Legal Business

Watson Farley hires Clyde & Co corporate partner Nigel Taylor

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Strategic recruitment Clyde & CoWatson Farley and Williams
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Watson Farley & Williams continues to build its City offering through lateral hires, by hiring Clyde & Co corporate partner Nigel Taylor to join the firm.

Recommended by the Legal 500, Taylor joined Clydes in 2010 from Field Fisher Waterhouse (now Fieldfisher) where he headed its corporate transport practice. Taylor advises governments, listed and private UK companies, overseas corporations and multinationals in the natural resource industry, including mining trade and commodities, with a particular focus on rail.

Under previous mandates Taylor advised the government of Guinea on its $20bn Simandou South project, and on corporate aspects of the establishment of the £2bn Pensions Infrastructure Platform to facilitate pension fund investment in UK infrastructure.

Watson Farley is currently in hiring mode, having secured Fried, Frank, Harris, Shiver & Jacobson partners Rob McBride and Sian Withey in June. The pair are tasked with building a debt securities and structured finance practice.

The firm also hired real estate partner Ranjeev Kumar from US firm Katten Muchin Rosenman in April.

Clydes has seen the departure of several partners from its London base in recent months, following a review at the end of last year. The review came after the 319-partner firm lost a series of substantial mandates to rivals after the insurance market saw a surge in M&A deals over the last 12 months.

Watson Farley declined to comment on Taylor’s appointment.

sarah.downey@legalease.co.uk               

Legal Business

Stewarts Law posts 14% revenue growth while Watson Farley hits £125m in turnover as trend of solid LB100 performances continues

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Financial results 2014/15 StewartsWatson Farley and Williams
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Stewarts Law has recorded double digit revenue growth of 14% to £53m for the 2014/15 financial year while Watson Farley & Williams announced it had consolidated the strong financial performance it achieved last year with a 7% increase in revenue from £117m to £125m.

Stewarts Law’s top of equity now stands at £1.5m as net profit rose 12% to £23m with managing partner John Cahill saying his firm will retain its dispute focus with increasing emphasis on its international practice. In its 25th year, it can now boast a place in the UK top 70 and is the UK’s largest disputes specialist.

Cahill said: ‘Another very busy year for Stewarts Law with three new partners appointed, a new tax litigation department launched and further strong growth recorded. At the start of our 25th Anniversary year, it was particularly pleasing to see total revenue break through the £50m barrier with profitability holding firm.’

Last year the boutique confirmed a small increase in revenue for 2013/14, up 3.5% to £46.8m from £45.2m in 2012/13. Profits per equity partner stayed at £1.1m, the same figure in 2012/13.

Meanwhile, Watson Farley’s extra turnover is also expected to see partners at the firm receive an income  bump with an 11% rise in their points value. Revenues at the 14-office firm have steadily increased in recent years, with last year’s results showing a 14.6% jump from £102.1m to £117m. The firm broke through the £100m revenue barrier in 2012/13, reporting an increase of 2% to £102.1m, up on the previous year’s £99.8m.

Watson Farley co-managing partner Chris Lowe also said the partners’ rise in point value on last year ‘together with the increase in firm-wide revenue represents another very good year for the firm. We continue to see the benefits of our strategy of investing in our core sectors and increasing the breadth and depth of our services offering.’

Fellow co-managing partner Lothar Wegener added: ‘The increase in profitability is very pleasing in the context of the significant investment we have made in the firm this year. We have opened a very successful new office, brought in a number of notable lateral hires and continue to invest heavily in our systems, infrastructure and technology.’

This year saw the firm make a strategic play to build its debt capital markets offering with the hire of finance partner duo Rob McBride and Sian Withey from Fried, Frank, Harris, Shriver & Jacobson’s City office. In September it made investment abroad with the launch of its first office in the Middle East, with asset finance partner Andrew Baird leading to establish a base in Dubai.

sarah.downey@legalease.co.uk

Legal Business

Watson Farley hires Fried Frank London duo to launch structured finance practice

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Strategic recruitment Fried, Frank, Harris, Shriver & JacobsonWatson Farley and Williams
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In a ‘strategic play’ to build its debt capital markets offering, Watson Farley & Williams (WFW) has hired a pair of finance partners from Fried, Frank, Harris, Shriver & Jacobson’s City office.

Partners Rob McBride and Sian Withey have joined WFW, against the tide of laterals joining Fried Frank’s London offering, tasked with building a debt securities and structured finance practice.

The pair will look to advise investment banks and other financial institutions as well as clients in energy and infrastructure, maritime, natural resources, transport and real estate practices.

‘The use of wider debt capital markets and structured finance products is becoming more prevalent within the energy, maritime and aviation sectors, making the addition of Rob and Siân a key element of the firm’s plans to access new markets and drive further growth,’ a firm statement said today (10 June).

Both are recommended by The Legal 500 for derivatives and structured products with McBride acknowledged for advising BNP Paribas’ equity financing group while Withey is cited as advising clients including BlueRidge Capital and Merck & Co on new market regulations.

WFW managing partner Chris Lowe said: ‘This is a key strategic play for the firm because we identified debt capital markets as an area where we needed to add strength. The arrival of two partners of Rob and Siân’s background and experience allows us to offer clients across our key sectors a wider range of financing options. It also allows us to develop a broader, self-supporting debt securities, structured finance and derivatives practice.’

Fried Frank has been building its own capabilities in London, and recently hired Kirkland & Ellis funds trio Mark Mifsud, Kate Downey and Alexandra Conroy in May, as well as Hogan Lovells finance partner Stuart Brinkworth, and private equity partner Daniel Oates from O’Melveny & Myers in January.

sarah.downey@legalease.co.uk

Legal Business

Partner promotions: Watson Farley and Brodies promote seven while TLT surpasses 100 partners

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Watson Farley & Williams, TLT and Scottish firm Brodies are the most recent firms to announce their partner promotions with both Brodies and TLT expanding their rounds while Watson Farley nearly halved the number of lawyers it made up.

Watson Farley’s promotion round is almost half of last year’s total when the firm made up 13 associates. Of the seven new partners, three were made up in London, the same as last year, and one each in the firm’s Frankfurt, Hong Kong, New York and Paris offices, bringing the total number of partners to 140.

This year’s promotions went into effect at the start of the month (1 May) and included two female associates being promoted, with one based in Paris within asset finance and another in London’s corporate team. Other practice areas that saw promotions were corporate, disputes, finance and tax.

TLT, on the other hand, promoted two more than 2014’s level, making up six lawyers to partner and bringing the firm’s total partner headcount to over 100 for the first time.

The promotions, which went into effect on 1 May, were in the firm’s commercial services, and banking and lender services groups, with lawyers based in Belfast, Bristol, London and Manchester.

TLT also promoted to 12 associates to legal director. ‘This year’s promotions demonstrate continued growth across all our UK offices and core areas of expertise,’ said TLT senior partner Robert Bourns. ‘Success depends on our clients recognising value in what we do and our people collaborating to better support each other and deliver effectively for our clients.’

Meanwhile, Scottish law firm Brodies has also had a large round of promotions, making seven up to partner, while promoting nine to a newly-created managing associate role.

All seven promotions were made in different practice areas and took the total partnership headcount to 89. Last year the firm made up just four to its partnership.

Christine O’Neill, chairman of Brodies, said: ‘Our newly promoted partners have impressed our clients, demonstrated excellent legal and leadership skills, and are attuned to the marketplace and future direction of the sectors they serve.

‘This new position [managing associate] acknowledges that a number of our experienced associates are already performing important management roles across the firm in delivering our client services. This may include managing teams or being the lynch pin for the delivery of transactions.’

The 2015 promotions are as follows:

Watson Farley Williams:

Ravinder Sandhu – corporate, London

Andrew Ward – disputes, London

Andrew Waters – disputes, London

Daniel Pilarski – tax, New York

Alexia Russell – finance, Paris

Frederik Lorenzen – finance, Frankfurt

Christoforos Bisbikos – finance, Hong Kong

TLT:

Alice Gardner, corporate

James Chadwick, banking and financial services litigation

Paul Gair, banking and financial services litigation

David Gardner, technology and IP

Richard Houliston, banking and restructuring

Sian Ashton, commercial disputes

Brodies:

Tom Boulton-Jones, corporate

Laurence Douglas, retail & leisure, real estate

Matthew Farrell, business disputes and asset recovery

Charles Livingstone, public law and regulatory

Marion MacInnes, banking and finance

Chris McDaid, commercial real estate

Murray Soutar, land and rural business

jaishree.kalia@legalease.co.uk

Legal Business

H1 2014/15: ‘Returns on our strategy’ – Watson, Farley & Williams revenues increase 8%

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Financial results 2014/15 Watson Farley and Williams
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Watson, Farley & Williams (WFW) has posted an 8% rise in revenues for the first half of 2014/15 with global turnover standing at £56.8m for the half-year ending 31 October 2014, up from £52m for the same period last year.

Although a positive result, the growth is lower than 2013’s revenue increase, which rose 12% from May to October in 2013, and heralded a strong 2013/14 year for WFW, which posted a 15% increase in turnover to £117m – a huge 61% increase over the last five years. Last year also saw profits per equity partner at the firm grow an impressive 26% to £484,000.

WFW managing partner Chris Lowe said: ‘This is a very encouraging result for the firm. Whilst it is difficult to predict the outcome of the complete year, we have seen a good level of client demand across our core sectors and are continuing to expand our offering in these and other services, producing a strong start to the year.’

In September, the firm opened its 14th office in Dubai as client demand increased for advice in business dealings across the Middle East, particularly the UAE and as a base for an Islamic finance practice. Finance partner Andrew Baird relocated from London to head up the new office, along with two associates.

‘We have invested in our international operations in recent years, opening six new offices in five jurisdictions since 2008, most recently in Dubai in September,’ said Lothar Wegener, managing partner at WFW. ‘We continue to be busy around the globe, seeing the returns on our strategy of strengthening our international reach.’

jaishree.kalia@legalease.co.uk

Legal Business

Rising Middle East activity attracts WFW to launch its first office in the region with lawyer trio setting up in Dubai

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Middle East and Africa Watson Farley and Williams
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LB 100 firm Watson Farley & Williams has launched its first office in the Middle East with asset finance partner partner Andrew Baird leading the way to establish a base in Dubai.

Baird relocated to the region in April to manage issues surrounding regulatory requirements after the firm took the decision to set up in Dubai due to client demand.

With the team currently renting office space in Dubai’s International Financial Centre, Baird will be supported by two associates who are experienced in maritime and offshore work, and asset and Islamic finance work, respectively.

Baird himself specialises in cross-border asset and project finance, particularly in the marine transportation and offshore industries. He further specialises in Islamic finance, and is experienced with Islamic banking products, including derivatives, and funds and capital markets products. Having started his career at Watson Farley in 1997, Baird departed for Berwin Leighton Paisner four years later, but subsequently re-joined the firm in 2011.

WFW managing partner, Chris Lowe, said: “Dubai, the UAE and the Middle East more generally, act as a leading financial centre in the modern global economy and represent a key hub of activity for our specialist sectors. With the lingering lack of liquidity in some of the more traditional banking markets around the world, the Middle East is an even more vital source of funding. This is something our clients recognise, and we have responded by ensuring we have an on-the-ground presence.”

Others to expand their international footprint in the region of late includes fellow LB 100 firm Nabarro, which opened its third international office in Dubai in early 2014 following the government’s granting of a licence to the firm. Bird & Bird made a similar move in late 2013 and transferred Stockholm corporate partner Anders Nilsson to spearhead its UAE offering in order to support its growing client base in the emirate.

sarah.downey@legalease.co.uk

Legal Business

Partner promotions: Watson Farley; RPC; TLT and McCann FitzGerald unveil numbers

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Partnership promotions McCann FitzGeraldRPCTLTWatson Farley and Williams
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Top 50 UK firms Watson, Farley & Williams (WFW) and RPC have unveiled their latest partner promotions, making up 13 and three lawyers respectively, as top 60 firm TLT and leading Irish firm McCann FitzGerald both announced today (7 May) that they have promoted four lawyers.

WFW’s 13 promotions – which is a significant increase on last year’s figure, when just four lawyers were made up – brings the total number of partners to 133.

The new partners have been promoted in eight of the firm’s 13 offices, with three apiece in London and Hamburg, two in New York, and one each in Athens, Bangkok, Paris, Rome and Milan.

Promotions were made across six practice areas including the 389-lawyer firm’s energy and projects group, real estate, corporate, maritime, finance and disputes.

Managing partner Lothar Wegener said: ‘I congratulate these 13 outstanding lawyers on their promotions to the WFW partnership. In addition to highlighting our confidence in these individuals as practitioners, collectively this group of new partners underscores the ongoing strength of the firm as a whole, and the confidence we have in our respective practices.’

Meanwhile, RPC promoted three new partners across its insurance and reinsurance disputes, insurance disputes (professional indemnity) and competition practices. Last year, the 311-lawyer firm made up just one lawyer.

‘When we appoint new partners at RPC we’re welcoming them as genuine owners of the business, with a real stake in our future success. That’s the reality of an all equity partnership. So, naturally, the bar is set that much higher,’ said RPC’s managing partner Jonathan Watmough.

Maintaining a steady hand is TLT, which promoted four of its associates to partnership – the same number as last year – across the 250-lawyer firm’s corporate, disputes and banking teams, within its Bristol and London offices.

The promotions take the firm’s total partner headcount to 96. In addition, TLT promoted 20 solicitors to associate, up from 2013 when that figure was just nine.

TLT’s senior partner Robert Bourns said: ‘These promotions, both at partner and associate level, recognise the drive by individuals to identify client need and deliver in a way that clients find supportive and valuable – getting the job done. Their commitment to understanding and matching the clients’ business needs and the whole firm’s legal expertise, together with their flexibility and responsiveness make the difference.’

All partner promotions went into effect on 1 May 2014.

Outside of the UK, leading Irish law firm McCann FitzGerald today announced the appointment of four new partners, with one in banking and financial services; two in dispute resolution and litigation; and one in real estate, bringing the total number of partners at the all-equity firm to 70.

jaishree.kalia@legalease.co.uk

Legal Business

Redundancy watch 2014: Ince & Co announces consultation over 16 jobs

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Job cuts Ince & CoWatson Farley and Williams
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While the last few months have not brought with them the level of job cuts first feared at the start of 2013, when the rash of City redundancies at one stage looked to approach 2009 levels, Ince & Co has today (13 February) confirmed that it has entered a redundancy consultation in respect of sixteen staff, with the firm blaming economic conditions in its shipping business.

The top 40 LB100 firm has put ten fee earners and six business services staff on notice that they may lose their jobs, following an assessment of the prevailing economic conditions in its core sectors and a review of its resourcing requirements, a firm statement said today.

It is understood that the redundancies will mostly hit staff in the firm’s shipping sector, and the statement added: ‘We are sorry to see colleagues leaving and we will be working closely with our clients and other contacts who may be looking for high quality recruits. All our leavers will be offered outplacement support and significantly enhanced departure packages and we wish them well.’

The move to streamline its team comes following fairly flat 2012/13 financials, which revealed that revenue was more or less static in 2013 at £93.2m compared to £91.6m in the previous year, while overall profit was £1m lower in 2013 at £19.1m.

However, the firm stands out against a host of other City firms for lowering its bank debt, which dropped from £1.4m in 2011/12 to £500,000 in 2013.

The firm’s highest paid member also took home less in 2013 at £545,670 compared to £584,065 in the previous year.

The announcement comes after the second half of 2013 brought redundancy announcements from Watson, Farley & Williams, Wragge & Co and Maclay Murray & Spens, but which failed to reach the levels feared following a first half that saw redundancy announcements from the likes of Eversheds, Clyde & Co, Ashurst, Olswang, Hill Dickinson and Taylor Wessing.

Sarah.downey@legalease.co.uk

Legal Business

Professional negligence – Matthew Arnold & Baldwin to appeal against dismissal of £10m claim against Watson Farley

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Litigation Watson Farley and Williams
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Matthew Arnold & Baldwin has said its client plans to appeal against the High Court’s decision last week to dismiss a £10m professional negligence claim against Watson, Farley & Williams.

In a case heard in London’s High Court last Friday (31 January), Mr Justice Silber dismissed a counterclaim from former Watson Farley client Itzhak Ostrovizky, who sought damages on the basis of negligence and/or breach of duty of Greek-qualified corporate partner Virginia Murray in the Athens office of the top 40 firm.

Matthew Arnold & Baldwin partner Jonathan Sachs instructed Hailsham Chambers’ Michael Pooles QC and Selborne Chambers’ Gary Blaker, while Watson Farley is being represented by rated Clyde & Co disputes partner Sarah Clover, who instructed 4 New Square’s Ben Hubble QC and Pippa Manby.

Ostrovizky alleged that Murray’s drafting of three share purchase agreements concerning investments made or about to be made in a solar electricity project Greek Photovoltaic Park caused him to suffer substantial lost profits and wasted expenditure investments made in the solar electricity market in Greece.

However, Justice Silber on Friday dismissed the allegations and instead found that Ostrovizky’s alleged losses were caused by other factors, such as the credit crunch, and ordered him to pay costs to the firm.

Today, South East firm Matthew Arnold told Legal Business that it ‘considers the decision to be wrong, and that the client has given us instructions to appeal.’

A spokesperson for Watson Farley said: ‘We are satisfied that the court made the right decision but we have no further comment.’

sarah.downey@legalease.co.uk

Legal Business

Leadership: Watson Farley managing partner Michael Greville stands down

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Watson, Farley & Williams (WFW) has announced that longstanding managing partner Michael Greville has stepped down from his role as managing partner, according to a statement released today (28 November).

Having been in the role for over 12 years, Greville will step down as chief in the middle of January 2014 and resume a fee-earning role, focusing on shipping, oil & gas, and energy sectors.

An election to succeed Greville is currently underway with Chris Lowe (head of the firm’s global maritime practice and former head of the Singapore office) and Lothar Wegener (head of WFW’s German offices) as coming forward as candidates to replace Greville as joint managing partners. That dual appointment is expected to be approved in the coming weeks, the firm said.

Greville said: ‘WFW is an excellent firm with a clear strategic focus and established market positions. We have come through the worst of the economic times in good shape. The firm is well set to have a good year and this is an appropriate time for me to hand over the reins and move on to the next stage of my career.’

Indeed, Greville has presided over some impressive financial growth during his tenure, with revenues rising 73% in the last five years alone, from £59m in 2008 to £102.1m in 2013. However, the story has not been as good profits-wise lately, with a 14% drop in profits per equity partner for the 2012/13 financial year to £384,000, while profit per lawyer overall was down 24% to £62,000.

Chairman Frank Dunne said: ‘Our partners want to thank Michael for all he has done over many years in building a strong platform for growth across our firm. We look forward to welcoming a new team to lead the business and develop its distinctive strategy and character.’

sarah.downey@legalease.co.uk