Sidley Austin’s City base grew by less than 1% and missed expectations it would turn a profit in 2019, as the firm’s global growth also slowed.
The Chicago-bred firm reported yesterday (4 March) revenue of £98.1m for its City base compared to £97.5m the previous year, despite a 6% increase in its London lawyer headcount to 153. Continue reading “‘Natural attrition’: Sidley’s London growth grinds to virtual halt as global revenue nears $2.4bn”
Knights has made its largest splash to date, taking £28.6m out of its war chest to acquire two more regional firms, while also launching a £20m share placement towards funding the deals.
The listed firm has agreed to acquire Leeds-based outfit Shulmans for approximately £20.1m and south east firm ASB Law in a deal worth up to £8.5m. The respective acquisitions will see a total of 219 fee earners decamp to Knights upon completion. Continue reading “Knights puts hand in pocket again for £28.6m double acquisition”
The coronavirus epidemic has spread to Austria and hit one of Central Europe’s most prominent law firms, with a partner at Wolf Theiss hospitalised in serious condition and three more employees testing positive to Covid-19.
A spokesperson for Wolf Theiss confirmed that on Thursday last week (27 February) it learned one of its partners had contracted the virus. The firm began testing all its Vienna staff within 24 hours, with more than 200 employees tested on Friday and another 80 on Monday. Three tested positive. Continue reading “Coronavirus hits Central Europe as Wolf Theiss partner hospitalised and three staff test positive”
Freshfields Bruckhaus Deringer has built on the momentum of its recent Manhattan hiring spree with the addition of tax partner Lori Goodman from Latham & Watkins.
The move is another boon for the City giant’s lofty US aspirations after the much vaunted acquisition last October of a four-partner Cleary Gottlieb Steen & Hamilton team, led by prominent M&A veteran Ethan Klingsberg. Continue reading “‘Smarts and experience’: Freshfields adds more NY firepower with Latham tax hire”
Ashurst has fired up its corporate hiring drive by adding a second corporate partner in as many days in the form of high-growth and tech lawyer Jonathan Cohen from Clyde & Co.
The London hire comes hot on the heels of yesterday’s recruitment of Fabio Niccoli from CDP Equity, where he was general counsel, to lead the firm’s private equity offering in Milan. Continue reading “Ashurst ramps up corporate investment with City tech partner and Milan PE head”
Retailer Dixons Carphone has added four firms to a revised legal roster, with DWF, RPC, Bristows and Carson McDowell winning spots.
The panel will run for four years following the expiration of its previous arrangement in March, which was the result of a 2016 review. The new additions join ten firms Dixons Carphone has kept panel relationships with, including Addleshaw Goddard, Clyde & Co, DAC Beachcroft, DLA Piper, Doyle Clayton, Fieldfisher, Freshfields Bruckhaus Deringer, Pinsent Masons, Shoosmiths, and Worthingtons. Continue reading “In-house: RPC and DWF among four new firms on Dixons Carphone’s expanded roster”
Global revenue at Shearman & Sterling barely grew last year as the firm marginally improved its key metrics while not revealing London results.
Turnover hit $968m at the New York-headquartered firm, a 1% increase on last year’s $955.5m. Profit per equity partner (PEP) was up just under 3% to $2.46m from $2.4m while revenue per lawyer was up almost 5% to $1.13m. Continue reading “Shearman & Sterling quiet on London amid muted 1% global revenue growth”
US players dominated the City recruitment drive last week as White & Case appointed a partner to its global tax practice, McDermott Will & Emery hired another Hogan Lovells partner and DLA Piper’s UK tax head rejoined Greenberg Traurig.
White & Case added Sidley Austin partner Will Smith to its global tax practice in London. Smith advises on international and UK tax matters particularly on tax aspects of cross-border investments, the setting-up of acquisitions, financing structures, real estate deals, M&A transactions and group reorganisations. Continue reading “Revolving doors: White & Case appoints Sidley tax lawyer as McDermott returns to Hogan Lovells for corporate partner”
Fears around the spreading coronavirus have yet again affected the business of law, as the world’s second-highest grossing firm Latham & Watkins called off its annual global partnership meeting in New York citing safety concerns.
Meanwhile Baker McKenzie has re-opened its London office today (2 March) after an employee taken ill with suspected symptoms last week tested negative to the COVID-19. Continue reading “Coronavirus fallout continues as Latham suspends NY partner conference while Bakers re-opens London branch”
After a hard-fought election which saw four vie for leadership, the Allen & Overy (A&O) partnership has thrown its weight behind Gareth Price as its new managing partner.
The global head of both the projects and energy group, Price joins Wim Dejonghe, who was earlier this week re-elected to a second stint as senior partner, to complete the City giant’s leadership. Continue reading “Seward misses out as A&O names its Price for managing partner successor”
Baker McKenzie has shut its London office as a precaution after a member of staff was taken ill with suspected coronavirus.
First reported in RollonFriday, the firm shut its 100 New Bridge Street office on Thursday afternoon, with the 1,000-strong workforce, including 119 partners, sent home. Continue reading “Baker McKenzie shuts London office amid Coronavirus fears”
The Serious Fraud Office (SFO) is facing criticism after suffering another high-profile defeat in its only financial crisis prosecution after three former Barclays bankers were today (28 February) acquitted of fraud.
Barclays’ ex-investment banking chief, Roger Jenkins, its ex-European financial institutions head, Richard Boath and the former head of its wealth division, Thomas Kalaris, were all accused of creating fraudulent advisory services agreements as a means to disguise payments worth £322m to Qatar. Continue reading “‘This raises serious questions’: More SFO failure as former Barclays execs escape fraud convictions”
Kirkland & Ellis has this week won roles advising on one of the largest European private equity transactions since the financial crisis and the UK’s largest-ever private real estate transaction.
Kirkland advised private equity houses Advent International, Cinven and the RAG foundation in their €17.2bn acquisition of Thyssenkrupp’s elevator business and acted for Blackstone in its $4.7bn purchase of iQ Student Accommodation. Continue reading “Dealwatch: Kirkland lift first Cinven mandate since Maguire hire as Links, Gowling and Jones Day bed roles in week of PE records”
Reed Smith produced a comparatively muted showing in the City last year, with global revenues seeing the more meaningful gains.
London saw revenue creep up 3.3% from $208.2m to $215m as global turnover almost doubled the City’s growth rate with an increase of 6% to $1.247bn, compared to 5% growth last year. Firmwide profit per equity partner was up almost 5%, reaching $1.32m compared to $1.26m last year. Continue reading “Steady global growth for Reed Smith outpaces a subdued year in the City”
Controversial plans for building a third runway at Heathrow Airport run the risk of being abandoned after campaigners led by Leigh Day proved victorious in the Court of Appeal today (27 February).
The case involved five separate claims against the Secretary of State for Transport, who had been pursuing the policy of creating an invidious third runway at Heathrow Airport. However, the policy was deemed unlawful following a successful appeal which rested on novel arguments around the runway’s potential impact on climate change. Continue reading “Climate change trumps arguments as Leigh Day halts Heathrow’s third runway”
Kennedys has become the latest firm to spin off part of its services offering and open up to external investment in a bid to rapidly scale across the globe.
The firm has today (26 February) launched Kennedys IQ, a technology and software services business owned by, but separate to, the LLP partnership. This brings together a decade’s worth of technology and data initiatives, such as its personal injury claims ‘virtual lawyer’ KLAiM, onto a platform it sells to clients. Continue reading “‘Doesn’t fit a law firm’: Kennedys looks to prove smarts with IQ technology arm spin-off”
Former Freshfields Bruckhaus Deringer partner Ryan Beckwith has filed a High Court appeal against the Solicitors Disciplinary Tribunal’s (SDT) finding against him in a case of sexual misconduct.
The appeal follows last October’s high-profile judgment that Beckwith knew or ought to have known that the junior member of staff he had sexual activity with was intoxicated and her judgement impaired and that he knew or ought to have known that his conduct was inappropriate. Continue reading “Beckwith takes SDT misconduct decision to High Court appeal”
London outpaced global growth at Milbank following a quieter year for standout laterals, as US outfits continue to post impressive results in the City.
Milbank’s London revenue reached $171.2m in the last financial year, an increase of 10% on $156m in 2018. Continue reading “Milbank’s City revenue outstrips global growth as Mayer Brown nears $1.5bn global turnover”
Latham & Watkins has reported its second consecutive year of double-digit growth as its revenue surged to $3.768bn in 2019 while profits per equity partner (PEP) hit $3.78m.
The results announced today (26 February) mean the Los Angeles-bred giant has improved its performance for the fourth year in a row, with the 9.5% surge in PEP outpacing the 6% increase achieved in 2018. Continue reading “Latham rampant for second year running as surging City growth helps revenue hit $3.7bn”
Diversity and inclusion initiatives have risen in prominence across the business world in recent years. They stem from core business goals – not abstract social objectives – and are publicly embraced and supported by leadership at the highest levels. Law firms around the world have long recognised the need to invest in diversity and inclusion programmes that further commitment to these ideals, but industry progress has been modest.
At Willkie, we believe everyone benefits from a diverse and inclusive workplace in which all personnel are treated with courtesy, dignity, and respect. The confluence of people of different gender identities, races, cultures, religions, beliefs, and sexual orientations across the firm yields a stronger team that is more adept at creative problem-solving on behalf of our clients. In fact, Willkie’s first female associate, Mary MacDonagh, was hired in 1939, which was extremely rare at the time. We have always known our most valuable asset is our people.
We are committed to continuing to enhance diversity and inclusion on a long-term basis, including in our leadership ranks. Currently, two women and one diverse partner are on our firm’s management committee. Seven women and five diverse partners serve as department or practice group chairs or co-chairs, five women and three diverse partners or counsel lead firm committees, and three diverse partners and two women serve as office managing partners. Of the US-based attorneys elected to the partnership this past year, 45% are women and 36% are diverse. The firm’s head of our Latin America Practice Group, Maria-Leticia Ossa Daza, who is profiled in this issue, has done a tremendous amount to support these efforts by actively supporting and mentoring other women at Willkie and across the industry. She leads our firm’s Latinx Affinity Group and regularly speaks about diversity at industry conferences in Latin America and the US.
As companies around the world have implemented comprehensive diversity programmes, law firms have welcomed the opportunity to partner with clients in these efforts. At Willkie, we regularly collaborate with clients on initiatives to further diversity and inclusion, including educational seminars, conferences and roundtable panels, and pro bono and mentorship programmes. Diversity also plays a major role in the success of our Latin America Practice Group, made up of lawyers from Brazil, Mexico, Colombia, Chile and Uruguay. This diversity enriches our practice and client relationships across Latin America, and our firm generally.
On a firm-wide level, embracing diversity and inclusion is critical to our overall success. We recognise that there is still much more to do at Willkie and across the legal industry. Diversity and inclusion will remain core to the values of the firm. We look forward to continuing our work, in conjunction with our colleagues and clients, of cultivating an environment that is diverse and inclusive at all levels.
Steven Gartner Chairman Willkie Farr & Gallagher LLP
