Legal Business

HSF brings German offices into UK LLP to mitigate Brexit concerns

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Legal regulation Herbert Smith Freehills
HSF brings German offices into UK LLP to mitigate Brexit concerns

Herbert Smith Freehills (HSF) has finalised a move to absorb its German partnership into its UK LLP, as firms enter the final stages of preparations ahead of a 31 January Brexit.

The move was implemented in December last year as the firm faced a complex regulatory environment in Germany due to the UK’s imminent departure from the European Union. Without the change, HSF would have been incapable of existing as an English company domiciled in Germany.

Legal Business reported in September last year that HSF was considering the move, having obtained tax clearance on the matter.

Previously, HSF had operated as locally-managed, profit-sharing German LLPs for tax reasons. However, German corporate law only allows for the use of a UK LLP following Brexit under the condition it operates as a branch of a firm managed out of London.

UK firms in Germany are left with two options in light of Brexit: absorbing the German LLP as HSF has done or switching to a German partnership with a different liability provision. However, UK firms have historically preferred the UK LLP, with the model particularly attractive due to limiting members’ liability.

The firm has also made other preparatory moves due to Brexit, such as re-registering its Seoul office to become a branch of the Australian partnership, under the Australia-Korea free trade agreement (FTA). Previously the firm’s licence to operate in South Korea had relied upon the EU-Korea FTA. Meanwhile, lawyers in HSF’s EU jurisdictions have taken steps to obtain EU qualification if they have not already acquired it.

Last year HSF took the decision to close its Berlin office, with the firm’s associates, trainees and business services staff all being given the option to transfer to its other German offices in Frankfurt and Düsseldorf. Since launching in the country in 2013, HSF’s German headcount has grown to 140 employees.

Regarding the decision to absorb its German offices into the UK LLP, a spokesperson said the move was: ‘purely operational, and is to ensure the seamless operation of our business when the UK leaves the EU.’

For more on how firms have prepared for Brexit, read ‘Dealing with no deal – Can top law firms cope with a chaotic Brexit?’

thomas.alan@legalease.co.uk

Legal Business

A record year for ethnic minorities as Clydes, Freshfields, HSF and White & Case partners make 2019 silk round

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The Bar Freshfields Bruckhaus DeringerHerbert Smith Freehills
A record year for ethnic minorities as Clydes, Freshfields, HSF and White & Case partners make 2019 silk round

The number of new Queen’s Counsel (QC) has rebounded after a 2018 dip, including a record 22 appointments from ethnic minority backgrounds.

The proportion of female appointments fell, however, two percentage points to 28% of successful candidates, making up 30 of the 114 to take up silk in total. A total of 108 QCs were appointed last year.

Five solicitors from outside the UK and with practices focused on international arbitration were also appointed to QC. They include Singapore-based Sapna Jhangiani from Clyde & Co, who was one of the QCs of ethnic minority backgrounds appointed, Magic Circle partners Nigel Blackaby from Freshfields Bruckhaus Deringer in Washington and Simon Chapman from Herbert Smith Freehills in Hong Kong were appointed.

Andrew de Lotbiniere McDougall from White & Case and Jason Fry from Clifford Chance, both based in Paris, were also named as QCs.

McDougall told Legal Business: ‘I’m honoured to receive such a prestigious award. It’s particularly meaningful to me and a true honour. I just looked at the list quickly and I see some friends and people I know. It’s encouraging and a real privilege to be recognised alongside people who practice in court on a day to day basis and that our practice of international arbitration is considered at the same level.’

Fountain Court had a record year following the appointment of six new QCs, including Giles Wheeler, Edward Levey, Robin Barclay, Chloe Carpenter, Ben Lynch and Tamara Oppenheimer. Other notable chambers such as Essex Court, 4 Pump Court and 1 Crown Office Row did not appear on this year’s list.

The 30 women appointed was said to be ‘comparatively low’ by the chair of the selection panel, Sir Alex Allan: ‘I am pleased that of those women who did apply, almost 60% were successful.’

The overall number of QCs appointed this year increased by five per cent. All appointed QCs will formally become silks at a ceremony on 16 March 2020.

muna.abdi@legalease.co.uk

 

The full list of appointments (in alphabetical order):  

Dominic James Adamson, Temple Garden Chambers

William Andrew Allen, Outer Temple Chambers

William Siward Atkins, Maitland Chambers

Robin Nicholas John Barclay, Fountain Court Chambers

Jonathan James Barnard, Cloth Fair Chambers

Zoë Maria Marsden Barton, Wilberforce Chambers

Nigel Alexander Blackaby, Freshfields

David Anthony Blundell, Landmark Chambers

Christopher Leigh Wilson Boardman, Radcliffe Chambers

Samantha Jane Bowcock, 15 Winckley Square

Michael Antony Brady, 18 St John Street Chambers

Cameron Kennedy Duncan Brown, Red Lion Chambers

Stewart John Buckingham, Quadrant Chambers

Matthew Paul Butt, Three Raymond Building

Henry James Byam-Cook, Twenty Essex

Rebecca Jane Carew Pole, 1 Hare Court

Chloe Carpenter, Fountain Court Chambers

James Frederick Horatio Carpenter, Hailsham Chambers

Jennifer Anne Carter-Manning, 7BR

Simon James Chapman, Herbert Smith Freehills

Allison Jean Clare, Red Lion Chambers

Timothy Donald Collingwood, Serle Court

Ben Lion Cooper, Doughty Street Chambers

Gary Adam Cowen, Falcon Chambers

Nicholas John de la Poer, New Park Court

Marcus Benedict Dignum, 12 King’s Bench Walk

Louis George Doyle, Kings Chambers

Delroy Benell Duncan, Cloisters

Richard Mark Fisher, South Square

Mark Steven Ford, Lincoln House Chambers

Jason Alva Fry, Clifford Chance

Gurdeep Singh Garcha, Citadel Chambers

Peter Seamus Patrick Goatley, No5 Chambers

James Daniel Goldsmith, One Essex Court

Mark Narayan Graffius, 2 Hare Court

Andrew Timothy Grantham, Kings Chambers

Alexander Edward Hall Taylor, 4 New Square

Justin Beresford Higgo, Serle Court

Samantha Hillas, St Johns Buildings

John Leslie Hipkin, Iscoed Chambers

Jamas Rusi Hodivala, Matrix Chambers

Syed Ahmed Izharul Hossain, Temple Court

Frida Hussain, Furnival Chambers

Sapna Jhangiani, Clyde & Co

Leon Samuel Kazakos, 2 Hare Court

Martin Goddard Kingerley, 36 Family

Jennifer Claudia Knight, Two Harcourt Buildings

Adrian Mark Langdale, 7BR

Blair Patricia Leahy, Twenty Essex

Krista Lee, Keating Chambers

Edward Michael Levey, Fountain Court Chambers

Richard Ian Liddell, 4 New Square

Benjamin John Patrick Lynch, Fountain Court Chambers

Scott Edward Lyness, Landmark Chambers

Shantanu Joseph Majumdar, Radcliffe

Roger Mallalieu, 4 New Square

Aileen McColgan, 11KBW

Andrew de Lotbinière McDougall, White & Case

Gerard Patrick McMeel, Quadrant Chambers

John Mehrzad, Littleton Chambers

Julian Robert Milford, 11 KBW

Barbara Mills, 4 Paper Buildings

Peter Mitchell, 29 Bedford Row

Eleni Mitrophanous, Matrix Chambers

Anurag Mohindru, Foundry Chambers

Andrew Matthew Stephen Mold, Wilberforce Chambers

Veronica Allison Munroe, Garden Court Chambers

Charlotte Anne Newell, 5 Kings Bench Walk

Katharine Julia Newton, Old Square Chambers

Andrew James Steedsman Norris, Hogarth Chambers

Harry John William Oliver, 1 Kings Bench Walk

Ijeoma Chinyelu Omambala, Old Square Chambers

Tamara Helen Pasternak Oppenheimer, Fountain Court Chambers

Jane Elizabeth Osborne, 2 Harcourt Buildings

Deshpal Panesar, Old Square Chambers

Conall Patton, One Essex Court

Cleo Perry, 4 Paper Buildings

James Patrick Pickering, Enterprise Chambers

David Richard Pievsky, Blackstone Chambers

Marcus James Pilgerstorfer, 11 KBW

Rajesh Pillai, 3VB

Henry William Stodart Pitchers, No5 Chambers

Sarah Selena Rixar Plowden, Guildhall Chambers

Paul Nikolai Raudnitz, Hollis Whiteman

Stanley Reiz, 2 Bedford Row

Philip Geoffrey Hurry Riches, Twenty Essex

Jeremy John Richmond, Quadrant Chambers

Brendan Roche, 7 Bedford Row Chambers

Adam Julius Rosenthal, Falcon Chambers

Noah Daniel Rubins, Freshfields

Harish Salve, Blackstone Chambers

Jonathan Robert Sampson, Harcourt Chambers

Jonathan Sandiford, St Pauls Chambers

Amanda Claire Savage, 4 New Square

David Luke Scannell, Brick Court Chambers

James Jeffrey Segan, Blackstone Chambers

Katherine Emma Selway, Radcliffe Chambers

Sharif Asim Shivji, 4 Stone Buildings

Stephen John Simblet, Garden Court Chambers

Melanie Denise Simpson, 25 Bedford Row

Adam Speker, 5RB

Heidi Lorraine Stonecliffe, UK Government

Timothy James Storrie, Lincoln House Chambers

Allison Summers, Drystone Chambers

Jacqueline Louise Thomas, Spire Barristers

Andrew James Thornton, Erskine Chambers

Rebecca Louise Tuck, Old Square Chambers

Richard Daniel Wald, 39 Essex Chambers

Henry Warwick, Henderson Chambers

Simon Mark Webster, 1 Hare Court

Colin West, Brick Court

Giles Neil Laurence Wheeler, Fountain Court Chambers

Robert Brychan James Williams, Monckton Chambers

Stephen Wood, Broadway House

Legal Business

Charismatic and strategic: HSF names Asia managing partner and disputes leader D’Agostino as CEO

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Leadership Herbert Smith Freehills
Charismatic and strategic: HSF names Asia managing partner and disputes leader D’Agostino as CEO

Herbert Smith Freehills (HSF) has appointed senior litigation hand and managing partner for Asia Justin D’Agostino (pictured) as its new chief executive officer (CEO), following Mark Rigotti’s decision to stand down from the role in spring of next year.

D’Agostino, 47, also spearheads the firm’s global disputes practice and US regions. Unlike the London-based Rigotti, D’Agostino will retain his home base in Asia during his tenure where he manages some of the firm’s largest clients.

‘It’s not accidental, but we picked him not for his location but as part of the globalisation of the firm,’ HSF senior partner James Palmer told Legal Business. ‘We don’t regard ourselves as having a head office. But Justin’s been accelerated into leadership early in his career, and anyone who meets him knows he is a charismatic people’s person but also a strategic person.’

The appointment by the firm’s council has been confirmed by a partnership vote, with D’Agostino now set to serve a four-year term effective from 1 May 2020. The Scottish-born lawyer first joined legacy Herbert Smith in 1998, before becoming a partner in 2007. His appointment comes as Rigotti announced in October he would stand down as CEO, citing ‘personal and professional’ reasons. Leaders at HSF typically do not exceed two terms, and Rigotti’s second stint is due to end in April 2020.

Meanwhile, an appointment from the firm’s disputes practice provides balance with corporate heavyweight Palmer acting as senior partner from London. Palmer saw off a challenge from disputes partner Mark Shillito in 2018 to be re-elected as senior partner and chair, with a vying for influence between the firm’s contentious and transactional practices considered a long-standing dynamic at the Anglo-Australian giant.

Palmer, however, stressed the tensions between the two practices are overstated: ‘the corporate and disputes thing is massively exaggerated, but of course his appointment reflects the importance of disputes to this firm. What we do is look at the strategic needs of the firm; the characteristics of what can help that; and then we look at the individuals.’

In 2016 the firm phased out its dual-CEO model, with Rigotti being elevated to the position of sole leader at the expense of former partner and head of disputes Sonya Leydecker. Rigotti has since been widely credited for winning over a sceptical City partnership following the firm’s 2012 merger and successfully integrating the two legacy firms. However, the firm’s latest financial performance proved sluggish, with revenue growing only 4% to £966m. Profits saw healthier growth, hiking 11% to £307m while profit per equity partner also grew 11% to £949,000.

While no dramatic strategic pivots are expected, Palmer stressed D’Agostino’s appointment would inevitably bring change. ‘He’s not a mini-James or a mini-Mark, he’s his own person and he’ll bring fresh thinking and you can’t change leaders without some change.’

thomas.alan@legalease.co.uk

Legal Business

New brooms – Asian coup for Bakers as Clydes, HSF and TLT announce leadership changes

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Leadership Baker McKenzieHerbert Smith FreehillsTLT
New brooms – Asian coup for Bakers as Clydes, HSF and TLT announce leadership changes

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.

Legal Business

Rigotti to stand down in 2020 as HSF starts search for a new leader

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Leadership Herbert Smith Freehills
Rigotti to stand down in 2020 as HSF starts search for a new leader

Herbert Smith Freehills (HSF) CEO Mark Rigotti is to stand down from his role next year, with the firm now priming itself to select a new leader once his term ends on 30 April.

The firm’s council will be the body appointing the new CEO, and is at the early stages of launching a selection process for Rigotti’s successor. The new incumbent will occupy the sole CEO position after the firm switched from a dual model in 2017.

Rigotti (pictured) first took the leadership mantle at HSF alongside Sonya Leydecker in 2014. The decision to appoint Rigotti as sole leader followed a consultation with the firm’s partnership following the merger between Herbert Smith and Freehills in 2012, with Leydecker apparently surprised by Rigotti’s appointment.

The leadership role at HSF typically does not exceed two terms, while Rigotti told Legal Business his decision was due to a desire to return to his native Australia for ‘personal and professional reasons’ after ‘six years and a solid run.’

In 2018, HSF senior partner James Palmer saw off a challenge from disputes partner Mark Shillito to be re-elected as senior partner and chair of the firm, receiving approval from over 50% of the partnership. Palmer’s victory against former head of disputes Shillito exacerbated a long-running rift between HSF’s transactional and contentious factions, with the upcoming CEO selection process likely to produce similar challenges.

Most recently HSF produced a sluggish financial performance despite a strong year for the corporate practice, with revenue rising a pedestrian 4% to £966m, while profits rose 11% to £307m. PEP, meanwhile, matched overall profit growth, rising to £949,000.

thomas.alan@legalbusiness.co.uk

For more background on Rigotti’s leadership of HSF, read ‘Taking over – one leader at HSF but is the culture clash over?’ (£)

Legal Business

HSF and Mishcon enlisted as legal battle over suspension of Parliament intensifies

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Legal affairs Herbert Smith FreehillsMishcon de Reya
HSF and Mishcon enlisted as legal battle over suspension of Parliament intensifies

Sir John Major (pictured) has instructed litigation heavyweight Herbert Smith Freehills (HSF) as the former Prime Minister looks to join investment manager Gina Miller in a legal challenge against the suspension of Parliament.

HSF disputes partner Andrew Lidbetter has been enlisted to instruct The Rt Hon Lord Edward Garnier QC and Tom Cleaver of Blackstone Chambers, with the pair representing Major as he looks to get behind the existing claim brought by Miller, rather than initiating separate proceedings.

Meanwhile, Mishcon de Reya partners James Libson and Rob Murray have been instructed by Miller.

In a statement, Major said: ‘I promised that, if the Prime Minister prorogued Parliament in order to prevent members from opposing his Brexit plans, I would seek judicial review of his action. If granted permission to intervene, I intend to seek to assist the Court from the perspective of having served in government as a minister and Prime Minister, and also in Parliament for many years as a member of the House of Commons.’

Murray acted for Miller when Mishcon successfully pursued a claim in the Supreme Court that an Act of Parliament was required to trigger Brexit. However, a separate legal challenge against the proroguing of Parliament supported by 75 MPs failed today (30 August) after a Scottish judge temporarily refused to make an emergency order preventing the suspension.

While Miller’s 2017 claim proved successful, she is expected to face an uphill battle in convincing the courts a proroguing of Parliament is unconstitutional. Miller’s case also faces greater time constraints than in 2017, with judicial review a slow process which will have to be expedited. The time pressure will be all the greater as the side that loses the first review will likely appeal.

For more on the potential constitutional ramifications of Brexit read Legal Business’ analysis Brexit vs Dicey.

thomas.alan@legalease.co.uk

Legal Business

HSF becomes latest Western firm to gain Chinese law capability through new Shanghai alliance

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Asia Herbert Smith Freehills
HSF becomes latest Western firm to gain Chinese law capability through new Shanghai alliance

Herbert Smith Freehills (HSF) has made what its senior partner James Palmer described as a ‘game changer’ for its Chinese practice by signing a joint operation agreement with 20-lawyer Shanghai firm Kewei.

The move announced today (7 August) makes HSF the sixth Western firm to acquire PRC law capability in the Shanghai Free Trade Zone (FTZ), as part of the scheme launched by the Chinese government in 2013 in a bid to boost foreign investment.

While HSF’s 35-strong China operation remains barred from practising local law, the deal will allow its Shanghai practice to team up with Kewei’s PRC-qualified lawyers on client matters through a contractual arrangement known as HSF Kewei.

Palmer told Legal Business: ‘This may look just like another decision but it’s strategically key: clients are looking for integrated capability and if you can deliver it, as we now can, that’s a game changer for us in terms of offering advice in China.’

The deal took over a year of negotiations and planning before receiving the approval of Shanghai’s Bureau of Justice. Palmer said HSF picked Kewei because the firm, launched in 1995, had been growing with a view to tying up with an international player in recent years.

He said: ‘It was not a firm we would have worked with five years ago, but it developed a strategy to meet international quality standards with a view to entering an international partnership like this. It wants to be the Shanghai end of global quality work.’

As part of the deal, Kewei has also absorbed HSF’s alternative legal services hub, set up in Shanghai in summer 2016, into its own managed services business.

The initial focus of the joint operation will be on cross-border M&A, finance, disputes, competition, capital markets and financial services regulatory. Palmer noted the firm had not set any targets for headcount growth but its development would be influenced by ‘client response and the quality of people we can find’.

Despite being the only way around the ban on local law for foreign counsel in mainland China, just five firms have preceded HSF in signing similar partnerships in the six years since the launch of the FTZ.

The first was Baker McKenzie, which in April 2015 signed an association with FenXun Partners, followed by HFW’s deal with Wintell & Co in April 2016; Hogan Lovells’ alliance with Fujian Fidelity Law Firm in October 2016; and Ashurst’s tie-up with Guantao in January 2018.

Completing the group is Linklaters which, after holding talks with several firms for years, resolved to spin off some of its team to launch 30-lawyer practice Zhao Sheng and then set up a joint operation with it, which received the green light in May last year.

Palmer mentioned the current challenging economic climate in China amid trade wars with the US and the difficulties in finding a partner firm of the right quality as some of the challenges in the route to such partnerships for Western firms.

He added: ‘We take a long-term view: we are looking at the next 10 to 20 years, and international trade with China is going to increase massively. So we were not worried to enter [this association] in this period.’

The Shanghai launch comes after HSF posted the second consecutive year of sharp uptick in partner profits amid slower revenue growth. The firm’s top line rose 4% to £966m while profit per equity partner surged 11% to £949,000.

Marco.cillario@legalbusiness.co.uk

For more details on the fate of Shanghai joint operation agreements, see ‘Letter from Shanghai: Despite high hopes, it turns out there is no such thing as a free trade lunch’ (£)

Legal Business

Revolving doors: City move for Weil as HSF adds duo in South Africa

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Strategic recruitment Herbert Smith FreehillsPinsent MasonsWeil, Gotshal & Manges
Revolving doors: City move for Weil as HSF adds duo in South Africa

In a quiet week for lateral recruitment, Weil, Gotshal & Manges hired from Ashurst in the City as other firms made notable moves further abroad.

In London, Weil expanded its banking and finance practice with the hire of Paul Stewart, currently at Ashurst. Stewart has experience in domestic and international finance transactions as well as leveraged acquisition finance and debt restructuring.

Weil London managing partner Mike Francies (pictured) commented: ‘We are delighted to have recruited someone of Paul’s caliber. His expertise and diverse lender practice are a perfect match for our market leading leveraged finance team.’

Meanwhile in South Africa, Herbert Smith Freehills added two partners and their teams to its Johannesburg office, for a total of 13 hires.

The hires included Nick Altini from Baker McKenzie, where he headed the firm’s competition practice, as well as corporate transactions partner Ross Lomax from Norton Rose Fulbright, who joins next month. HSF’s Johannesburg office now has three corporate partners and two competition partners.

Corporate partner Rudolph Du Plessis told Legal Business: ‘Towards the end of 2018, there was a dip from an M&A point of view but we’re expecting it to pick up in 2019. We have seen, in the first part of 2019, an increase on transactions both inbound and outbound. With an enhanced M&A activity there will be enhanced competition activity and there seems to be quite a lot of movement on the African continent in respects to competition law.’

Elsewhere, Pinsent Masons added to its life sciences and technology practice in Dublin with the hire of Michael Finn, who joins from Matheson. Finn, who led Matheson’s IT disputes group and established its life sciences regulatory and litigation practice, has experience in advising technology companies on life sciences and medical device laws, as well as IP litigation and the defence of product liability litigation.

Clare Tunstall, head of life sciences at Pinsent Masons said: ‘Pinsent Masons has a pan European team of lawyers specialising in life sciences and healthcare who advise across a range of IP, transactional and regulatory matters and Michael’s stellar reputation and experience makes him a fantastic addition to our team.’

Finally, Simmons and Simmons has hired George Vlavianos to its dispute resolutions practice in Doha, Qatar. Vlavianos joins from Bennett Jones and has a particular focus on complex energy and construction disputes with experience in advising owners, contractors and sub-contractors on contractual issues.

muna.abdi@legalbusiness.co.uk

Legal Business

Italian job: HSF hires two partners from Paul Hastings in Milan energy drive

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Strategic recruitment Herbert Smith Freehills
Italian job: HSF hires two partners from Paul Hastings in Milan energy drive

Herbert Smith Freehills (HSF) has hired a six-strong energy and infrastructure team from Paul Hastings, with two partners and four associates joining the Anglo-Australian firm in Milan.

Lorenzo Parola will decamp Paul Hastings, where he chaired the firm’s EU energy and infrastructure practice, and is joined by Milan-based partner Francesca Morra. Parola focuses on energy projects development, while Morra has experience on energy regulation and competition law.

The new energy and infrastructure team sees HSF’s Milan office count four partners, with Italy the second largest energy market in Europe.

HSF global head of corporate Scott Cochrane (pictured) told Legal Business: ‘We have consciously been thinking about European expansion from a sectoral point of view for a while. When it became apparent a team was available, it made sense to look at it because Italy is a big energy market with a few big energy clients for whom we act.’

He added: ‘Europe is important for us and we’ve seen growth there. We don’t want to do size for size’s sake, it has to line up strategically from a sector perspective.’

Over the last financial year Europe has been a boon for HSF, with profits from the continent hiking 30% as the firm looks to deepen its European commitments in light of domestic uncertainty. HSF’s firm-wide results, announced earlier this month, showed a pedestrian 4% increase in overall revenue against an 11% increase in profits.

The Milan expansion comes off the back of contraction in Germany, when HSF last month announced it would close its Berlin office by the end of the year to focus on Frankfurt and Düsseldorf.

thomas.alan@legalease.co.uk

Legal Business

Corporate picks up disputes slack as HSF profits climb 11%

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Financial results 2018/19 Herbert Smith Freehills
Corporate picks up disputes slack as HSF profits climb 11%

Revenue growth at Herbert Smith Freehills (HSF) remains sluggish after a strong year for the corporate practice was offset by a relative slowdown in disputes.

Revenue grew a steady 4% to £966m, whereas profits grew 11% to £307m. Profit per equity partner (PEP) matched overall profit growth, rising 11% to £949,000.

Last year the firm posted flat revenue growth, up less than 1% to £927m as profit grew 8%. Last year’s PEP growth at 12% outpaced this year slightly, however. Over the last two years, the disparity between revenue and profit growth has been stark, with revenue up 5% as PEP and overall profit grew 25% and 20% respectively.

‘The two engines of the firm – our people and our clients – are firing at the moment,’ HSF chief executive officer Mark Rigotti (pictured) told Legal Business. ‘Corporate is up 16% globally, it’s been a really good contributor.’

He added that while none of the firm’s practice areas had a bad year, its traditional breadwinner – disputes – saw slower than normal growth: ‘Disputes continued to do well, but not as much an increase as other years.’

Employment grew 11%, while Europe was one of the firm’s stronger regions. Meanwhile, mood among partners at the firm is said to be high due to an increase in remuneration: ‘What we pay partners is by point value and that’s gone up 15%,’ Rigotti said. ‘It makes people feel good and confident.’

The firm announced a 13% increase to its associate pay package last week to £105,000 including salary and bonuses, in a hope to place greater emphasis on performance rather than post-qualified experience.

thomas.alan@legalease.co.uk