabelle’s appointment brings new expertise and strengthens the capabilities of an already strong corporate team in Paris. I am very pleased to welcome her to Reed Smith,’ said James Wilkinson, head of the firm’s Europe & Middle East corporate group.

Also in Paris, which has seen a number of team moves and individual hires in recent months, global law firm K&L Gates has hired Allen & Overy (A&O) partner Jean-Patrice Labautière as a partner in the corporate/M&A practice.

An experienced corporate and transactional lawyer, Labautière practised with A&O for 15 years and advises financial institutions, corporations, and private equity clients on a wide variety of transactions, including complex acquisitions, reorganizations, and joint ventures. He is particularly active in the healthcare, financial services, and technology sectors.

The hire follows the January arrival in K&L Gates Hong Kong office of Deacons investment management partner Greg Heaton.

Meanhwhile, bolstering its competition capability in the Brussels heartland is global top 30 firm Mayer Brown, which has hired antitrust partner Julian Ellison from Ashurst. Ellison specialises in EU and UK competition law and has been involved in merger cases including ferry company P&O’s mergers with Stena Line and Brittany Ferries. The Legal 500 describe him as ‘easy to contact’ and adds that he ‘maintains the right balance between technicalities and practicalities’.

Kiran Desai, partner-in-charge of the firm’s Brussels office, said: ‘Julian is a highly regarded EU and UK competition lawyer whose experience complements our focus in Europe on network industries, local markets, government investigations and litigation before the EU Court of Justice. In addition, his skills will enhance our state aid practice and our representation of clients in sectors such as transport and chemicals.’

david.stevenson@legalease.co.uk

Legal Business

LLP latest – Bird & Bird and Eversheds pay cost of expansion and restructuring

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Financial results 2012/13 Bird & BirdEversheds Sutherland
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The cost of Bird & Bird’s strategic investment in 2012/13 became apparent today (27 January) with the filing of its limited liability partnership (LLP) accounts, which show that its overdraft facility rose 55% to €21m from €13.6m in 2011/12, while net debt was up 20% from €22.6m to €27.1m during that period.

Turnover at the 966-lawyer firm was up 8% to €293,248 from €270,745 the previous year, while profit was down 7% from nearly €65m in 2012 to €60.2m this year.

The top 20 firm has been in expansion mode and, in addition to opening in Dubai and entering co-operation agreements in Sydney and Switzerland, in November 2012 merged with Denmark’s Bender von Haller Dragsted.

The firm also secured the hire of partner Sven-Michael Werner from rival firm Taylor Wessing to its China corporate practice in January.

This growth is reflected in the firm’s fee earner numbers, which rose by 10% to 856 from 773 in 2011/12.

Its highest paid equity partner took home €1,011,000 – only a marginal increase compared to the €1,008,000 paid the year before.

Meanwhile, the costs of the three year strategic plan unveiled by Eversheds in July 2012 has also become apparent, with the top 10 LB100 firm’s LLP accounts showing that its restructuring costs amounted to £4.8m, which includes its redundancy programme and office closures.

Provision for onerous leases was a further £3.7m and in a statement the firm said: ‘Restructuring costs were incurred following a detailed management and operation review in January 2013 to align the operations of the firm to the new three-year strategic plan and address certain parts of the business where current market activity makes existing structures unsustainable.

‘The costs incurred include the costs of closing the Copenhagen office and other redundancy costs. Provisions have also been made for the costs of leases on vacant or sublet properties.’

Group turnover increased nearly 3% from £366m to £376m in 2012/13.

Elsewhere, the average number of members and employees dropped from 2,761 to 2,734, with the number of legal advisers down from 1,482 to 1,455.

Eversheds was one of a number firms to announce job losses last year, confirming in May 2013 that 116 staff would be made redundant across the firm after a consultation that placed 166 jobs at risk, including 82 fee earners. This was the UK law firm’s sixth redundancy round since 2007.

Meanwhile, the estimated entitlement for the highest paid member for the 2012/13 year stood at £1.2m compared to £1.15m in 2011/12.

The firm’s defined contribution pension scheme, which is closed to new entrants, had a deficit of £772,000 as of 30 April 2013, up from £403,000 in 2012.

sarah.downey@legalease.co.uk

Legal Business

Revolving doors: Bird & Bird, Bond Dickinson and Simmons all make lateral moves

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Strategic recruitment Bird & BirdSimmons & SimmonsWomble Bond Dickinson
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The appetite shown by global elite firms to hire laterally at the start of the year has spread wider in the City, as Bird & Bird, Bond Dickinson, Simmons & Simmons and US firm Sedgwick have all been in action recently.

Bird & Bird secured the hire of partner Sven-Michael Werner from rival firm Taylor Wessing to its China corporate practice. Werner, who speaks Mandarin, has over 12 years’ experience practising Chinese law and will be based at the firm’s Shanghai office. He has a focus on M&A and foreign direct investment, particularly advising European clients investing into China.

‘Sven-Michael’s extensive experience in our key sectors of technology, media and life sciences, as well as with major fashion brands, makes him a good fit for our growing corporate practice in China,’ said Marcus Vass, head of Bird & Bird’s China transactional group.

Bird & Bird has also appointed Air Arabia general counsel Anna Anatolitou as a partner across both its UAE offices. Prior to that she was at Norton Rose and has over 13 years’ experience as an aviation and dispute resolution lawyer.

‘Now Anna has joined, we have practical capability in the Middle East to advise airlines, insurers, lessors and investors on all legal issues. Our international aviation sector group has grown considerably over the past ten years and will continue to keep growing,’ said Paul Briggs, co-head of the firm’s aviation group.

Meanwhile another Global 100 firm, Simmons & Simmons, has also scored a coup with the hire of Reed Smith’s head of investment funds for Europe and the Middle East, Dale Gabbert.

Gabbert advises fund managers and financial institutions on the establishment and running of all classes of alternative investment funds, including hedge funds, private equity funds and credit funds.

‘Dale’s appointment will add further scale to our private funds practice, and we are looking forward to him joining this growing team,’ said Colin Leaver, Simmons’ asset management and investment funds sector head.

On the domestic front, Bond Dickinson brought in high regarded intellectual property (IP) expert Patrick Cantrill as partner from top-tier Leeds firm Walker Morris, where he was head of its IP department. The Legal 500 describes him as having an ‘incredible wealth of experience’ illustrated by having over 30 years’ of experience managing IP portfolios for blue chip and international organisations.

‘He is one of the most accomplished lawyers in his field and he will be a first-rate addition to our intellectual property and media practice,’ said Bond Dickinson chairman Nick Page. ‘We look forward to working with him as we develop our presence in London and internationally,’

Finally, US firm Sedgwick brought in DLA Piper insurance litigation partner David Murphy into its London office earlier this month. His experience spans a variety of classes of business, including property, energy, engineering, mining and credit insurance.

Murphy’s practice is truly international. He has represented London market and global insurers in analysing insurance claims and coverage issues arising from numerous jurisdictions around the globe, including Thailand, Colombia, Australia and Peru.

david.stevenson@legalease.co.uk

Legal Business

H1 2013/14: Bird & Bird reveals revenue increase of 5%

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Bird & Bird today (3 December) attributed a 5% increase in its half year (H1) 2013/14 revenues to the strengthening of its international offering, although the firm declined to disclose its underlying turnover figure.

The 960-lawyer firm, which operates its accounts in euros, estimated growth of 5% in euros, which it claims equates overall to 10% growth in sterling when currency fluctuations across H1 are taken into account.

Highlights in H1 include office openings in Dubai and Denmark, as well as lateral hires across corporate, intellectual property and media.The top 20 firm also said that despite difficult market conditions, the majority of its offices continued to grow.

In June, Bird & Bird announced an annual 2012/13 revenue growth of 6%, up from £235m to £249m, marking 25 years of continuous growth.

That performance was described by the firm as ‘solid’ and in line with budget ‘in the face of challenging economic conditions in our major markets.’ Despite these prevailing conditions the firm continued to invest, with two new offices, two cooperation agreements and 36 new partners – 11 of which were internal promotions.

Today’s results follow a swathe of positive H1 reports from LB100 firms, including newly-merged Ashurst, which also today reported a 5.8% increase in turnover during the first half of 2013/14 to £298m, attributing the rise to improved economic conditions and an uptick in transactional work.

sarah.downey@legalease.co.uk

Legal Business

Office openings: Bird & Bird to extend Middle East capability with Dubai presence

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Bird & Bird has become the latest leading UK firm to open in Dubai as it transfers Stockholm corporate partner Anders Nilsson to spearhead its new UAE offering.

The 966-lawyer top 20 firm said today that it is setting its sights on expansion to support its growing client base in the emirate, where it advises clients across industries including aviation, media and sports, as well as undertaking work in other sectors such as aerospace, defence, security, communications, energy and utilities, healthcare and life sciences.

Recent client wins in the region include Huawei, PepsiCo, healthcare software specialists TPP and the Supreme Committee for Qatar 2022.

The move comes after the firm opened in Abu Dhabi in 2011, taking its UAE base to 13 after it last year recruited Al Jazeera Network’s chief legal officer Osama Abu-Dehays.

The new office will see M&A partner Nilsson build on his established client-base in the region, having worked with Nordic investors in the Middle East and for Middle Eastern clients expanding their operations in Sweden over a number of years.

Head of the Abu Dhabi office, Mark Pinder said: ‘We are very committed to continuing to grow our team in the region and Dubai is the base for many of the high tech innovators that are natural clients for the firm. Having an office there is essential to providing these clients with the support they need so we are very pleased to be making this move.’

Other recent entrants to the Dubai market include Morgan Lewis & Bockius; White & Case; Cleary, Gottlieb, Steen & Hamilton; Baker & McKenzie and Addleshaw Goddard.

In July, Morgan Lewis announced that structured finance partner Ayman Khaleq and corporate partner Jim Knight will spearhead its Dubai offering together with London energy partner Lewis Jones, while Baker & McKenzie merged with leading Dubai outfit Habib al Mulla also in the summer.

francesca.fanshawe@legalease.co.uk

Legal Business

Baker & McKenzie hires EY tax partner as EY looks at growth

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Baker & McKenzie has again turned to one of the Big Four accountancy firms to boost its sizeable London tax practice as EY tax partner Mark Bevington joins as a partner in the 4004-lawyer firm’s City office.

Bevington (pictured) specialises in international tax planning, with a focus on UK domestic taxation, including intangible assets planning, patent box and pension restructuring. His appointment brings the number of tax lawyers in London to nearly 40.

This is not the first time this year that Bakers has looked to the Big Four to bolster its tax practice globally: Peter Tan joined the firm in Singapore from PricewaterhouseCoopers in February and, also in February, Michele Santocchini who joined in Rome from Deloitte.

Baker & McKenzie’s London head of corporate tax, Alex Chadwick, who notably advised both Sony and the Mubadala Development Company on the $2.2bn acquisition of EMI Music Publishing by Sony, which closed last year, said: ‘The international tax services market continues to be in a state of flux. Our ambition is be a leader in the market and Mark’s appointment is in line with that. Having Mark in the team will enable us to further expand the scope of the services we can offer clients in London, while adding strength to an already cutting-edge practice.’

The move comes as EY has recently made its own hire, of Bird & Bird commercial litigation associate Chris Stone. Taking into account Bevington’s departure, Stone’s arrival will bring EY’s lean in-house team to 12 lawyers plus one paralegal. EY is unusual in that it typically hires litigation lawyers who then take on broader work in-house, and general counsel Lisa Cameron is currently reviewing whether the team needs to grow further.

david.stevenson@legalease.co.uk

Legal Business

NQ retention and pay: Good news for NRF and Bird & Bird but FFW puts 5 trainees on extended contract

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If you see a rabble of trainees at the pub this lunchtime they may well be from Norton Rose Fulbright (NRF), which today (13 August) announced it has increased its newly-qualified (NQ) salary by £1,500 and offered in excess of 90% of its trainees a permanent position.

The newly merged, 3,800-lawyer firm has announced a trainee retention rate of 92% after offering 24 of its 26 trainees a NQ role, up from 89% in its last round in May. It has also increased its NQ salary from £61,500 to £63,000, effective 1 July (and backdated to 1 May this year). First and second year trainees will remain constant at £38,000 and £43,000 respectively.

On the retention figures, Sarah Kelly, London head of HR at NRF said: ‘These are our first retention figures since our US combination went live and we are really pleased with the rise to a 92% retention rate. We have had three qualification rounds this year and have kept a consistently high retention rate throughout.’

Elsewhere, the news has also been good for trainees at Bird & Bird, which this round boasts a 94% retention rate. A total of 15 out of 16 trainees from the 2011 intake were made offers, with all accepting associate roles with the firm, while one chose to return to university.

Commercial partner Christian Bartsch said: ‘We are delighted to have been able to offer full contracts to 15 of our trainees from the 2011 intake. They have worked very hard and demonstrated an exceptional level of commitment to the firm. We would like to take this opportunity to welcome them as associates within their respective practice groups.’

However, at City firm Field Fisher Waterhouse the position for trainees is far less clear. The firm’s retention rate appears on the surface to be a respectable 76%, as the firm has offered 12 of its 17 trainees a role and all have accepted. But the figure is in fact far lower as five of these 12 positions have been structured as a 12-month fixed term contract to give the partners further time to assess their performance. A spokesperson for the firm claimed that ‘none of the fixed-term positions are for a paralegal role being dressed up as a NQ role,’ and that the firm is ‘confident that all of these will ultimately result in permanent positions.’

At Orrick, meanwhile, only two out of its eight trainees applied for a training contract, according to a spokesperson for the firm, giving it a retention rate of just 25%.

sarah.downey@legalease.co.uk