Revolving doors: Akin Gump hires Orrick private equity player as Kirkland revisits Linklaters for tax lateral

Kim Koopersmith

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”

Tip of the iceberg: Beckwith prosecution sparks Freshfields misconduct and financial penalty clampdown

Freshfields Bruckhaus Deringer

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”

Dealwatch: Kirkland and Slaughters lead on £3.1bn Sophos take-private as Fried Frank advises on €11bn Permira final close

Slaughter and May office

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”

Conference Sketch – Thousands flock to law tech showcase but echo chamber concerns creep in

Karl Chapman

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.

[email protected]

Click here to see Legal Business’s extended focus on the start-up community

Significant matters – Autumn 2019

WeWork picks 11 firms for first EMEA panel

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.

Continue reading “Significant matters – Autumn 2019”

A no-deal outlook and the law – time for pragmatic pessimism

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”

Brexit v Dicey

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.

Continue reading “Brexit v Dicey”

Under pressure

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”

Reaping what you sow

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”

Dealing with no deal

Simon Davis has had quite a start to his one-year term as the 175th president of the Law Society of England and Wales. Taking office just a few weeks before Boris Johnson was appointed prime minister in July, the Clifford Chance (CC) litigation partner faced the reality of a nation that was heading for a cliff-edge exit from the EU, with major potential disruption for its legal industry.
Continue reading “Dealing with no deal”

#MeToo: DLA Silicon Valley co-head forced out following sexual assault allegations

Silicon Valley

The co-managing partner of DLA Piper’s Silicon Valley office has been let go by the firm following accusations of sexual assault by a fellow partner.

In an open letter published earlier this month (2 October), DLA partner Vanina Guerrero alleged that fellow partner Louis Lehot sexually assaulted her multiple times after recruiting her to the firm in September 2018. Lehot was the firm’s co-managing partner of its Silicon Valley office and co-chair of its emerging growth and venture capital practice, with Guerrero detailing four alleged assaults in Shanghai, Brazil, Chicago and Palo Alto. Continue reading “#MeToo: DLA Silicon Valley co-head forced out following sexual assault allegations”

Adoption is accelerating: legal tech start-up investment more than doubles to £61m in 2018

Jim Leason

Cash flowing into UK legal tech start-ups rose to £61m in 2018, a considerable increase on the previous year’s £22m, according to a Thomson Reuters report published today (16 October).

Over a five-year period the increase is even more drastic, with just £1.5m invested into legal tech companies in 2014 according to the report, created in collaboration with legal technology community Legal Geek. Moreover, the cash influx shows no signs of abating, with 2019’s investment already standing at £62m. Continue reading “Adoption is accelerating: legal tech start-up investment more than doubles to £61m in 2018”

A&O’s transatlantic woes continue as New York leveraged finance pair quit for Shearman

New York City, US, cityscape

Allen & Overy (A&O) has suffered a fresh blow to its transatlantic aspirations following its failed US merger as two key leveraged finance partners depart for Shearman & Sterling.

Alan Rockwell and Michael Chernick are leaving A&O’s New York office for the US firm just a month after A&O lost well-respected London corporate partners Simon Toms and George Knighton to Skadden, Arps, Slate, Meagher & Flom. That blow came only 10 days after the Magic Circle firm’s long-winded merger talks with O’Melveny & Meyers came to nothing and was widely viewed as collateral damage from the failed tie-up. Continue reading “A&O’s transatlantic woes continue as New York leveraged finance pair quit for Shearman”

Revolving doors: Former Quinn white collar head sets up City boutique as Shearman and HFW make Paris corporate plays

Paris

Quinn Emanuel Urquhart & Sullivan’s former white-collar crime and corporate investigations head in London Robert Amaee has launched a boutique – Amaee Law – in what has been a muted week for City laterals.

Elsewhere, firms have bolstered their European offices with Shearman & Sterling and HFW hiring corporate partners in Paris and Watson Farley & Williams adding to its employment bench in Munich. Continue reading “Revolving doors: Former Quinn white collar head sets up City boutique as Shearman and HFW make Paris corporate plays”

Editor’s Letter

It’s been nearly three years since GC magazine last examined the state of diversity and inclusion within the legal sector of the US. And since
that time, it’s fair to say that a lot has happened!

In the wake of the #MeToo movement, which in late 2017 mushroomed from a social media hashtag into a global phenomenon – one which has irrevocably transformed the film industry and the treatment of its staff – corporate America has found itself on the back foot as a renewed spirit of protest has captured the hearts and minds of the wider population.

In the current political climate, that in and of itself may not be surprising. But the prominence of the underlying diversity and inclusion issues has proved powerful. Google employees across the globe walked out in protest at what they characterized as the company’s culture of ‘sexual harassment discrimination and systemic racism’, utilizing the power of social media to spread their message and tell their stories.

Another company that bore the brunt of social media-fueled outrage was Starbucks, after two African American men were arrested in one of its Philadelphia stores, seemingly for just being there. The powerful eyewitness footage, which went viral online, prompted a public apology from the company’s CEO and a complete rethink of just how Starbucks trains its staff members to be more inclusive and recognize diversity – something we discuss with general counsel Rachel Gonzalez inside this issue.

Perhaps most importantly, such incidents highlight the fact that no matter how diverse a community or a company might be, there remains a compelling need and opportunity for corporations to help make both public spaces and workplaces not just diverse, but welcoming and inclusive for all.

But while it would be all too easy to focus on the negatives, once again GC has found that the legal arm of many corporations, fed and supported by the broader legal profession, is an enthusiastic participant in that collective project.

Consider Michael Wasser, assistant corporation counsel at the New York City Law Department. He shared with us his story of how his own battle with muscular dystrophy and the need for him to advocate for himself from early on in his life not only drove him to become a lawyer, but one willing to champion the cause for inclusiveness within the legal profession for other attorneys with a disability – visible or otherwise.

Or there’s the story of Kimberley Harris, general counsel of NBCUniversal, who has taken up the mantle of improving diversity – a real challenge during a period when the microscope is truly on anyone involved within the entertainment industry.

In the pages that follow, it’s abundantly evident that while diversity and inclusion will continue to be an ongoing issue – both for the legal sector and corporate Americas as a whole – the progress being made, and the increasing awareness underpinning that progress, gives rise to the belief that change is not just possible, but achievable. And if the examples featured throughout this report are anything to go by, lawyers – whether in-house, private practice or otherwise – are in a prime position to continue to be agents of agent.

Finally, I would be remiss to not thank our partners on this project, Weil, Gotshal & Manges LLP. Their input throughout the lengthy process of identifying the thought leaders, diversity and inclusion champions, as well as providing a private practice perspective on the issues discussed has been invaluable – and without that, none of this would have been possible.

alex speirs

Editor-in-Chief – GC magazine
[email protected]

Riverview Law and Pangea3 brands to be dropped following EY acquisition

EY London

Big Four accountancy firm EY is finalising the combination of its two high-profile acquisitions, Riverview Law and Pangea3, into one managed services business under the EY Law brand.

The rebranding means that both Riverview and Pangea3, acquired over the last year, will be absorbed into EY Law’s global managed services delivery, while also keeping an onshore presence through Riverview’s office in Wirral. Continue reading “Riverview Law and Pangea3 brands to be dropped following EY acquisition”

White & Case’s City partner promotions drop to three in shift from NYLon focus amid 45-strong round

Oliver Brettle

In an unusual move, White & Case has largely overlooked London in its latest partnership promotions as the firm minted only three in the City as part of its largest ever round.

The firm announced today (11 October) that as of January 2020 it will promote 45 of its lawyers to partner, four more than last year, but promotions in the City dropped by ten from 13 in the previous round. Continue reading “White & Case’s City partner promotions drop to three in shift from NYLon focus amid 45-strong round”

Foreword

In my 35 years of practice at Weil, I have seen the significant evolution of diversity and inclusion within the legal marketplace. Commitment to the recruitment, retention and advancement of diverse talent has been a pillar of Weil’s culture since our inception. In fact, Weil senior partner Ira Millstein chaired the New York City Bar committee that first looked closely at diversity in the profession and steered Weil toward the adoption of its first diversity policy, which then served as a model for the City Bar. This was game-changing for its time. And, in my tenure at the firm, there have been myriad other examples of how we all, as lawyers, have evolved to better think about and appreciate the vital importance of diversity and inclusion, and how we have formalized our efforts to effect lasting change.

That said, I know more than ever how much ground the legal industry still has to cover in becoming sufficiently diverse and inclusive as a profession. Like all our peers in the industry, we have been disappointed at both the pace of change and the continued lack of diversity in the legal profession, especially within the partnership ranks in private practice and across the highest levels of management and decision-making.

All of you in the in-house community have been great role models for those of us within law firms to follow. As a result of your many great examples, we at Weil have instituted a host of consciousness-raising initiatives, mentorship and sponsorship programs, and accountability measures to move from simply talking change to creating change. I have personally been involved for many years in an important one at Weil – the mentoring circles that we have organized for both our female lawyers and our lawyers of color. It has been indescribably powerful to hear first-hand the personal experiences of these lawyers and realize the many challenges they still face day-to-day in the workplace. As leaders, we need to be directly involved in these efforts for them to be successful. The more and varied the sponsorship at the senior management level the better.

To create greater accountability surrounding diversity and inclusion, we have also begun the process of giving our partners who are management committee members, practice or office leaders report cards related to how diverse their teams are. In talking with these leaders, I can say that creating awareness and measurable goals around these efforts has been invaluable.

In reading through the wonderful array of in-house profiles in this issue, I can say that you all – our peers colleagues and clients – face the same difficult questions that we do. I am inspired to hear about the ways that your companies are looking to the future and making your workplaces more diverse and inclusive. We look to a continued partnership in these efforts.

Barry Wolf

Executive Partner

Weil, Gotshal & Manges LLP