The recent spate of leadership elections has seen Ashurst, Slaughter and May and White & Case all sticking with tradition while Stephenson Harwood and Quinn Emanuel Urquhart & Sullivan bet on new leaders.
May saw Hugh Verrier’s term as White & Case chair extended to 16 years after he was re-elected for another four years at the helm of the New York-bred giant. First elected to the role in 2007, Verrier’s tenure has seen sustained growth for the firm, most strikingly in London, where the 2020 strategy led by partner Oliver Brettle, and its core ambition of taking on the Magic Circle in its own backyard, have paid dividends.
London revenue, now responsible for 17% of firm-wide revenue, increased 7% to $350m in the 2018/19 financial year as global revenue rose 14% to break the $2bn mark at $2.05bn, profit per equity partner (PEP) grew 6% to $2.4m and revenue per lawyer increased by 8% to reach $954,000.
The firm rounded off a busy hiring spree with the largest internal partner promotion round seen among the US firms in London last year, with 13 promoted in the City as part of a 41-strong international round.
One partner in the London office said Verrier’s re-election was justified. ‘Continuity is an asset of his and he’s got a great track record.’
Slaughters also extended the term of senior partner Steve Cooke for three years to 2024, with the well-regarded M&A practitioner planning to continue in much the same vein as before.
‘There’s not been any big strategy changes over the first term,’ Cooke told Legal Business. ‘The partnership is very aligned around the current strategy – what would we wish to change? You just try to keep doing it better.’
Cooke has been at the firm for 36 years and was first elected to senior partner for five years in 2016. His current term runs until 2021.
Ashurst’s Paul Jenkins has been re-appointed as global managing partner for a second, four-year term as the firm gears up to reveal double-digit revenue and PEP growth and its best financial results since its merger with Australia’s Blake Dawson in 2013.
Jenkins’ tenure coincides with three consecutive years of growth following two years of post-merger decline. Revenue for the 2017/18 financial year saw a 4% uptick to £564m from £541m, while PEP increased 11% to £743,000 compared with £672,000 the previous year.
Jenkins’ second term starts on 1 November. He told Legal Business: ‘The strategy will be to continue investing in the five key sectors of banks and funds, energy and resources, real estate, infrastructure and digital economy, as well as growing in the strategically important markets of the US, Europe and Asia.’
‘The strategy will be to continue investing in the five key sectors of banks and funds, energy and resources, real estate, infrastructure and digital economy.’
Paul Jenkins, Ashurst
Elsewhere, Stephenson Harwood partner and intellectual property co-head Eifion Morris has succeeded long-term chief executive Sharon White.
London-based Morris has been with the firm since 2008 and takes charge on 1 October, as White’s term completes at the end of September after it was extended by another two years in March 2017.
Morris will take up the position during a period of solid financial performance, with the last financial results showing a 6% lift in turnover to £189m while PEP dipped 6% to £664,000. In the previous year revenue was up 11% but PEP fell by 9%.
Senior partner Roland Foord, said: ‘I know that Eifion shares the firm’s values and culture, and has the energy and leadership skills to continue to build our business and ensure its success long into the future.’
Finally, disputes heavyweight Quinn Emanuel has seen Richard East step down as co-managing partner to become senior partner in London, and Ted Greeno move into East’s role alongside longstanding co-head Sue Prevezer QC.
Greeno, a former Herbert Smith Freehills veteran, joined Quinn Emanuel in 2013. He told Legal Business that he wants to sustain the firm’s growth but move onto the next stage: ‘Over the years the firm has grown from essentially a start-up to a very substantial law firm,’ he said. ‘The performance so far has been outstanding and I now want us to take advantage of our new size and scale.’
East has been co-managing partner since the launch of the London practice in 2008, helping the LA-born outfit achieve impressive revenue growth in Asia and Europe in recent years.
While no formal election took place, Greeno says his move into the vacated position followed broad consensus at the firm. East is expected to continue fee-earning following his move to senior partner.