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Paul Hastings is shutting up shop in Milan as its office head leaves for a US rival while K&L Gates has seen an exodus of partners in Australia.
Bruno Cova has been a corporate partner at Paul Hastings for over 14 years and currently chairs the firm’s operation in Milan. However, Cova is set to leave the firm for Studio Legale Delfino e Associati Willkie Farr & Gallagher. Though the hires have not yet been finalised, Cova is expected to join alongside litigation partner Francesca Petronio. Continue reading “Paul Hastings withdraws from Milan as K&L Gates loses eight-partner employment team in Australia”
The Competition Appeal Tribunal (CAT) has today (29 October) laid down a marker in the ongoing trucks cartel dispute, giving the go ahead for claimants to bring their case to court through litigation funding.
The truck cartel dispute concerns six of the world’s largest truck manufacturers facing collective action claims. The European Commission dealt a €2.9bn fine in July 2016 for price fixing, which led the way for compensation claims from those who purchased or leased trucks from 1997 onwards. Continue reading “CAT rules in favour of claimants and funders as trucks cartel dispute intensifies”
When I joined the UK Legal 500 a year ago, one of the main ambitions I set out was to improve diversity in our rankings and, in particular, the proportion of cited women. The reason was obvious – women are under-represented at senior levels in law firms and this has also historically been the case in many of our rankings.
Unconscious bias has long served as a barrier to entry for many talented female lawyers who were in many instances not being put forward for recognition, either by their firms or peers. However, with diversity increasingly on law firms’ agenda it was important for us to play our part by raising the profile of talented female lawyers who may otherwise have gone unmentioned in our research. Continue reading “Comment: Women in The Legal 500 – A step in the right direction but we need your help”
City lateral recruitment picked up pace again last week as DLA Piper won back a real estate partner from Proskauer Rose, Macfarlanes hired for its financial services team and Dentons strengthened its employment bench.
Joanne Owen rejoined her old firm DLA after a three and a half-year stint in Proskauer’s City corporate team, having previously worked at DLA for nearly 20 years. She advises on institutional and corporate property matters and cross-border corporate real estate transactions. She has acted for leading private equity houses, sovereign wealth funds and private high net worth investors. Continue reading “Revolving doors: DLA wins back Proskauer real estate partner as Macfarlanes and Dentons make City hires”
The University of Oxford has been awarded £213,000 to fund a study into the legal tech ecosystem as a trio of Magic Circle firms join Latham & Watkins in creating a financial data consortium.
The University of Oxford project – funded by the UK Government’s Economic and Social Research Council – will analyse the career trajectories and typical skillsets of start-up founders and law firm innovation leaders. The study will also assess the role of funders and buyers in the market, with such information crucial to start-ups chasing scale. Continue reading “Government backs University of Oxford legal tech research as Magic Circle trio form data consortium”
In what it hopes will signal a breakthrough for its US business, Freshfields Bruckhaus Deringer has secured the hire of a four-partner M&A team in Wall Street from Cleary Gottlieb Steen & Hamilton.
The hire of the team – led by prominent M&A veteran Ethan Klingsberg and including partners Meredith Kotler, Pamela Marcogliese and Paul Tiger – will be seen as a trophy acquisition for Freshfields’ US corporate offering, which has struggled to gain momentum in recent years. Continue reading “Freshfields secures trophy four-partner US deal team as debate over leadership continues”
Big Six energy company SSE is reviewing its legal panel for the first time since setting up its debut roster in 2014, while the general counsel (GC) of construction company Balfour Beatty has left after just six months.
SSE appointed Freshfields Bruckhaus Deringer, Addleshaw Goddard, CMS Cameron McKenna Nabarro Olswan, Osborne Clarke, Gillespie Macandrew, Thorntons and Kennedys to its inaugural panel five years ago, under the directorship of legal head Liz Tanner (pictured), who featured in this year’s GC Powerlist. Continue reading “In-house: SSE launches first panel review as Balfour Beatty GC departs after just six months”
On occasion, they let the head of Legal Business take a break from the glamorous job of proofing features to go meet and greet. One such occasion saw me last month pop along to a major UK firm’s partnership conference to provide the LB perspective on the funny old game we call law.
Below is an edited version of my notes, jotted down to help organise my thoughts in response to the outline questions ahead of the event. Obviously, I wasn’t reading my notes during a two-way discussion, so I often rambled on about other stuff – I vaguely recall a monologue about the ‘Napoleon phase’ of managing partners that go on too long before going crazy. But for LB readers, these notes represent a decent summary of our current view of the industry at a particularly turbulent moment. I’ve removed all identifying references to the firm generous enough to host me. Continue reading “‘Kirkland is a raw, Darwinian force’ – LB’s take on the pre-Brexit City law market”
The long-running saga around Slater and Gordon’s (S&G) invidious Quindell acquisition settled on the eve of trial this week for a slither of the initial claim.
A tough week for the national firm was then compounded by the closure of its Leeds office and consultation over a further closure at its Watford call centre. Continue reading “Slater and Gordon’s long-running £637m Quindell action settles for paltry sum as office closures continue”
City and US rivals in London have been continuing to ramp up lateral recruitment with Akin Gump Strauss Hauer & Feld adding its third private equity partner in the space of a month, Kirkland & Ellis hiring a tax partner from Linklaters and Bryan Cave Leighton Paisner (BCLP) strengthening its employment bench.
Akin Gump hired private equity partner Weyinmi Popo from Orrick, Herrington & Sutcliffe only a month after adding Shaun Lascelles and Simon Rootsey to the bench from Vinson & Elkins in late September. Continue reading “Revolving doors: Akin Gump hires Orrick private equity player as Kirkland revisits Linklaters for tax lateral”
Freshfields Bruckhaus Deringer has ushered in radical reforms to handling misbehaviour, including financial penalties, as the #MeToo fallout intensifies following former partner Ryan Beckwith’s prosecution for sexual misconduct.
The move sees a conduct committee established and new enforcement protocols which mean partners under internal investigation will receive a final warning about their behaviour and face an automatic fine equal to 20% of their profit share for 12 months. Continue reading “Tip of the iceberg: Beckwith prosecution sparks Freshfields misconduct and financial penalty clampdown”
Continuing the recent trend for high-value take-private deals, the £3.1bn buyout of UK cybersecurity company Sophos Group Plc has prompted lead mandates for Slaughter and May and Kirkland & Ellis as a transatlantic team from Fried, Frank, Harris, Shriver & Jacobson advised Permira on the €11bn final close of its seventh buyout fund.
Oil & gas deals have also kept City teams busy with White & Case, Freshfields Bruckhaus Deringer and Mayer Brown all fielding teams on lead mandates. Continue reading “Dealwatch: Kirkland and Slaughters lead on £3.1bn Sophos take-private as Fried Frank advises on €11bn Permira final close”
Walking trees. High-fives. A cinema. Virtual reality headsets. Arcade games. Disco balls. General counsel (GCs) dressed as Willy Wonka. Filing cabinet piñatas. T-shirts reading ‘no bullshit’ and nobody in a suit and tie.
Since its debut in 2016, legal tech community Legal Geek’s annual conference has grown dramatically from a respectable 500 attendees to more than 2,000 packing out a former brewery near London’s Brick Lane.
The event is the brainchild of Legal Geek founder and legal tech start-up community lynchpin Jimmy Vestbirk. He kicked proceedings off Wednesday (16 October) from the main stage, where it was standing-room only, by setting the tone for a different type of law conference: ‘Anyone who’s been here before knows we like to start by high-fiving the people around you.’
The eruption of high fives was followed by an invoking of the conference’s start-up roots, with Vestbirk adding: ‘Today is not about hierarchy. The legal profession is very hierarchical, but the student is as likely to change the profession as the managing partner.’
No managing partners were present to hear, however. The senior end of in-house was better represented, with figures such as Chris Fowler, technology GC for telecoms giant BT, and Panasonic’s associate GC for legal innovation Bea Miyamoto among the speakers. Thomson Reuters’ newly-recruited chief strategy officer Richard Punt also spoke, while New Law was represented by Daniel Reed, chief executive of US-based alternative legal services provider, UnitedLex.
A key point at this year’s conference was the need for in-house legal functions and private practice to get a grip on their data. ‘Most legal functions face increased demand and pressure to reduce cost,’ said EY Riverview Law chief executive Karl Chapman (pictured). ‘Legal cannot avoid the need to use the right data. A staggering amount of work legal teams are doing should not be in the legal function and not be done by lawyers.’
Anna Power, GC at American retailer Crabtree & Evelyn, reiterated the point: ‘Data can help demonstrate value and the need for something, but some of the metrics to get hold of that data are hard to find and it’s not clear how to do it.’
There was wide agreement among the speakers that compared to other professional services, legal is slow to make data and digital a pervasive force throughout the industry. Reed in particular took opportunity to stress the need for a digital revolution throughout Big Law, noting: ‘Digital fluency is a pre-requisite to a legal society moving forward. Law needs to get a grip on its data.’
Meanwhile, in a space awash with technology tools tailored to niche concerns, companies and firms were being encouraged to move towards broader platforms to address their needs. ‘We have too many pieces of tech that do not talk to one another,’ Fowler confessed. ‘This means manual processes are in play between them which increases points of failure. We need to move towards a platform environment.’
Likewise, others stressed that while finance had SAP and sales had Salesforce, legal is overdue an equivalent platform which permeates the work of a legal function. But technology providers are seemingly taking heed. When in January Thomson Reuters snapped up legal software provider HighQ, it was done so with a view towards integrating existing tools into the HighQ platform. This will include Thomson Reuters’ flagship contract tool Contract Express, which is now in the process of being integrated into HighQ alongside other products at the technology giant.
Punt, among others, warned that consolidation was inevitable in such a fragmented industry; an ominous message for the many nascent data extraction and contract tools with stands on the strip coined ‘Start-up Alley.’ Standing out among the new names were some of the longer-standing players, with Legatics, Orbital Witness and Avokka all returning to the circuit. Outside the alley, well-known names Luminance and Lexoo were also exhibited.
Echoing a theme of many speakers, Punt noted: ‘There will be consolidation because legal technology is an extraordinary fragmented industry, and that’s true of every part of the wider industry.’ Reed at UnitedLex noted the challenge for smaller players of achieving the scale to build credible business models: ‘Start-ups need to achieve scale quickly, otherwise they’ll remain a ripple forever and never be a current.’
The start-ups themselves had been decamped from the prime real estate next to the conference’s entrance they enjoyed last year, with the main sponsors Freshfields Bruckhaus Deringer, iManage, Barclays and Thomson Reuters dominating the conference space.
Some vendors felt Legal Geek’s burgeoning size – though a great sign for interest in the market – removed some of the event’s original intimacy and networking benefits. One company’s head of sales complained the turnout was fuelled by juniors being sent on intelligence missions, and the event lacked the juice – and buying power – brought by more senior figures.
Not all were worried. In his opening address Vestbirk lauded the fact attendees’ name tags did not reveal a person’s role within their company or firm, in the hope it would create a more egalitarian environment.
But undoubtedly the conspicuous absence was senior leadership figures from private practice. One sponsor told Legal Business they feared the event had become ‘the converted speaking to the converted’ while one company complained that the conference had become the same faces broadly saying the same things.
Nevertheless, Legal Geek has succeeded in creating one of the most diverse legal conferences in the area. A glance over the packed audience to the main stage revealed a diverse and energetic community from which legal’s monoculture could learn a great deal. But, despite its remarkable size, there remains swathes of the legal profession Legal Geek is unable to proselytize.
However, such challenges are arguably a product of Legal Geek’s success: with packed crowds and plenty of energy, attention in the event shows no signs of waning.
Click here to see Legal Business’s extended focus on the start-up community
Workspace provider WeWork has launched its first legal panel for the EMEA region with 11 firms for an initial two-year period. The panel includes Addleshaw Goddard, Bird & Bird, Bryan Cave Leighton Paisner, CMS Cameron McKenna Nabarro Olswang, DLA Piper, Eversheds Sutherland, Freshfields Bruckhaus Deringer, Hogan Lovells, McCann FitzGerald, Shoosmiths and Simmons & Simmons. The panel follows the appointment of Sarah Nelson Smith as its first regional GC, who joined from KFC, where she was European legal chief.
We go to press with Parliament and the courts locked in battle with the Government over threats to take the UK into a ‘no-deal’ exit from the European Union (EU). I’m not going to offer political predictions but we are clearly at the point where a disorderly exit from the EU is a very real prospect for the country and the profession. Continue reading “A no-deal outlook and the law – time for pragmatic pessimism”
Britain has developed an uncharacteristically laid-back attitude to constitutional change, with once-rare reforms to the UK’s ad hoc democratic settlement coming at a startling pace in recent years. The previous Labour administration ushered in varying degrees of devolution in Scotland and Wales, before in 2003 pulling the UK’s highest court out of the House of Lords and into the new Supreme Court (tacked on was reform of the Lord Chancellor’s historic role). The process of further EU integration under the Maastricht Treaty, not to mention Labour’s 1998 Human Rights Act, which gave domestic force to the European Convention on Human Rights, also had significant impact.
‘We’ve disrupted the market – everybody knows about us now,’ says Quinn Emanuel Urquhart & Sullivan London co-managing partner Ted Greeno of the US law firm’s inexorable rise in the City.
Continue reading “US entrants, boutiques and funding prompt evolution of disputes scene”
The crisis engulfing high-street retailers is showing few signs of abating. May saw the public collapse of almost the entirety of Jamie Oliver’s restaurant eateries and, in June, retail tycoon Philip Green’s Arcadia empire narrowly avoided bankruptcy with a rescue deal severing some 50 clothing stores. Continue reading “Under pressure”
2018 was a good year for Indian entrepreneurs. The world’s third-largest start-up ecosystem saw its base expand by 12-15% and investor funding grow by 108% year-on-year, as well as a rise in late-stage funding, according to a 2018 report by industry association NASSCOM and consultants Zinnov. This boom was last year enough to hand unicorn status – valuations on young tech companies of more than $1bn – to more than eight Indian companies. Continue reading “Reaping what you sow”