Jones Day, one of the largest law firms in the Global 100 by headcount, is most commonly recognised for its US strengths, but John Phillips, partner-in-charge of the London office, says the firm is keen to expand its UK offering: ‘We have to develop in London and turn it into a main office. The plan is to recruit more people, more lateral hires.’
Phillips believes that Jones Day has plenty to offer. ‘We have spent lots of time speaking to potential lateral hires. We have something different to sell. We have a global platform and a different culture. We are a very strong stable firm and we’re ambitious,’ he said.
Phillips singled out the February hire of Matthew French, formerly of Hogan Lovells and most recently Nomura, as an important step for the firm.
Jones Day was also able to attract Drew Salvest, a debt capital markets partner from Mayer Brown, in February this year.
In 2011, the firm’s London office made seven lateral hires, including the addition of energy partner Paul Exley who arrived from Simmons & Simmons and financial institutions partner John Ahern who joined from Addleshaw Goddard.
The firm also made another well-publicised acquisition, hiring a US securities team from Ashurst in the summer. Partners Daniel Bushner, Eric Stuart and Marie Elena Angulo joined the firm’s London capital markets group, which is headed by corporate partner Giles Elliott. At the time, the practice had six partners before the new additions. Aside from lateral hires, the firm is also keen to promote associates to partner status, as seen with the recent addition of five new partners to the London office.
Phillips told LB that ‘there is a bigger turnover of partners at other firms’. While this may be true compared to some firms facing hard times, Dewey & LeBoeuf for instance, Jones Day did also lose former London managing partner Russell Carmedy last year.
‘Our private equity business in London remained fairly constant during the crisis.’
Sion Richards, Jones Day
Much of the firm’s recent recruitment has been part of a bid to replenish areas where it has suffered from departures of big billing partners. Jones Day needed to strengthen its restructuring team, as management conceded, after losing restructuring partners Adam Plainer and Paul Bromfield to Weil, Gotshal & Manges last year.
European private equity head Michael Nouril also left last year for Proskauer Rose alongside Carmedy, while Peter Baldwin joined Ropes & Gray. According to Jones Day, the firm didn’t feel the brunt of the private equity downturn as many other firms did.
Finance litigation partner Sion Richards said: ‘Our private equity business in London remained fairly constant [during the crisis].’
Outside of London, Jones Day has been on a recruitment drive in Germany. The firm has strengthened its Düsseldorf office with the addition of three corporate partners and two associates.
Simmons & Simmons partner Ulrich Brauer joined last month as Germany head of corporate and M&A. Former Bird & Bird partner Kerstin Mast and Ralf Recknagel of German firm GSK Stockmann + Kollegen also joined the firm’s German corporate practice.
Meanwhile, the firm’s expansive behaviour has seen it open eight new offices in nearly three years. Among the most recent additions are new offices in Saudi Arabia and Boston. The firm is also looking to the emerging markets, having recently opened offices in Mexico and São Paulo.
There are, however, indications that Jones Day’s 2003 merger with London-based Gouldens has not lived up to expectations. Gouldens was a well-respected mid-market City firm. At the time, market commentators believed Jones Day London would pose a threat to the likes of Ashurst, Simmons & Simmons and Norton Rose but have since changed their minds.
Jones Day’s London office saw overall headcount shrink by 12.7% between 2010 and 2011 (from 178 to 158). In our Global London issue last month the firm’s London turnover was reported as down 9% to £50m from £55m. Phillips disputed the figures in LB, as the firm does not formally publish financial information but would not provide a revised figure. He said: ‘We do not define ourselves by PEP.’
Although Jones Day may be in a process of expansion there is an element of rebuilding in areas where it has lost key figures. The firm has started with some noteworthy lateral hires but more work needs to be done.