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Ashurst hits £1bn milestone as firm looks to digital economy for future growth

Ashurst has broken £1bn in revenue for the first time after posting an 8% increase to £1.034bn for 2024-25, up from last year’s figure of £961m.

Profit per equity partner (PEP) edged up by 4% over the same period, rising from £1.336m to £1.39m – also a firm record.

The firm’s chief executive Paul Jenkins (pictued above with global chair Karen Davies) told Legal Business he was ‘proud’ and ‘very happy’ to reach the billion milestone in a year that hadn’t proven straightforward.

‘The market was more volatile and choppy than in previous years, so there was no guarantee we’d get there — but we made it quite easily in the end,’ he said.

The results mean Ashust is closing in on a decade of uninterrupted revenue growth, after nine consecutive years of top-line expansion.

More than 85% of the 2024-25 global turnover came from the six priority practices set out in Ashurst’s 2027 strategy: banks, energy, infrastructure, private capital, real estate and technology, with revenue from real estate surging by 50% year-on-year.

In the UK, the firm highlighted the performance of the financial regulatory practice, which saw revenue climb by 34%.

Globally, Jenkins singled out the firm’s digital economy transactions team — which advises corporates, financial institutions and governments on digital transformation — as having a ‘standout’ year, with revenue growth of 21% across the practice worldwide.

He also pointed to a strong year for the firm’s corporate M&A, projects, finance and disputes practices. Globally, Ashurst’s disputes, investigations and advisory practice saw growth of 10%, while its finance, funds and restructuring practices grew by 8%. The firm’s offices across Germany, Luxembourg, the Middle East, Spain and Indonesia all saw at least double-digit growth in corporate work.

Meanwhile, Ashurst Advance & Consulting, the firm’s NewLaw and consulting arm, posted a 20% increase in global revenue. Jenkins told LB the growth highlights ‘a real client need for tech solutions’, with questions about the firm’s AI capabilities frequently coming up in client pitches.

Ashurst rolled out legal Gen AI platform Harvey across its 4,300-strong workforce last June. Jenkins said that the firm was not resting on its laurels when it comes to tech, however, and that the coming year would see ‘a significant acceleration in the use of Gen AI across our business’.

Last year, Jenkins told LB that he was targeting growth in the US. While the firm didn’t disclose overall US growth rates, its US disputes, investigations and advisory division and projects and energy transition team were highlighted as strong performers.

Outside of the US, Hong Kong had a particularly strong year with a 19% increase in revenue, while the Middle East (14%), Australia (11%), Spain (12%), and Luxembourg (14%) also hit double digits.

Beyond revenue growth, the firm has also been expanding its partnership, with the UK a key beneficiary. In the firm’s most recent partner promotions, 12 of the 20 partners were based in London, with a further partner based in Glasgow. The firm has also made lateral hires in the City, including Mishcon de Reya real estate partner Todd Wu, who arrived in May.

Jenkins said the additions reflected the firm’s targeted growth strategy.

‘We were really focused on growth in the UK – where we have grown by 20 partners this year – the Middle East — where we’ve doubled our partnership over the last 18 months — and other markets including Germany, France, Singapore and the US, where we’ve seen continued growth. It’s about having a strategy and sticking to it.’

Notable mandates for the firm’s London office include advising UK investment bank joint venure JP Morgan Cazenove on the £3.5bn  takeover of Royal Mail parent company International Distributions Service. Further afield, a cross-practice team from Dubai and Milan advised Saudi conglomerate Zahid Group on its $1.3bn acquisition of Barloworld Limited, while a Melbourne team advised banking group ANZ on its acquisition of Suncorp Bank – the largest banking acquisition in Australia in over a decade.

Jenkins said he is optimistic about the year ahead: ‘Talking to clients, there is generally a higher degree of optimism about the year ahead, and in terms of the pipeline—particularly in corporate disputes and digital economy-related areas.’

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‘We’re all nervous right now’ – how a subdued Pride month got caught in the DEI backlash

Amid a Pride Month that has been more ‘fraught’ than ever, Alex Ryan and Amy Ulliott spoke to LGBTQ+ lawyers about the current state of the legal profession in the wake of the Supreme Court ruling on the definition of ‘woman’ and Trump’s crackdown on DEI

Pride Month has been quiet this year in London. After years of firms going out of their way to publicly highlight their support for the LGBTQ+ community via support networks, career initiatives or networking events, June 2025 has seen comparatively little in the way of public statements from the profession.

Gone too have been many of the ‘rainbow lanyards and “yassss, queen”‘ one lawyer jokingly references to describe past Pride efforts.

‘Pride feels more fraught than ever’, observes Garden Court junior barrister and Legal 500 employment rising star Oscar Davies, citing the political climate and pushback against diversity, equity, and inclusion (DEI) on both sides of the Atlantic as drivers for the change.

In the UK, Pride Month started barely six weeks after April’s Supreme Court ruling in For Women Scotland v The Scottish Ministers, in which the court found that the term ‘sex’ in the Equality Act 2010 refers to an individual’s biological sex assigned at birth – and that an individual’s identification as trans, even with a Gender Recognition Certificate (GRC), does not change a person’s sex for the purposes of the act.

‘If the Equality Act is meant to be the floor of human rights, the Supreme Court has just blown a trans-sized hole through that floor, with other minorities at risk of falling through’

The Equality and Human Rights Commission (EHRC) then confirmed later that month, in interim guidance, that while trans people cannot be left without any spaces or facilities to use, they should not be permitted to use facilities that match their gender identity.

‘In some circumstances’, the EHRC noted, ‘the law also allows trans women (biological men) not to be permitted to use the men’s facilities, and trans men (biological woman) not to be permitted to use the women’s facilities’.’

Trans rights and human rights campaigners have criticised the uncertainty produced by the ruling. ‘Rather than adding clarity’, says Davies, ‘they’ve muddied the waters.’

For Davies: ‘If trans people are being told to use a third space, that’s putting them in an intermediate zone. It’s segregating them, ghettoizing them.’

The court’s process has also been criticised. Old Square barrister and Legal 500 employment leading junior Robin White, who earlier this month spoke of being harassed for using the women’s toilet’s in the Parliamentary estate – does not mince her words. ‘I’ve used the words “crackpot” and “incompetent” about the Supreme Court’, she says. ‘I stand by those words.’

She continues: ‘The court has clearly decided what the result ought to be, then ignored things like statements made in parliament, like their duty under the Human Rights Act, which would cause difficulties for the conclusion they wanted to reach.’

The court also did not hear interventions from any trans parties, including from experts Victoria McCloud and Stephen Whittle.

‘We’re all concerned about the trajectory the UK is taking as a place where trans people can live safely’

Davies summarises the ruling: ‘If the Equality Act is meant to be the floor of human rights, the Supreme Court has just blown a trans-sized hole through that floor, with other minorities at risk of falling through.’

Davies says that many LGBTQ+ lawyers are now ‘nervous as to how to move through the profession’ in the wake of the ruling. It’s a position shared by an associate at one international law firm, who described the ruling to LB as ‘arguably the biggest rollback in LGBTQ+ rights in the last century’.

One magic circle firm employee confides: ‘Frankly, we’re all nervous right now. We’re all concerned about the trajectory the UK is taking as a place where trans people can live safely.’

But the ruling is only part of the problem in the eyes of many. In the Rainbow Index rankings of LGBTQ+ legal rights in Europe produced by the International Lesbian, Gay, Bisexual, Trans and Intersex Association (ILGA) Europe, the UK has slipped every year over the last decade. The gradual decline saw it fall from first place in 2015 to tenth place in 2020 and to to 22nd place in 2025- making it the second-lowest ranked country in Western Europe and Scandinavia, above only Italy.

It also comes at a time of increasing backlash to DEI around the world. This is particularly true in the US, where Donald Trump signed an executive order entitled ‘Ending Radical And Wasteful Government DEI Programs And Preferencing’ on his first day in office calling for the end of all DEI programmes across the federal government.

The administration followed up on this by zeroing in on DEI in big law on 17 March, when Equal Employment Opportunity Commission acting chair Andrea Lucas sent letters to 20 firms demanding extensive information on all applicants and hires dating back to 2019 as part of an investigation into employment discrimination over DEI.

Five of these firms have since made deals with the Trump administration to provide pro bono work in exchange for protection from punitive action, including Skadden, Kirkland & Ellis, A&O Shearman, Simpson Thacher, and Latham & Watkins.

With the threat of hostile action from the US government hanging over them, many top firms have seemingly scaled back public DEI initiatives and communications – including on LGBTQ+ rights, on both sides of the Atlantic.

Incoming chief executive of the City of London Law Society, Patrick McCann, comments: ‘The current US administration has both created and hastened change, much of it unhelpful and counterintuitive to the values of the UK legal sector – rule of law, access to justice, protection of the vulnerable, judicial independence and the like.’

At the time this article went to press, firms including Skadden, Gibson Dunn, Morgan Lewis, Jones Day and A&O Shearman had no visible posts on social media in relation to Pride.

In contrast, both Slaughter and May and Freshfields, which was the only top 20 global law firm to sign an April amicus brief in support of Perkins Coie’s legal fight against the Trump administration (the court ruled in favour of Perkins Coie on 2 May), have made posts in support of Pride.

‘Firms that have more exposure to the US market are more likely to be sensitive about DEI’

McCann notes that, while ‘the good work is still happening’, ‘terminology is changing and visibility is going’ – and, in some cases, ‘budgets are being cut.’

‘Firms that have more exposure to the US market are more likely to be sensitive about DEI’, says Aster Crawshaw, senior partner at Addleshaw Goddard, which has not only posted in support of pride but added a rainbow filter to its social media logos.

He continues: ‘We’re standing firm, and if anything more so, because we know a lot of people in the LGBTQ+ community are feeling particularly vulnerable at the moment.’

Also standing firm is London planning boutique Town Legal. ‘We are certainly not watering down our commitments’, says founder and managing partner Clare Fielding. ‘I can tell you that for nothing.’

Performative expressions of support for Pride are far from the most important aspect of LGBTQ+ rights, but many lawyers take similar positions to Davies, who says: ‘I’m of the view that surface-level support is better than no support at all. But organisations still need to do better to support their LGBTQ+ colleagues and customers.’

Many in big law stress that it is only public-facing communications that have been scaled back this year, with internal networks and events still taking place. Hogan Lovells, for instance, held an annual Pride Lunch for its Pride Network, according to LinkedIn posts, despite not making any wider Pride posts or other events.

‘The firm’s been a little quiet externally but there’s been no retrenchment on that internal commitment,’ confirms the magic circle worker.

While another adds: ‘We’ve seen a lot of reassuring messaging coming from my firm and from the industry saying that diversity and inclusion is still important. Maybe, in some circumstances, people might be phrasing it differently or calling it something else, but it’s still a priority.’

‘When the wind changes once again, don’t come back and cover all your publicity in rainbow flags – that would be intolerable’

For some, though, this is not enough at a time when members of the LGBTQ+ community feel at risk. They argue that the public silence can provide cover for those firms that are rolling back their commitments. ‘You also have some firms that aren’t changing anything, but still feel afraid to put out a message even internally’, says one associate at a top UK firm.

Fielding says taking responsibility requires more. She says: ‘It also means not changing your principles. It means not watering down your DE&I messaging or your DE&I commitment. That’s what it means to me. Even though the political wind is blowing in a certain direction, I think businesses with integrity should be standing strong and not blowing with it.’

‘Or, if you’re a business that is inclined to blow with the wind, fair enough, that’s your choice – but when the wind changes once again, don’t come back and cover all your publicity in rainbow flags – that would be intolerable.’

[email protected]

[email protected]

Additional reporting by Bertie Ford

Pride Perspectives:

Clare Fielding: ‘I’m a reluctant activist – as a managing partner I have to be conscious of inclusion for everyone’

Patrick McCann: ‘We need more queer managing partners’

Daniel Winterfeldt: ‘We’ve helped move the UK legal sector from nowhere to a leader for LGBTQ+ inclusion’

Emma Woolcott: ‘We need a plurality of perspectives around the table when decisions are made’

Cai Cherry: ‘It’s easy to think something isn’t your problem – but equality is all of our problem’

 

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Pride Perspectives: ‘We’ve helped move the UK legal sector from nowhere to a leader for LGBTQ+ inclusion’

Daniel Winterfeldt (pictured above right), general counsel for EMEA and Asia at Jefferies and founder of the InterLaw Diversity Forum, discusses how LGBTQ+ representation in law has changed since the 1990s, the importance of data in driving further progress, and why more than just marches and rainbow lanyards is required

How easy did you find it to come out professionally, and what were the barriers you faced? 

For me, I didn’t really have a choice. I came out at university, and once I’d made the choice to be myself, there was no going back. I was definitely aware that I faced additional challenges and barriers from being out, but I also think you get a lot of benefits, so you have to take the good with the bad.  

Through my involvement with the InterLaw Diversity Forum and working with charities, I’ve gained access to networks, opportunities and relationships. While it’s easy to dwell on the negatives, what’s much more powerful is focusing on the positives and realising all the benefits that have come from being myself and being authentic, including the support from the LGBTQ+ community, as well as the many allies who have stepped forward to help me throughout my career. All of that wouldn’t have been possible if I hadn’t been out. 

In 2008, you established the InterLaw Diversity Forum, which was recently recognised as DE&I: In-house Initiative of the year at the Legal 500 UK ESG Awards. What motivated that? 

It was very isolating when I first came out in 1992. While undertaking a clerkship at the European Court in Luxembourg in 1999, I was one of the only out people there. Some people I knew wouldn’t speak to me in public, or they would only meet in private so we wouldn’t be seen together. When I moved to London in 2000, I was often in law offices of 200-250 people and I would be the only out person or one of just a few.  

By 2008, when I became a partner, I was able to step back and ask, ‘What can I do about this?’. At that point I was running the Forum for US Securities Lawyers in London, which brought together securities lawyers, bankers, intermediaries and people from the London Stock Exchange to discuss capital market issues. Eventually, I realised that if this could work in the US securities space, why couldn’t it work for diversity?  

I knew that we had to have allies involved, because at the time LGBTQ+ people were not in management roles, but I also knew that we needed to provide a safe and welcoming space, so people didn’t feel isolated like I had. 

Once the InterLaw Diversity Forum started, we quickly got involved in research, and we started doing sexual orientation and gender identity-focused research with the Law Society and the Judicial Appointments Commission. We had evolved from being a meeting place to an engine for change.  

I also started encouraging law firms to monitor sexual orientation. There are generational differences around sexual orientation and gender identity and, if you don’t ask the questions, you risk sending a signal that it’s a problem. While collecting sexual orientation and gender identity data is commonplace in UK law firms today, it took time to convince firms that many staff are happy to provide this information if given the chance. 

What would you say has been the InterLaw Diversity Forum’s biggest achievement so far? 

In terms of the LGBTQ+ space, we have helped to move the UK legal sector from being nowhere to being a leader for LGBTQ+ inclusion. People now have networks and they’re recruiting LGBTQ+ talent, running ally programmes and people are marching in Pride – clear progress.

The next challenge is the retention and advancement of LGBTQ+ people to partnership and management, as well as ensuring equal pay for them. In our research, we see a notable volume of LGBTQ+ attrition, larger than any other group we look at, and the LGBTQ+ group is one of the only groups that hasn’t grown at partner level during our research period. We also see stark differences in pay between LGBTQ+ men and their counterparts at the top levels of pay in the profession, so there’s still more work to be done. 

You have to be really looking at and following the data. We can’t mistake visibility and activity for equality. It’s not enough to just march in Pride, have a rainbow lanyard and be part of a network group. And while everyone loves to feel their work is being recognized, awards and rankings are only as good as the true impact they are having on people’s experiences; you need to be doing that next level work to understand where there are mismatches in access to opportunity, reward, or a sense of belonging – and taking steps to address those issues. 

The InterLaw Diversity Forum continues to hold regular events for LGBTQ+ people in the profession and their allies. It has struck me that we are seeing an increase in the number of attendees who tell us they don’t feel comfortable being out at work or at home. In a more challenging climate, the fact that we are continuing to provide a safe space for those in this position is important to me. 

Do you feel an obligation to be in that role model position and use your voice to push change? 

I think I don’t really have a choice, as there aren’t too many of us around. When I first became a partner, people told me I was one of the most senior LGBTQ+ people in the whole community, even though I felt like I was just getting started.  

I’m also very proud of the InterLaw Diversity Forum and how it’s expanded beyond the LGBTQ+ community into networks for race & ethnicity, disability, women, and social mobility. We’re anchored in intersectionality, allyship, culture and leadership, and everything we do is data driven. Our goal is to support everyone and provide a space for everyone, and we look to create access to a wide range of leaders and role models, each bringing different perspectives and experiences. But we also look to discuss the issues that really matter to people. There is a real need to create space for sensitive and serious discussions on the realities of working in the legal sector right now. 

I’m very proud of the change programmes we’ve worked on, such as the UK Model Diversity Survey in collaboration with the American Bar Association, which collects really interesting data for clients from law firms and goes far beyond just headcount to gather meaningful insights into talent, leadership and culture. We have brought together over 45 clients and 30 law firms to collaborate in this space and to share best practice. 

Within the legal sector, what do you think could be done better? And what is the biggest challenge that still needs addressing? 

We’re in a challenging period right now, and that needs to be recognised. Firstly, we need to remind people that talent is the biggest asset of any law firm – the importance of focusing on talent is never going away. All lawyers and all law firms are providing ideas and solutions to clients, so we need the best possible people working together in an inclusive way to get the best outcomes for our clients.  

Secondly, we need to follow the data, and make sure that we are using it to guide and address issues within organisations. Using it to highlight how to get the best talent, keep the best talent and utilise the best talent, and making the most effective use of resources to follow through and achieve our business goals. 

For more, see ‘We’re all nervous right now’ – how a subdued Pride month got caught in the DEI backlash

More Pride Perspectives:

Clare Fielding: ‘I’m a reluctant activist – as a managing partner I have to be conscious of inclusion for everyone’

Patrick McCann: ‘We need more queer managing partners’

Emma Woolcott: ‘We need a plurality of perspectives around the table when decisions are made’

Cai Cherry: ‘It’s easy to think something isn’t your problem – but equality is all of our problem’

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Travers assists on Liverpool FC’s record-breaking transfer of German star Wirtz

Travers Smith has scored a lead role on the transfer of German footballer Florian Wirtz to Liverpool FC, a deal which is set to become a new record for a fee paid by a British football club.

The reported transfer fee for Wirtz – who is joining the Premier League champions after five years at German club Bayer Leverkusen – is £100m plus a further £16m in add-ons.

Travers acted alongside German law firm Seitz Partners, with the London firm advising the Wirtz family on the UK legal issues connected with the transfer, fielding a team including employment partner Ed Mills and tax lawyers Elissavet Grout and Tom Margesson – both of whom are set to become partners at the firm on 1 July.

Seitz, which is based in Cologne, handled what the firm described as ‘intensive negotiations’ with Liverpool FC, with a team including founding partners Stefan Seitz, employment partner Maximilian Schmidt and tax partner Sebastian Benz.

In its press release announcing the deal, Travers added that it has also recently been advising on the acquisition of an unspecified Premier League football club.

The Wirtz deal comes after intellectual property boutique Brandsmiths played a key role on another high-profile move between the same clubs, advising on Dutch international Jeremie Frimpong’s £29.5m transfer from Leverkusen to Liverpool.

A team led by Manchester-based partner and sports law specialist David Seligman advised Frimpong and his agent on the move.

Frimpong is a longstanding client of Brandsmiths, with the Manchester and London-based firm also advising the defender and his agent on his contract renewal at Leverkusen in 2023.

[email protected]

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McDermott-Schulte merger name confirmed as $2.8bn tie-up gets partner approval

Partners at McDermott Will & Emery and Schulte Roth & Zabel have voted ‘overwhelmingly’ in favour of their merger, with the combined firm set to go live on 1 August.

The merged firm will take the name McDermott Will & Schulte, with more than 1,750 lawyers in total across more than 20 offices around the world, including what will be the ninth largest law firm presence in New York.

The combination will also create a firm with combined revenue of more than $2.8bn – enough to place it on the edge of the top ten largest firms in the world.

McDermott chairman Ira Coleman said in a statement: ‘We’re thrilled to be joining forces with Schulte. We’re not just expanding our expertise, we’re redefining what it means to be a modern, elite law firm – deeply specialized, relentlessly client-focused, and committed to a people-first culture.’

Schulte co-managing partner Marc Elovitz added: ‘By combining our extraordinary talent and premier client base with McDermott’s world-class platform, we’re creating a unique firm with unmatched capabilities. It’s truly transformational.’

Schulte co-managing partner David Efron described the combination as ‘a first-of-its kind deal in our profession, with two elite firms performing at the highest levels choosing to come together.’

The merger, first announced in May, brings together McDermott, which has 1,336 lawyers including 211 equity partners, and Schulte, which has 365 lawyers including 78 equity partners.

McDermott posted revenue of $2.23bn in its most recent financial results, with profit per equity partner (PEP) of $4.8m. Schulte, meanwhile, turned over $618.8m in 2024, with PEP at $4.1m.

Schulte has offices in New York and Washington DC, as well as one office outside the US, in London. McDermott has offices in each of these locations, as well as a further 14 offices in the United States and seven in continental Europe.

[email protected]

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Pride Perspectives: ‘It’s easy to think something isn’t your problem – but equality is all of our problem’

DLA Piper associate Cai Cherry on ‘bringing your full self to work’, intersectionality and the importance of active allyship

How easy did you find it to come out professionally, and what were the biggest barriers you had to overcome before you felt ready to come out at work?

When I was growing up, I comforted myself with the idea that even if I was never out, even if I never fell in love or started a family, I could still be successful. I studied hard and lived almost to the point where I forgot I was queer to start with.

But then at university, I found myself slowly embracing the freedoms I had denied myself: wearing the clothes I had envied, watching the TV shows I wanted, listening to the music I liked, and falling in love with the people I was attracted to. I was never ‘in’ at work because it all became so clear that I didn’t have to be.

That’s not to say it’s been smooth sailing: my first supervisor told me that I wasn’t hired to bring my full self to work, I was hired to do my job. But his narrow mind couldn’t comprehend that I was doing my job – and doing a good job at that – because of, not in spite of, the fact I was bringing my full self to work.

I am a good lawyer because I’m confident, because I can understand and empathise with my clients, and because I truly love what I do. I don’t think I could do or be any of those things if I was hiding who I was. 

What motivated you to actively use your voice to advocate for LGBTQ+ voices in the legal sector?  

I was a pretty nerdy kid, obsessed with reading about history and politics and law. I grew up in a small village in the middle of the English countryside – a place that doesn’t celebrate, or even acknowledge, queer people – so diving into the stories of people who could be themselves was how I coped.

I remember when the US Supreme Court legalised gay marriage across the US in Obergefell v Hodges, and reading Justice Kennedy’s majority opinion, where he declared that the hope of the gay couples was ‘not to be condemned to live in loneliness, excluded from one of civilization’s oldest institutions. They ask for equal dignity in the eyes of the law. The Constitution grants them that right.’ I grew up being told from a young age that gay marriage wasn’t right and it wasn’t fair, but I found solace in the law; in the idea that a single piece of paper can contain so much hope, can give so much joy, and can stand up for people who need it.

Law gave me so much, it wouldn’t have been fair to not try to give back as much as I can and ensure the same promise that was there for me can be there for everyone: that no matter who you are, no matter how lonely you feel, you have an ally in the law – something so imperfect but with so much potential, an ideal that we can keep striving to meet. Now that I’m a lawyer, you have an ally in me. That motivates me every day. 

How much obligation do you feel to be a role model within the industry? How helpful are role models in pushing change?  

It is so easy to think something isn’t your problem. When it comes to equality, to justice, it is all of our problem.

I don’t feel an obligation to be a role model – and I’m not sure that anyone would really see me as one, anyway. But I do feel an unavoidable and irrepressible obligation to say what is right and to do what is right, as much and as often as I can.

There are so few queer people in law, and the ones I am lucky enough to work with (both as colleagues and clients) give me so much strength and hope and comfort, but the sector as a whole is struggling to diversify. Despite what law firms might say, we have always followed our clients in culture, in technology, in growth, and in inclusion. I think my value as a role model is limited: I cannot force change, I can only encourage it. The real value comes from clients demanding their lawyers are as inclusive as they are. I think that’s the only way we will see concrete change. 

Regarding your identity as both queer and disabled, how important is recognising intersectionality, and how has your own experience with intersectionality impacted your career?  

I came out as queer, and a month later I became disabled. It was a real rollercoaster of a four weeks. I had just started to understand one part of me, and all of a sudden there was a whole different part of me I had to come to grips with pretty quickly, and it was impossible to separate the two in my life.

I am lucky enough to have co-founded and now lead my firm’s disability pro bono practice, alongside my colleague Ashleigh Alli, who is a racial justice specialist, and my colleague Chris Rennie, who founded the first law firm LGBTQ+ network pro bono practice at DLA Piper. We are also building new pro bono offerings for gender equity, social mobility, and families and carers.

We work together not because we recognise intersectionality, but because it is unavoidable (plus I really like working with both of them!). If you try to segregate issues and not look at them holistically, you’re missing the entire puzzle, not just a piece, and you end up doing a worse job overall.  

What does the legal sector need to do better to include people from the LGBTQ+ community and provide support?  

As we saw in Obergefell, and as we have seen in famous cases in the UK, like Dudgeon or Goodwin, the law is often the only and most effective remedy to injustice, but it is also the perpetrator of the very oppression it can relieve. Lawyers are under professional obligations to uphold trust in the profession and to promote diversity, but we are also under a moral duty to do what is right. We need to be proud in our support of the LGBTQ+ community when we are currently seeing the biggest backslide in a generation.

Law firms hold immense economic, political and social power, but they are too cautious about using it, and in doing so, they let us all down. It starts with investing in their own people, by supporting DEI and people networks, by proactively recruiting LGBTQ+ and other marginalised people, and by creating a culture of celebrating people, not just including them.

But it continues with making the world a better place, rather than just the office: by showing up to Pride, by engaging with clients on LGBTQ+ issues outside of legal advice, and by developing robust and effective pro bono practices supporting the LGBTQ+ community, and by being unashamed of doing what is right. Unless we can meet this moment, we will forever look back on it with shame. That’s not an option I am willing to live with.  

What is the single biggest challenge still facing the LGBTQ+ community in City law? How can it be addressed?  

The biggest problem is the people that support the LGBTQ+ community, but aren’t willing to say it. The ones that complain they don’t care what bathrooms people use, but don’t realise that the problem is others do.

Because of a vocal and aggressive minority, we are seeing a real and dangerous erosion in our rights because the majority aren’t showing up for what they believe in.

It can be addressed very simply: by doing something. It takes seconds to google ways to support trans people. It takes seconds to introduce yourself with your pronouns. But it also takes real time, real investment, and real motivation to make a real change. If you’re not willing to do that, that’s your choice, but you are no ally. To those that are willing, we need you more than ever. 

For more, see ‘We’re all nervous right now’ – how a subdued Pride month got caught in the DEI backlash

More Pride Perspectives:

Clare Fielding: ‘I’m a reluctant activist – as a managing partner I have to be conscious of inclusion for everyone’

Patrick McCann: ‘We need more queer managing partners’

Daniel Winterfeldt: ‘We’ve helped move the UK legal sector from nowhere to a leader for LGBTQ+ inclusion’

Emma Woolcott: ‘We need a plurality of perspectives around the table when decisions are made’

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Linklaters re-elects leadership duo after ‘biggest year-on-year increase in profit in more than 20 years’

Linklaters has voted to re-elect its senior and managing partners following what the firm said was a record-breaking year, including ‘the biggest year-on-year increase in profit in more than 20 years’.

Senior partner Aedamar Comiskey and managing partner Paul Lewis have been re-elected by the partnership – ‘with overwhelming support’ – with their new terms set to run till 2029.

They were first appointed to their roles in 2021, and under their leadership, Linklaters has increased revenue by more than 25% from £1.67bn to £2.1bn in 2023-24, with this year’s results set to be announced imminently.

In the same timeframe, profit per equity partner has increased by 7% from £1.77m to £1.9m.

The firm’s ambition to grow its US business was bolstered last year with the opening of an M&A practice in New York with the hire of a six-lawyer corporate team from Shearman & Sterling, led by Legal 500 Hall of Famer George Casey, who was recently appointed as chairman of the Americas.

Further high-profile US hires have followed, including the former global co-head of A&O Shearman’s financial markets practice David Lucking and a four-partner litigation team from New York litigation boutique Patterson Belknap Webb & Tyler. 

Comiskey, a partner since 2001 and formerly the firm’s head of corporate, was elected to a five-year term as senior partner in May 2021, becoming the firm’s first female senior partner. She succeeded Charlie Jacobs, who left at the end of his five-year term to become JP Morgan’s co-head of investment banking.

Lewis, previously Linklaters’ global finance head, was elected to his current role in July 2021. A Linklaters lifer and a partner since 2006, he succeeded Gideon Moore, who served a truncated second term in order to bring the managing partner and senior partner terms into sync.

Declaring herself ‘delighted’ to be extending her term as senior partner. Comiskey said: ‘This is an exciting time for our firm. We have bold ambitions and everything we need to achieve them.’

Lewis added that the firm had made ‘significant progress’ towards putting the firm in ‘the strongest position to win the most complex, cross-border mandates for the world’s leading corporates, banks, funds and financial sponsors.’

The re-elections mean that Comiskey will continue as senior partner until 30 September 2029, and Lewis will continue as firmwide managing partner until 31 December 2029.  

[email protected]

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Pride Perspectives: ‘We need a plurality of perspectives around the table when decisions are made’

Mishcon de Reya reputation protection and crisis management head Emma Woollcott on the importance of LGBTQ+ visibility and the impact of role models.

How easy did you find it to come out professionally? And what were the biggest barriers you had to overcome before you felt ready to come out at work?  

It was challenging in the early 2000s, as I had no visible role models with lives anywhere close to the one I wanted – comfortable being open in the workplace about their sexuality, and having families as well as progressing their legal careers. 

I was out at university and law school, but was encouraged to squeeze myself back into the closet as a trainee. I didn’t have the confidence to speak openly until I was qualified, and at a firm which sees diversity and authenticity as strengths. 

How has the industry improved since you began your career? 

It is wonderful to see LGBTQ+ people succeeding across the legal sector, and for community groups to exist within firms, at the Law Society and across many different industries. 

My role requires me to try to quickly understand what is important to clients – what drives them, what worries them, where they have support and where they feel vulnerable. My identity and background – and my experiences of feeling like an outsider – give me power and insight in these moments, for which I am extremely grateful. 

What motivated you to actively use your voice to advocate for LGBTQ+ voices in the legal sector? 

I felt a responsibility to do so. If we do not speak up, our lives and our experiences may be overlooked. 

Law is so pervasive in society that we need a plurality of voices and perspectives around the table when (big and seemingly small) decisions are made. 

How much obligation do you feel to be a role model within the industry? How helpful are role models in pushing change? 

Hugely. It still feels awkward being referred to as a role model, but I’m motivated to be visible enough to show others that it was possible to be out and proud, and for them to know they could reach out for support and insight when needed. 

For more, see ‘We’re all nervous right now’ – how a subdued Pride month got caught in the DEI backlash

More Pride Perspectives:

Clare Fielding: ‘I’m a reluctant activist – as a managing partner I have to be conscious of inclusion for everyone’

Patrick McCann: ‘We need more queer managing partners’

Daniel Winterfeldt: ‘We’ve helped move the UK legal sector from nowhere to a leader for LGBTQ+ inclusion’

Cai Cherry: ‘It’s easy to think something isn’t your problem – but equality is all of our problem’

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Stephenson Harwood hits £1m PEP mark and heads towards five-year target to double revenues

Stephenson Harwood has posted double-digit growth for both turnover and profit per equity partner (PEP), as the firm pushes forward with an ambitious goal to double revenues over a five-year period.

Turnover rose by 17% during 2024-25 to reach £309m, up from £264.2m last year. The firm has now seen 50% revenue growth since setting out a five-year strategy in 2022 which included a target of doubling turnover by 2027.

PEP saw even steeper growth, breaking through the £1m mark for the first time with an increase of 29% on last year’s figure of £775,000.

CEO Eifion Morris (pictured above) attributed the growth to a focus on ‘five strategically important sectors’ – decarbonisation, life sciences, private capital and funds, technology, and transportation and trade – adding: ‘we’re not the firm we were a few years ago’.

He also cited three key factors he believes differentiates the firm from its peers – geographic growth and integration, increased bonus recognition, and diversity, equity and inclusion.

In terms of geographic growth, he pointed to strong performances from the firm’s bases in Dubai and Greece, while also underlining that a US merger is not currently on the cards.

‘Unlike many of our competitors, we are not looking for a US merger. Instead, we continue to work closely with a network of US law firms, helping them to ‘quarterback their deals and cases’ through our own offices and contacts’, he explained. ‘For both clients and potential partners and employees, we’re an alternative to the emerging transatlantic behemoths.’

On bonuses, the firm has increased its global bonus pool for employees to £6m, including a 36% uplift in bonuses paid to fee earners, with Morris citing the examples of two managing associates who received bonuses of more than 135%.

DEI – described as ‘a personal priority’ by Morris – is another area where the firm is progressing, with 13% of its UK partnership now from ethnic minority backgrounds, surpassing the a target of 10% by 1 May this year.

While the firm missed its May target of a 35% female partnership, representation has risen to 32%, and the firm has now set out new targets for the next three years, including a 15% ethnic minority partnership in the UK and a 38% female partnership around the world.

The firm also recently announced the promotion of 12 new partners, its second-largest ever cohort.

Morris added: ‘When we launched our current strategy in 2022, we knew it was ambitious. Doubling revenue within five years was no small challenge, but we’re well on our way.

‘This progress reflects the strength of our client relationships and a sharper focus on where we can deliver the most value. What’s made the real difference, though, is how our people have embraced the strategy – especially our focus on five strategically important sectors. Their commitment continues to drive our momentum.

‘That momentum has also brought greater clarity about who we are and what sets us apart.’

[email protected]

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Global London 2025

Main Table

LB’s 2025 ranking of the top 50 foreign-headquartered firms in the City by headcount

Global London data highlights City split as half retrench while Paul Weiss and others soar

Global London rankings underline divide among US firms as bold expansion by some offsets caution by others

Global London 2025: Which US firms are setting the pace for City growth?

From Paul Weiss to Proskauer and Sidley to Simpson Thacher, Legal Business takes a closer look at some of the star performers in the LB Global London 2025 report

More than just size: the Global London firms making the best impression on clients

Legal 500 data reveals the top-rated Global London firms on key metrics such as lawyer quality, industry knowledge and value for money

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Pride Perspectives: ‘I’m a reluctant activist – as a managing partner I have to be conscious of inclusion for everyone’

Clare Fielding, co-founder and managing partner of specialist planning firm Town Legal, discusses her experience transitioning, her D&I responsibilities as a law firm leader, and becoming a ‘reluctant activist’

How easy did you find it to come out professionally, and what were the biggest barriers you faced when making that decision? 

I didn’t transition while I was in my legal career, but came into the law having transitioned several years previously in the early 1990s. At that time, there weren’t trans policies, or anything like that.

Ultimately, transitioning wasn’t a choice, it was something I was compelled to do. At times it was scary, but the big challenge was coming into work having left with one personal identity and coming back in with a different one.

Obviously, there is the change of gender, but to be perfectly honest the bigger challenge was just having a different name and different identity – that was a bit weird for a while. It takes a while before the person you are now presenting as actually becomes you – the real you (if that makes sense!). 

 Has the industry changed since you transitioned in the 90s? 

When I transitioned I found that people were generally very accepting and very supportive. I think now, in the legal profession, there’s obviously much more overt celebration of trans people, and we run workshops on trans inclusion and all that kind of stuff. That kind of thing didn’t exist when I transitioned, and I think it’s a good thing that we’re now more aware. 

On LinkedIn, you describe yourself as a ‘reluctant activist’. Do you feel an obligation to use your voice to advocate for trans rights, and do you feel an obligation to be a role model? 

I added that only very recently. I’ve always felt it’s important to be ‘out’ and to be a role model of sorts, but I’ve never really seen myself as an activist or banged the drum about trans rights. I never really perceived that I lacked any rights – more fool me, perhaps.

I now describe myself as a reluctant activist because I feel I must get active given what’s going on now, though I never really wanted to be in that sort of role. I knew absolutely nothing about the For Women Scotland case [on the definition of the terms man and woman] until the judgment came out. I took the ‘gender critical’ stuff to be a bit of a niche interest. How wrong was I? So, yes, reluctant activist. 

At the same time, as a managing partner of a law firm, I have to be conscious of diversity and inclusion for everyone in the workplace, and I have to care about the inclusion of groups that I’m not a member of. And that’s the point; you have to brave enough to stand up and make sure that you are creating an environment that’s okay for everyone – I think that’s the biggest learning point for me from all this latest stuff.  

The Supreme Court judgment is essentially a piece of statutory interpretation, so I don’t personally view the judgement itself as a transphobic act – as a lawyer I have to respect the decision, though I am aware a legal challenge is being prepared to it. It’s what happens afterwards that really affects people – me included – more than the judgment itself.

I heard a government minister on the radio saying that trans people have to use their biological sex loos “when they’re out and about” – this is shocking, because it places trans people in danger and it humiliates them. It humiliates everyone involved in that encounter, whether they’re trans or not, and I think it’s irresponsible of the minister to have said that. 

As someone who is a managing partner, do you have a sense of what the legal sector could be doing better to include trans and LGBTQ+ people? 

At one level, just be kind and decent to people and listen to their concerns. It’s not hard. 

It’s also about taking proper independent legal advice. It seems to me – and what a shame to say this – that we need to look very, very carefully at the official guidance which has now been issued for consultation. I think we will be taking careful legal advice on how we can arrange our practices and procedures so that we can be as trans inclusive as we can possibly be; thinking about things like bathroom facilities and so on. 

I think it also means not changing your principles. It means not watering down your DE&I messaging or your DE&I commitment. That’s what it means to me. Even though the political wind is blowing in a certain direction, I think businesses with integrity should be standing strong and not blowing with it.

Or, if you’re a business that is inclined to blow with the wind; fair enough, that’s your choice – but when the wind changes once again, don’t come back and cover all your publicity in rainbow flags – that would be intolerable.

For more, see ‘We’re all nervous right now’ – how a subdued Pride month got caught in the DEI backlash

More Pride Perspectives:

Patrick McCann: ‘We need more queer managing partners’

Daniel Winterfeldt: ‘We’ve helped move the UK legal sector from nowhere to a leader for LGBTQ+ inclusion’

Emma Woolcott: ‘We need a plurality of perspectives around the table when decisions are made’

Cai Cherry: ‘It’s easy to think something isn’t your problem – but equality is all of our problem’

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Seven London lawyers make the grade as Bakers promotes 59 in global partnership round

Baker McKenzie has elevated 59 lawyers to partner across its international network, with seven London lawyers making the cut.

The City partner count is the highest since 2021, when eight London lawyers were made up, while the overall figure of 59 is slightly down from last year’s total of 66.

Of the London promotions, two are in the firm’s employment and compensation practice, with the other shared between international commercial and trade; M&A; dispute resolution; capital markets; and banking and finance.

The seven promotions in London means the UK capital is joint top with Bangkok as the city with the most new partners. North America saw 15 promotions across eight offices, with those taking effect from 1 January this year, unlike the majority of Bakers’ promotions, which are effective from 1 July.

Bakers’ M&A practice saw the largest number of additions with 14 new partners around the world. Its employment and compensation practice and tax practice welcomed nine new partners apiece, while dispute resolution added seven new partners.

Taken in conjunction with the firm’s 48 lateral partner hires this year – including recent additions such as investment funds partner Nick Benson, who joined from Latham & Watkins, and restructuring partner Kevin Heverin from A&O Shearman – Bakers has added 107 partners globally since 1 July 2024.

Outgoing global chair Milton Cheng (pictured above) described the new partners as an ‘exceptionally talented group of lawyers’, adding, ‘their unwavering dedication to client service and excellence will be key in driving our firm’s success and we look forward to their many more contributions in the years to come.’

Cheng will be succeeded as global chair later this year by London-based international trade, compliance and investigations partner Sunny Mann, who is set to begin a four-year term in the role.

London partners in full

Sven Bates, international commercial and trade
Matthew Berridge, employment and compensation
Alexander Gee, M&A
Richard Molesworth, dispute resolution
Gillian Parnell, employment and compensation
Tom Quincey, capital markets
Sarah Williams, banking and finance

[email protected]

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The top lawyers in Philadelphia, Ohio, and Atlanta revealed in latest Legal 500 US elite rankings

Legal 500 has launched its latest US elite rankings, recognising some of the top lawyers across key practice areas in the cities of Philadelphia and Atlanta and the state of Ohio.

The new rankings are the largest yet in the US elite project, with 309 lawyers ranked from 117 firms, including 109 firms that had not previously been ranked by Legal 500.

The US elite recognises the top lawyers at firms outside of the global elite, with the latest city rankings coming on the back of the launch of the New York, Chicago and Washington DC rankings in February and the Boston, Miami and Charlotte rankings in April, as well as the full Legal 500 US guide, which was published earlier this month.

The rankings cover eight practice areas in total: commercial disputes, corporate and M&A, and intellectual property in Philadelphia; commercial disputes, corporate and M&A, and finance and restructuring in Ohio; and commercial disputes and corporate and M&A in Atlanta.

Cleveland, Ohio-headquartered national firm Thompson Hine has the highest number of individual rankings, with 12; 11 in Ohio and one in Atlanta. Philadelphia-bred firms Blank Rome and Duane Morris are tied for second place, each with nine rankings.

A further three firms have more than seven individual rankings, with Smith, Gambrell & Russell the top performer in the Atlanta rankings.

Firms with most individual lawyer rankings

Firm Rankings Details
Thompson Hine 12 Ohio: commercial disputes (5), corporate and M&A (4), finance and restructuring (2); Atlanta: commercial disputes (1)
Blank Rome 9 Philadelphia: commercial disputes (2), corporate and M&A (3), IP (3); Ohio: commercial disputes (1)
Duane Morris 9 Philadelphia: commercial disputes (3), corporate and M&A (3), IP (3)
Keating Muething 8 Ohio: commercial disputes (3), corporate and M&A (3), finance and restructuring (2)
Ballard Spahr 7 Philadelphia: commercial disputes (3), corporate and M&A (3), IP (1)
Smith, Gambrell & Russell 7 Atlanta: commercial disputes (4), corporate and M&A (3)

Meanwhile, three firms have four or more top-tier individual rankings. Thompson Hine is in first place, with five rankings, tied with Philadelphia-based national firm Ballard Spahr.

The final top-performing firm for tier one rankings is Atlanta-based Krevolin & Horst, which has four lawyers ranked in tier one across the Atlanta rankings.

Firms with at least four tier 1 individual rankings

Firm Lawyer name Ranking
Ballard Spahr Stephen Kastenberg Philadelphia: commercial disputes
Jason Leckerman Philadelphia: commercial disputes
Brian Doerner Philadelphia: corporate and M&A
Gregory Seltzer Philadelphia: corporate and M&A
Lynn Rzonca Philadelphia: intellectual property
Thompson Hine Edward G. Babbitt Ohio: commercial disputes
Will Henry Ohio: corporate and M&A
Tony Kuhel Ohio: corporate and M&A
Louis F. Solimine Ohio: finance and restructuring
Curtis L. Tuggle Ohio: finance and restructuring
Krevolin & Horst Allegra Lawrence-Hardy Atlanta: commercial disputes
Joyce Gist Lewis Atlanta: commercial disputes
Lovita Tandy Atlanta: commercial disputes
Cristiane Wolfe Atlanta: corporate and M&A

Legal 500 is continuing to build out its US elite coverage, with rankings covering key markets from Austin, Dallas, and Houston to Minneapolis and Indianapolis. Check the US elite page to learn more.

[email protected]

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Freshfields’ Charles Hayes on emotional intelligence, Formula One deals, sheep and daring to press the button

I’ve always had a strong work ethic. My brother is severely mentally disabled and we were extremely close growing up. That experience gives me profound gratitude for the opportunities I’ve been given and, I like to think, deep responsibility to make the most of them. I think that’s where my drive comes from; in part, at least, a sense I was doing this for both of us.

I gain huge satisfaction from hard work because I know what I’m capable of. Rightly or wrongly, I’ve always believed I could be successful if I work harder than the next person. I’ve been lucky, but I hope I’ve created some luck too.

I never imagined I’d find myself here at Freshfields some 21 years later. I always thought I would do something entrepreneurial and commercial. At university in Edinburgh, a few of us set up a stocks & shares club with money from student loans, and from there developed a business plan for a student financial website – it was basically a precursor of a quasi-student wonga.com. I see now you can square that circle in law.

When I came back to university from my Erasmus year in Aix-Marseilles, I realised everyone else had been busy applying for training contracts while I had been preoccupied planning an overland trip from London to Nairobi for charity. I panicked because I hadn’t thought about what I wanted to do, beyond doing an internship at Lazard. The perceived wisdom at that time was that you qualified as a lawyer, did two years, then went and did something more interesting. Either I’ve never found anything more interesting due to a lack of imagination on my part, or the law just became more interesting for me.

I could well imagine myself in the toolbox company or multi-discipline world I envisaged growing up when it’s time for me to call it a day at Freshfields. I don’t imagine it will be any time soon, but I’d love to see myself doing something that my peers, colleagues and clients look at and go ‘that’s really cool’. Perhaps not as a lawyer; more like a COO or CEO for a spin-out from one of our clients. That’s why I really enjoy having a broad portfolio of interests outside the firm that allow me to use all the skillsets I’ve developed and learn some new ones I can deploy for our clients’ benefit.

I sometimes wonder if some partners hit the end of their law firm careers and think their skillsets will be transferable, but then find themselves frustrated because they’re not. I hope I’m sufficiently humble to have realised I’m not going to be relevant or interesting unless I have a diverse set of skills.

Right now, I’m a non-executive director of a firm in the creative industries, which I love doing, where I learn a tremendous amount from the chair and the executive. I’m also a member of a few philanthropic organisations and think tanks, like The Royal United Services Institute (RUSI), which deals with defence and security. These roles challenge me in different ways, and that’s the point.

I used to describe being a private equity lawyer as the ultimate backstage pass – you can get into any situation, any conversation or investment. Then I saw my byline published by a fantastic alumna who went to join one of our clients with the addition that they’d heard my line on this, and decided they’d rather just be in private equity itself. That was fabulously humbling, in a good way. I don’t use that phrase so much anymore.

I’ve always wanted the profession (and firms) to be ruthlessly meritocratic and straightforward. That’s always appealed to my sense of fairness. But, in order to have a ruthless meritocracy, people need to have the same opportunities and you need to look for raw talent. We are now much better at identifying and being open to talent in all its forms and bringing that through. It’s the right thing to do for us, our clients, the industry and our communities. I want to ensure that people get at least the same opportunity as I did to come into this career and feel comfortable within it too; that’s equally if not more important. There remain barriers and prejudices in areas you wouldn’t expect them to be in our industry. I’m extremely disappointed by that.

Somebody who has been instrumental to my career in many ways is Chris Bown [the founder of Freshfields’ private equity practice and now senior adviser at CVC], who has been a mentor to me the whole way through and remains so. What’s been so powerful about Chris’s interventions is that he is very permissioning, saying: why don’t you speak to them about this or that. Ask the question, why not?

I’ll never forget one of my first deals – helping Aston Martin with a capital raise. I’d never seen the factory. So I asked and a few of us went. Seeing the production line, the component parts and the client’s reaction to our interest in their business taught me an important lesson. Get out from behind your desk. Challenge your own assumptions.

Dare to ask the question – what happens if you press the infamous red button?

There are many career highs, but one of them was definitely getting the call from CVC on my first day as a partner to say: ‘we’re selling Formula One’ – the stars aligned that day. More recently, I was in the room when the bell was rung as CVC listed on Euronext. Watching the share price tick up and seeing the response from people in the room was hugely exhilarating after more than three years’ work on our part.

My low was writing an email to a client where I agreed with their view of a closing account figure, and then added that he also needed to consider X and Y. He ran with his number, and the transaction proceeded, but it was out by about £75m; at which point they said the number had been confirmed by Freshfields. It was really, really, really sweaty.

My learning was that I did that because I was too eager to please and didn’t want to be too direct. Over the years, I’ve tried to become more direct and straight with people. More honest. There’s a joke about what an English person says, what they mean and what’s heard, and those three things are always different. In law, clarity matters. With people, there’s huge benefit in just being straightforward.

When that mistake happened, the partner just said: ‘good luck with that’. I don’t think that would happen now. I think it’s great that the industry has evolved and become so much more supportive.

When I was starting out I was given huge quantities of rope, with which, in all honesty, I probably hanged myself on occasion. Lessons were learned the hard way. I do sometimes worry that we don’t give people enough opportunity to fail now; the opportunity to fully learn. If you don’t give people the opportunity to be allowed to fail, for it to be safe to fail and not failsafe, then I worry they won’t push themselves or test themselves.

I’m now intensely focused on supporting the next generation by creating an environment where people are inspired, encouraged to aspire, and are empowered to seize this amazing opportunity.

I don’t proactively seek out management roles, but I do like leadership. It’s an interesting distinction. There are lots of different types of leadership and leader. Sometimes you need to be the visionary leader, which is ‘this is the strategy, this is what we’re trying to achieve’. Sometimes you need to be the directive leader – ‘this is what we need to do and this is how we’re going to do it’. Sometimes you need to be the servant leader, which is ‘this is what I’m doing, and I would encourage you to do the same as me’, or ‘this is what I’m doing for you as a servant of the firm, please follow me or come with me’.

If I had just one piece of advice to my younger self it would be to calm down. In every capacity. And also, let things break sometimes. Let things go wrong. When I was a senior associate, the thought of something going wrong on my watch was literally world-ending, but I now realise you sometimes you need to let things go wrong. Partly because you need people to learn from that experience, and partly because out of the wreckage you can actually build something better. Let the train hit the buffers.

My tips for success would be to be inquisitive and be permissioning. We’re all very quick to typecast ourselves and say, ‘this is my lane’. But sometimes you need someone to hold a mirror up to you and say ‘you are no longer the person you were, and I give you permission to be the person you have become’. You need to be that person.

I’m an outdoors person. We live in Wiltshire, in the middle of nowhere. I love to get off the train and kick everything else away. My family is absolutely everything. We have four children, two dogs and 11 chickens; then there are about 1,300 sheep in the field next door. I can’t always be at the carol concert or at pick-up from school, but I make sure that when our children do have me they have my undivided attention. That we do something fun together.

You could say my hobby is farming. I’ve always been drawn to rare cattle breeds, but they make a terrible mess. There are often sheep in the next door field. I’ve delivered lambs, which is hard work but amazing. It’s not quite Clarkson’s Farm at home, but it’s not far off and it’s all the mayhem that goes with that. Which I love.

I’m quite practical. You have to be quite handy. I made my wife a table from a walnut tree that came down in my parents-in-law’s garden for her wedding present. It’s very simple, with a waxed finish suspended in a cradle made from oak.

How do I have the time? I work extremely hard during the week, but my weekends are non-negotiable unless it’s absolutely critical.

I will proactively dream up things that I’m going to do at the weekend to restore, refresh, and get perspective, because if you do this job seven days a week, you’ll go absolutely mad. Making toy boats with the children, messing about with a go-kart, refurbishing an old Land Rover, creating ‘rooms’ in the garden or delivering lambs is a little bit of a world away from what I do day-to-day. Just saying.

I hope I’ve developed a level of emotional intelligence that I’ve come to realise is especially valuable in our profession. If I have any particular strength in that area, I owe it to my brother who taught me what it is to communicate; to listen, to observe, and to understand in ways that have shaped who I am, both personally and professionally. And I consider that one of my greatest privileges.

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Pride Perspectives: ‘We need more queer managing partners’

Patrick McCann, former Linklaters director of learning and incoming CEO of the City of London Law Society, on being outed at work and why the legal community should stand by their trans and non-binary colleagues.

How easy did you find it to come out professionally? And what were the biggest barriers you had to overcome before you felt ready to come out at work?

I was out and proud in my last year at university. I ended up running the LGBT society, which turned out to be super-successful. I was advised by the brilliant Dean of Law to go back into the closet, so I did. Or I did in as much as ever I could.

A fellow trainee (a nasty fellow, who had been at the same uni) then outed me, I think in an attempt to derail my career, but it was essentially fine, although at least two of my bosses were uncomfortable with my queerness. My boyfriend at the time was diagnosed with AIDS and that was not something I cared to share.

The barriers to my coming out had to do with the perceived discomfort those in positions of influence may feel, and the harm that it would do to my progression. There was some truth in that.

What motivated you to actively use your voice to advocate for LGBTQ+ voices in the legal sector through initiatives you’ve been involved in, including The LLP [The LGBTQ+ Lawyers’ Programme, which was named LGBTQ+: Initiative of the Year at the Legal 500 UK ESG Awards]?

I’ve always been relatively active when I see things that don’t seem right – even at school. I try to better things. Therapy has recently revealed that the main driver for this is that the generation of gay men just ahead of me were decimated by AIDS. I saw many die – and I feel the need to honour them by being successful and helping others to be successful.

I am particularly interested in people getting into the profession and have had some wins in the field of social mobility, social welfare and LGBT work. I’m not sure why any of us are here, if not to help others.

Now I’ve become sufficiently aged – and financially solvent – I can be more outspoken about things. Most days someone contacts me privately to say that I am helping, and so I keep going. I believe LGBTQ+ people have a skillset, often hidden, gained by life experience, which can make them brilliant contributors.

How much obligation do you feel to be a role model within the industry? How helpful are role models in pushing change?

I feel some responsibility but mainly I do it because I think it’s the right thing to do – ethically, societally, mentally – and I am seeing some great, positive change through what people are doing. That in itself is a great reward and means I want to do more. I am a big believer in having role models – I can name a dozen without much effort who have inspired me. If I can do that for someone else, happy days.

What does the legal sector need to do better in order to include people from the LGBTQ+ community and provide support?

Actively reach out to recruit (I founded DiversCity, City Century and Queer City Law Career very much with this in mind). Bring queer people into work, be interested in us, promote us (especially into C-suite roles where we are noticeably absent) and support queer charities and the like.

In work, mentoring programmes and development programmes like The LLP help. Stay ahead of legal developments, reach out to impacted colleagues (trans and non-binary people in particular), enjoy difference, stay visible in your support.

What is the single biggest challenge still facing the LGBTQ+ community in City law? How can it be addressed?

Progression. I think we’re doing well in convincing emerging queer entrants to count themselves into our sector rather than out of it, and we see us do well up to the mid-levels, but we are less apparent in the senior ranks. In the 40 years I have been in and around London law, I have only seen a handful of queer managing partners. We need more Justin D’Agostinos and Clare Fieldings!

The LGBTQIA+ legal types I know are impactful, passionate, creative, empathetic, driven, personable – they have clear leadership qualities. I assess the legal scene to have some reticence about giving the really big jobs to us (although thank you to the City of London Law Society for taking me on).

The other massive challenge at the moment is the treatment of trans people – the impact I see on them from the current political and legal standpoint is devastating. The legal community could do much more to protect them.

For more, see ‘We’re all nervous right now’ – how a subdued Pride month got caught in the DEI backlash

More Pride Perspectives:

Clare Fielding: ‘I’m a reluctant activist – as a managing partner I have to be conscious of inclusion for everyone’

Daniel Winterfeldt: ‘We’ve helped move the UK legal sector from nowhere to a leader for LGBTQ+ inclusion’

Emma Woolcott: ‘We need a plurality of perspectives around the table when decisions are made’

Cai Cherry: ‘It’s easy to think something isn’t your problem – but equality is all of our problem’

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Trading places: Latham picks up M&A star in rare Wachtell departure

Latham & Watkins has made a major addition to its M&A practice in New York with the hire of Wachtell partner Zach Podolsky (pictured), marking a rare corporate exit from the elite Wall Street firm.

Podolsky is following his former Wachtell colleague John Sobolewski, who moved to Latham in February, joining as global head of liability management and vice chair of capital markets.

According to data provider MergerLinks, Podolsky was the second most active M&A partner in the US in 2024, leading on seven deals with a total value of almost $70bn. These included co-leading the teams advising ConocoPhillips on its $22.5bn acquisition of Marathon Oil (opposite Kirkland & Ellis), and Diamondback Energy on its $26bn acquisition of Endeavor Energy Partners (opposite Paul Weiss and Vinson & Elkins).

Latham chair Rich Trobman said in a statement: ‘We are focused on serving the needs of our deep and growing client base of public companies as they navigate an increasingly complex and competitive landscape, and Zach’s track record of managing sophisticated transactions further enhances our position as one of the world’s elite M&A firms.’

Elsewhere, Paul Hastings has continued its ambitious energy and infrastructure buildout with the hire of partner Christopher Richardson in Houston. Richardson spent the last year as chief executive and board member at climate technology company 8 Rivers Capital. Before that he spent six years at White & Case, including as head of the energy and infrastructure projects section for the Americas.

Richardson is the eighth energy and infrastructure partner Paul Hastings has recruited since April, following a series of hires from White & Case across Europe and the Middle East.

In the latest instance of partners departing firms to have done deals with US President Donald Trump, Cooley has picked up seven litigation partners from Willkie’s San Francisco office, including office managing partners Benedict Hur and Simona Agnolucci.

The other partners making the move are Joshua Anderson, Tiffany Lin, Jonathan Patchen, Michael Rome and Eduardo Santacana.

Willkie is one of a number of firms to have agreed a deal with Trump, pledging pro bono work for causes the administration supports in exchange for protection from punitive action against the firm.

The group’s move is further evidence of a pattern of litigators leaving firms that have done deals with Trump, including Cadwalader, where litigator Ellen Holloman has left the firm’s New York office for Kaplan Martin, the litigation boutique established in July 2024 by trial lawyer Roberta Kaplan.

Kaplan is well-known for her lead role on the landmark same-sex marriage case United States v Windsor, as well as representing columnist E. Jean Carroll in her defamation suit against Trump.

Holloman spent nearly eight years at Cadwalader as a partner, and her departure follows the exits of white-collar partners Phara Guberman and Kenneth Breen for Foley & Lardner last month.

Akin has made two hires from Mayer Brown in Chicago, bringing over M&A partner Joshua La Vigne and investment management partner Jessica Pan. Pan was a counsel at Mayer Brown, while La Vigne made partner there in January 2024.

The hires come just over a month after Akin brought over Mayer Brown global private funds and investment management practice co-lead Wendy Dodson Gallegos and infrastructure M&A partner Jason Wagenmaker, also in Chicago.

Finally, Fenwick & West has hired partner Jim Hauser into its executive compensation and employee benefits practice in Boston. Hauser joins from Silicon Valley-headquartered firm Gunderson Dettmer, where he spent ten years as a partner, including as co-head of the Boston executive compensation practice.

His hire sees Fenwick expand the Boston office it launched in April with its hire of IP partners Matthew Pavao, Heidi Erlacher and Chen Chen from Cooley.

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Shoosmiths pays out £3.5m in bonuses as firm breaks £1m PEP barrier for first time

Shoosmiths has broken through the £1m partner profits mark for the first time, with the firm paying out £3.5m in bonuses on the back of revenues rising to a new high.

Revenues increased by 5% to £217.2m during 2024-25, up from last year’s total of £206.7m, marking 10 years of consecutive growth for the national firm. 

Profit per equity partner, meanwhile jumped by 30% to £780,000 to just over £1m – the first time the firm has surpassed the million-pound milestone – on the back of a 16% increase in profits from £66m to £76.6m.

The firm has now seen PEP surge by 48% over the last two years, up from £676,000 in 2022-23.

In recognition of the strong performance, 1,300 staff members will receive a 5% salary bonus next month, meaning the firm has awarded around £3.5m from its bonus pool this year.

That bonus pool will be increased by a further £1m should staff hit a target of one million Microsoft Copilot prompts by the end of the 2025-26 financial year – a goal that will be reached if each member of staff uses the AI tool four times per day, according to the firm.

CEO David Jackson hailed what he described as an ‘amazing financial performance’.

‘We’ve been super clear about where we think we can add most value to our clients, and as a result they’ve trusted us with more of their business-critical work in those areas,’ he said.

Key recent mandates for the firm have included advising global construction chemicals company FOSROC on its $1.25bn sale to Saint-Gobain, acting for Hipgnosis Songs Fund on its $1.6bn takeover by Blackstone, and assisting Jaguar Land Rover on its £800m digital transformation programme with Tata Consultancy Services.

Shoosmiths also announced plans to downsize its offices in Nottingham and Milton Keynes, with staff in the two offices switching to smaller premises and a flexible working model as part of a cost-cutting drive.

The firm has pulled out of less profitable and non-core areas of work in recent years, divesting its business-to-business recoveries division last year and transferring its private client and family businesses to Rothley Law in 2023.

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Revolving Doors: Baker McKenzie picks up leading Latham funds partner as A&O Shearman departures continue

Baker McKenzie has hired investment funds partner Nick Benson into its London office from Latham & Watkins. A Legal 500 leading partner for private funds, Benson spent more than a decade at Latham after joining from Weil in 2014, and has expertise advising a wide range of clients on issues across fund formation and operations.

Global funds group co-chairs Laurent Fessmann and Karl Egbert said in a joint statement: ‘Nick Benson is a fantastic addition to our private funds formation global practice and to our transactional practice group at large. We are all thrilled to collaborate with him. His impressive experience advising sponsors and investors in the private equity fund and secondaries space will enhance our ability to meet our clients’ increasing needs for support with their complex, cross-border matters.’

Benson’s departure is the latest in a series of exits from Latham’s City office in the last year, with nine partners moving to Sidley Austin alone, including finance co-chair Tania Bedi in January and corporate co-chair David Stewart in April.

Baker McKenzie has also hired restructuring partner Kevin Heverin from A&O Shearman in London – another firm that has faced a notable number of exits in recent years, with financial services regulatory heavyweight Barnabas Reynolds leaving for Sullivan & Cromwell earlier this week.

Heverin joined then-Shearman & Sterling as a counsel in 2021 and made partner there in 2023. He brings experience in a range of cross-border and cross-sector restructurings, workouts, and debt financings. His role at Baker McKenzie will see him split his time between London and the Middle East.

Newly merged Herbert Smith Freehills Kramer has hired Alison Hardy to lead its London real estate disputes practice. A Legal 500 leading partner for property litigation, Hardy joins from Ashurst, where she spent seven years as a partner and headed the firm’s real estate disputes practice.

Greenberg Traurig has hired Chris Buck as a shareholder in its London private equity practice. Buck joins from European private investment firm Spheres, where he was general counsel and head of operations. He was previously a senior associate at Goodwin.

The firm has also built its employment benches with the hires of EY Law national employment law head Virginia Allen in London and Watson Farley & Williams partner Giuseppe Bulgarini d’Elci and his three-lawyer team in Milan. Allen joins as Greenberg’s UK employment practice head.

Irwin Mitchell has acquired immigration boutique Carter Thomas, bringing over a private client immigration team across Sheffield, London, Newcastle, and Manchester, including name partner and Legal 500 immigration Hall of Famer Nichola Carter, who established Carter Thomas in 2013 after leaving Penningtons Manches Cooper, where she was head of immigration.

Elsewhere, Osborne Clarke has picked up former A&O Shearman corporate partner Richard Porter. Previously a partner at legacy Shearman & Sterling in London, Porter moved to A&O Shearman’s Singapore office in May 2024 and left the firm in March. He joins Osborne Clarke as a partner in London.

DAC Beachcroft’s London disease team lead Barbara Goddard has left the firm for Clyde & Co, while Forsters has hired Shoosmiths partner Noel Ainsworth to establish a real estate funds practice.

Also expanding its real estate offering is Taylor Wessing, which has hired Winckworth Sherwood litigation and property dispute resolution head and Legal 500 property litigation leading partner Emma Chadwick as head of real estate disputes.

Squire Patton Boggs has hired construction disputes counsel Ciaran Williams from Vinson & Elkins as a partner in London, while Winston & Strawn has brought Cooley special counsel Yulia Makarova into its financial innovation and regulation practice as a partner.

Elsewhere, investment funds partner Carolyn Abram has left Morgan Lewis for Gibson Dunn in Dubai, Simmons & Simmons Singapore dispute resolution lead Mohammed Reza has moved to join local Withers affiliate Withers KattarWong, and EMEA life sciences co-head Frédéric Chevallier has left HSF Kramer for McDermott Will & Emery in Paris.

Finally in Sydney,  White & Case has hired IT and IP partner Nicholas Boyle from Bird & Bird, and Squire Patton Boggs has hired TikTok APAC and emerging markets product privacy lead Tanvi Mehta Krensel as a partner. Mehta Krensel spent just under two years at TikTok after leaving Allens as a managing associate in 2023.

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Browne Jacobson’s double-digit streak continues as firm hits new records for revenue and laterals

Browne Jacobson has posted its fourth consecutive year of double-digit growth, with revenues rising to a new record high of £137m.

The 16% hike from last year’s figure of £118m comes on the back of a run of similar increases in recent years, and means the firm has now seen revenue grow by 69% since 2020.

‘It has been a fantastic year,’ managing partner Richard Medd (pictured above) told LB. ‘The great thing is that it has been across all of our geographies, and the majority of our sectors. It sets us up really well for future growth and success.’

Medd, who has been managing partner at the firm since 2020, attributed the growth to the success of the firm’s strategy of ‘working with clients across the public and private sectors who are at the forefront of society’s biggest challenges’.

Last year Medd told LB that the firm wanted to be known as more than just ‘the public sector firm’, and while work for private sector clients is the area where the firm saw the most growth this year – with roles on deals such as Modella Capital’s acquisition of WHSmith’s high street retail division – he also pointed to notable growth across education, health and life sciences.

He added that work coming from panels is becoming ‘an increasingly significant part’ of the firm’s business, with recent wins including an appointment to the panel of Serco Group for its UK and European business.

As well as the revenue growth, the firm made 13 lateral partner hires in the last financial year – a firm record.  These include commercial and technology partners Rowan Armstrong and Alex Mason, who joined as part of a five-strong team from EY Law last May, and corporate partners Christian Farrow, Phil Pugh and Tom Saunderson, who joined the firm’s Cardiff office from Acuity Law.

Medd expects the figure of 13 to be broken again this year, with recruitment expected in the firm’s life sciences practice, described as ‘an area of key expansion’.

Andy Stephens, the firm’s chief financial officer, highlighted that alongside the partner hires, the firm added 286 new starters last year across its seven offices in the UK and Ireland. While the firm does not disclose profit per equity partner, Stephens added that he expected the firm’s profitability figures to ‘put a smile on his face’ when released after being fully audited.

The firm is also investing in tech, with Medd confirming pilots of CoCounsel, Legora, Harvey, Curvestone, and others. The firm’s longstanding commitment to social mobility – something Medd says is ‘hugely important to the firm’s people and clients’ – was also reaffirmed last year when it topped the 2024 Social Mobility Employer Index.

While not naming revenue targets, Medd is bullish for the firm’s future and said he sees ‘no reason’ why the firm’s four consecutive years of double-digit organic growth cannot continue.

‘In a world driven by growth through consolidation, acquisitions, mergers and private equity, that’s not our path. We’re building a loyal client base – deliberately and sustainably.’

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Trio of international firms hike salaries for newly-qualified lawyers

Ashurst, CMS and DLA Piper have all hiked pay for newly qualified (NQ) lawyers as the battle for junior talent continues to rage.

Ashurst has increased its NQ salary to £140,000, with DLA bumping rates up to £130,000 and CMS to £120,000.

Ashurst’s pay boost represents a 12% increase from the previous rate of £125,000. The increase means Ashurst’s NQ salary has risen by more than 60% in the last five years

In the process, Ashurst has leapfrogged Norton Rose Fulbright and Herbert Smith Freehills Kramer, both of which pay £135,000.

At £140,000, it is on par with Baker McKenzie, Hogan Lovells and Macfarlanes. Alongside Macfarlanes, Ashurst is now the highest paying UK firm outside of the Magic Circle, whose members all pay a rate of £150,000.

DLA’s increase to £130,000 represents an 18% increase from the previous rate of £110,000. The firm has also increased NQ pay by 9.3% to £82,000 in the firm’s six UK offices outside of London.

DLA UK managing partner Andrew Dyson said the increase reflects ‘a significant investment into our people in the UK.’

Elsewhere, CMS’s 9% hike to £120,000 equates to a £10,000 increase from its previous NQ rate of £110,000 and puts the firm level with Travers Smith and Simmons & Simmons.

Like DLA, the international firm has also increased its regional pay rates; NQs in Bristol now receive £76,500, and in Manchester, Sheffield, Liverpool, Edinburgh, Glasgow and Aberdeen the base rate has risen to £68,000.

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