Legal Business

Premier League: Gateley advises West Ham on sale of Upton Park as DWF gets behind Everton on Umbro signing

Premier League: Gateley advises West Ham on sale of Upton Park as DWF gets behind Everton on Umbro signing

The fast-paced Premier League last week handed two lucrative deals to LB100 firms Gateley, Howard KennedyFsi, Hill Dickinson and DWF, as West Ham sold its iconic Upton Park ground and Everton Football Club (FC) entered a five-year partnership with Umbro.

Birmingham-based firm Gateley and West End firm Howard KennedyFsi advised on West Ham’s sale of Upton Park to Galliard Group after the team won the rights to use the Olympic Stadium for its new ground from 2016.

Howard Kennedy’s team, who advised longstanding client Galliard, was led by real estate partner David Philips.

Gateley advised West Ham, led by real estate partner Richard Pettifor. The firm acted for West Ham last year when the club was confirmed as main tenants of London’s Olympic Stadium, beating off other bids from sides such as top five team Tottenham Hotspur.

The deal came about after the Government agreed to provide £25m in financing to convert the venue. The club is set to pay around £2m a year in rent.

In other Premier League deals, as Everton FC fans enjoy departed coach David Moyes’ well-publicised struggles at his new team Manchester United, they will also be celebrating a new five-year kit and sportswear deal with iconic football brand Umbro, which manufactured the team’s kit during its 1987 league victory and its 1995 FA Cup win.

DWF advised Umbro on its latest deal with the north west club, which kicks in on June 1 this year and will see Umbro produce all on-pitch and training products for the men’s, women’s and academy teams at Everton and also sponsor the club’s grassroots programmes, with Everton wearing the famous double diamond from the start of the 2014/15 season.

Craig Chaplin and Catherine Harrison from DWF led for Umbro in this deal, while corporate partner Sue Russell at Liverpool-based Hill Dickinson led the advice for Everton.

Chaplin said: ‘It has been great to work with an iconic client on such an important deal.’

David.stevenson@legalease.co.uk

Legal Business

Host of top 100 firms disclose increase in turnover as profit proves a more variable metric

Host of top 100 firms disclose increase in turnover as profit proves a more variable metric

A host of UK top 100 legal firms including Holman Fenwick Willan, Ward Hadaway, Gateley, Shoosmiths and Sacker & Partners have all reported revenue increases for 2012/13 amidst highly variable profit figures.

Top 30 UK firm Holman Fenwick Willan has seen its turnover increase by 13.8% at the 2012/13 year-end to £141m, while net profit jumped by 17% to £38m, up from £32.4m the previous year. However average profit per equity partner (PEP) at the 450-lawyer firm climbed by a modest 1% from £525,000 to £530,000, largely a result of the addition of 10 new equity partners over the past year, taking the total to 72.

Meanwhile national top 40 firm Shoosmiths has seen a slightly more modest 3% rise in turnover while PEP dropped 9.7% from £298,000 to £269,000 as the firm pointed to the rise in average equity partner numbers from 40 to 45 during the year. It was a year that saw the firm expand into Scotland through its merger with Archibald Campbell & Harley last autumn. The lion’s share of the firm’s revenue came from its disputes and corporate practices, which made up 30% and 22% respectively.

Elsewhere, top 50 full service national outfit Gateley enjoyed a significant boost in profits over the past year, with PEP up 22% from £214,000 to £262,000 while revenue rose 7% from £61.5m to £66m. The 462-lawyer firm opened a new office in Leeds in January 2012 and bulked up its City premises with a move to 1 Paternoster Square last October. The firm’s equity spread now ranges from £140,000 to £550,000, up from £104,000 to £400,000 at the 2011/12 year end.

Enjoying a double digit increase in turnover was top 90 firm Ward Hadaway, which today (11 July) posted a 10% rise in revenue from £30m last year to £33m while average PEP went up from £281,000 in 2011/12 to £322,000 at last financial year end on the back of ‘significant investment’.

The UK top 100 firm opened its main Manchester office in July 2012 and grew its private client services, which saw income jump by 64%. Corporate finance and commercial services saw their income grow by 36% and 14% respectively.

Jamie Martin, managing partner at Ward Hadaway, said: ‘The marketplace for legal services is becoming ever more competitive with new entrants coming in to the sector and existing firms ramping up their efforts to secure greater market share.

‘Combined with pressures on costs and the overall economic climate, it is a difficult market at the moment so we have done incredibly well to achieve double digit growth against such a backdrop.’

In a year that has seen boutiques flourish, pensions specialists Sacker & Partners saw its PEP dip by 11% from £860,000 to £765,000 following the addition of three new partners this year, which gives the top 100 firm 16.4 full-time equivalent equity partners. At the top of its equity the firm nonetheless enjoys profits more on a par with the Magic Circle; the highest earning equity partner at the firm took home £1.15m, up from £1.1m last year while at the bottom of the equity partners took home £362,000, 8% less than last year’s figure of £395,000. Turnover saw a slight increase up from £24m 2011/12 year end to £24.3m this April.

 

francesca.fanshawe@legalease.co.uk

Legal Business

Leeds market set to change markedly as top tier loses talent

Firms operating in the Leeds market have been in a state of flux recently, with the region’s mid-tier firms taking advantage of the shrinking headcount at the larger players.

Despite troubling economic conditions in the Leeds market, Gateley was not deterred, and opened its Leeds office in January, marking the firm’s eighth office in the UK.

The move saw Gateley hire restructuring partner William Ballmann and finance litigator Rob Payne from Cobbetts to launch the office. Ballmann is set to run Gateley’s Leeds outpost.