Page 180 – Legal Business

24 July 2019

Addleshaws exceeds wildest five-year revenue dreams with 14% bump to £275m for 2018/19

Addleshaw Goddard managing partner John Joyce ‘would never have dreamed’ the firm would grow by more than 60% since his appointment in 2014.

But despite that strong growth trajectory, as well as profit per equity partner (PEP) growth of 89% and a £90m improvement in its cash position to £59m of reserves since the 2013/14 financial year, Joyce (pictured) said the plan is simply to ‘press on’. Continue reading “Addleshaws exceeds wildest five-year revenue dreams with 14% bump to £275m for 2018/19”

24 July 2019

‘Last year wasn’t a blip’: Shoosmiths revenue rises 7% as profit growth slows

Shoosmiths believes it is still on target to hit £200m in revenue after a steady financial year which saw modest growth and steady profit per equity partner (PEP) results after an 18% surge last year to £434,000.

The results today (24 July) showed a 7% increase in turnover to £137.6m, while net profit was up 6% to £37.9m, a significant slowdown on last year’s 22% growth. PEP was almost flat, edging up 2% to £441,000, but the result comes after an impressive hike in the metric last year. Continue reading “‘Last year wasn’t a blip’: Shoosmiths revenue rises 7% as profit growth slows”

24 July 2019

HFW ramps up litigation prospects with £25m funding deal and analytics partnership

HFW has scored a litigation ‘win-win’ after adding both a £25m litigation funding deal and a litigation analytics partnership to its practice.

The firm announced today it was partnering with both litigation start-up Solomonic, which launched commercially at the start of the year and uses court data for predictions and case research, and with litigation funder Augusta Ventures. Continue reading “HFW ramps up litigation prospects with £25m funding deal and analytics partnership”

23 July 2019

Former Travers managing partner Lilley joins Deloitte Legal as employment head

Big Four accountancy firm Deloitte has bulked up its UK legal bench by hiring Andrew Lilley, the former managing partner of Travers Smith, to spearhead its employment practice.

Lilley will now focus on building the firm’s employment presence in the UK, as Deloitte joins its Big Four counterparts in further expanding its domestic legal capability. Lilley joins alongside Squire Patton Boggs employment partner Liz Pierson. Continue reading “Former Travers managing partner Lilley joins Deloitte Legal as employment head”

23 July 2019

‘An incredible opportunity’: DWF flexes New Law arm with BT managed services contract

DWF has landed its first major post-IPO client win after securing a five-year managed legal services mandate for BT’s insurance and real estate work.

Up to 40 lawyers from BT’s in-house legal team of nearly 400 staff could transfer from BT to DWF by the end of this year as part of the deal, which saw DWF chosen ahead of 25 other providers following a year-long process. Continue reading “‘An incredible opportunity’: DWF flexes New Law arm with BT managed services contract”

23 July 2019

Simmons gets on the legal technology and data Wavelength with start-up acquisition

Simmons & Simmons has made a rare acquisition in the form of legal engineering start-up Wavelength for an undisclosed sum.

Wavelength – which claims to be the first Solicitors’ Regulatory Authority-regulated legal engineering business in the world – uses data science, technology and design to assist on projects in the legal industry. The acquisition will see Simmons look to expose the London and Cambridge-based team to its client base. Continue reading “Simmons gets on the legal technology and data Wavelength with start-up acquisition”

22 July 2019

Revolving doors: City move for Weil as HSF adds duo in South Africa

In a quiet week for lateral recruitment, Weil, Gotshal & Manges hired from Ashurst in the City as other firms made notable moves further abroad.

In London, Weil expanded its banking and finance practice with the hire of Paul Stewart, currently at Ashurst. Stewart has experience in domestic and international finance transactions as well as leveraged acquisition finance and debt restructuring. Continue reading “Revolving doors: City move for Weil as HSF adds duo in South Africa”

22 July 2019

Spin-offs likely as Mishcon ‘considering all options’ for a capital raise

Mishcon de Reya is considering options for raising capital in a bid to fund its ‘ambitious plans’ for growth, including a possible initial public offering (IPO).

Sky News reported on Saturday (20 July) the firm is looking to either list on the stock exchange or sell a stake to a private equity investor to raise capital. Continue reading “Spin-offs likely as Mishcon ‘considering all options’ for a capital raise”

21 July 2019

A long-time coming: Shepherd and Wedderburn lands in Dublin amid Brexit uncertainty

Shepherd and Wedderburn has become the latest firm to set up shop in the Republic of Ireland in response to Brexit.

The new office, announced today (22 July), has been launched in a bid to protect European client business and will be led by Paul Carlyle (pictured), the Scottish-headquartered firm’s head of media and technology, alongside media and technology partner Joanna Boag-Thomson and Gordon Downie, head of regulation and markets. Continue reading “A long-time coming: Shepherd and Wedderburn lands in Dublin amid Brexit uncertainty”

19 July 2019

Dealwatch: Kirkland and CMS drink in $3bn pub group takeover as Slaughters and Latham analyse Moody’s disposal

In the customary rush to get deals over the line before the summer lull, the City and US elite have this week lined up on big-ticket transactions including the sale of Moody’s Analytics to Equistone and Slug & Lettuce owner Stonegate’s $3bn acquisition of pub company Ei Group (EIG).

Kirkland & Ellis fielded a team led by corporate partners David Holdsworth and Stuart Boyd to advise buyer Stonegate as it acquired EIG, the largest owner of pubs in the UK. Stonegate, which was formed when funds managed by private equity group TDR acquired 333 managed pubs from Mitchells & Butler, also owns high street brands including Walkabout and Yates. Continue reading “Dealwatch: Kirkland and CMS drink in $3bn pub group takeover as Slaughters and Latham analyse Moody’s disposal”

19 July 2019

Two Clydes lawyers suspended for alleged financial breaches

Clyde & Co has suspended two lawyers, including a partner, while alleged breaches of accounting rules are investigated.

The firm said today it had recently referred two lawyers to the Solicitors Regulatory Authority (SRA) regarding alleged breaches of obligations in the SRA handbook, including its Code of Conduct and the Accounts Rules. Continue reading “Two Clydes lawyers suspended for alleged financial breaches”

18 July 2019

Death and taxes: UK legal and accountancy firms hand over £19bn to the public purse

The legal and accounting sectors contributed an eye-catching £19.1bn in tax to the UK economy in 2018, suggests a new report from lobby group TheCityUK.

The report published today (18 July) estimates the figure to be a 6.8% increase since 2016, with law and accountancy firms’ business models resulting in a higher tax contribution compared to their corporate counterparts. Firms’ employment taxes made up the lion’s share of the payments, measuring at £7.4bn, with partnerships providing a boon to the public finances. Continue reading “Death and taxes: UK legal and accountancy firms hand over £19bn to the public purse”

18 July 2019

Thomson Reuters makes ‘transformational’ HighQ acquisition as ContractPodAi raises $55m

Thomson Reuters has snapped up legal software provider HighQ, making good on plans to bolster its cloud-based software products after selling its legal managed services arm, Pangea3, to EY.

Thomson Reuters’ president and chief executive Jim Smith said the firm plans to integrate London-based HighQ with its own information services, enabling it to sell the product to ‘thousands’ of large and medium-sized law firms and corporate legal departments. Continue reading “Thomson Reuters makes ‘transformational’ HighQ acquisition as ContractPodAi raises $55m”

17 July 2019

Baker McKenzie steps up to associate pay war with 20% NQ salary uplift

Baker McKenzie has become the latest law firm to put its newly-qualified (NQ) solicitors in line for a six-digit pay package with an eye-catching 23% increase to its starting rates.

The firm announced today (17 July) it is raising its basic NQ package from £77,000 to a minimum of £95,000, with performance-related bonuses bringing earnings to over £100,000. Continue reading “Baker McKenzie steps up to associate pay war with 20% NQ salary uplift”

17 July 2019

Paul Hastings targets private equity again with Hogan Lovells trio

Paul Hastings has made a significant private equity play at the expense of Hogan Lovells, hiring a three-partner transatlantic team.

Ed Harris – who led Hogan Lovell’s private equity practice in the City – joins alongside Leanne Moezi in London, while Virginia-based partner Adam Brown joins Paul Hastings’ Washington office. Continue reading “Paul Hastings targets private equity again with Hogan Lovells trio”

17 July 2019

TLT banks 7% revenue lift as £500k experimentation fund beds in

TLT has its sights on the £100m revenue barrier after adding nearly 50% to its top line over the last five years and having ring-fenced £500,000 to invest in enhancing its offering.

The Bristol-based LB100 firm said today (17 July) its revenue for the 2018/19 financial year was up 7% to £87.6m. That is 48% higher than in 2014 and more than double its 2012 turnover. The firm does not announce an unaudited profit figure but it is expected to have similarly grown: last year, profit rose 22% to £23.4m. Continue reading “TLT banks 7% revenue lift as £500k experimentation fund beds in”

16 July 2019

Gateley clears £100m ‘psychological barrier’ as incoming CEO pledges more of the same

The incoming chief executive of the UK’s first listed law firm, Gateley, says he reflects a ‘comforting continuance’ of the strategy which has seen the firm grow to more than £100m in revenue and nearly 1,000 staff.

Gateley today (16 July) confirmed earlier guidance its revenue had surpassed £100m by reporting a 20% increase in turnover to £103.5m in the year to 30 April 2019, up an impressive 67% from when it listed in 2015. Profit after tax lifted 11% to £13m, as fee-earner headcount rose 20% to 610. Continue reading “Gateley clears £100m ‘psychological barrier’ as incoming CEO pledges more of the same”

16 July 2019

Italian job: HSF hires two partners from Paul Hastings in Milan energy drive

Herbert Smith Freehills (HSF) has hired a six-strong energy and infrastructure team from Paul Hastings, with two partners and four associates joining the Anglo-Australian firm in Milan.

Lorenzo Parola will decamp Paul Hastings, where he chaired the firm’s EU energy and infrastructure practice, and is joined by Milan-based partner Francesca Morra. Parola focuses on energy projects development, while Morra has experience on energy regulation and competition law. Continue reading “Italian job: HSF hires two partners from Paul Hastings in Milan energy drive”

15 July 2019

Revolving doors: Baker McKenzie expands £40m City tax practice as Eversheds makes multiple hires

In a muted week for lateral recruitment, Baker McKenzie and Eversheds Sutherland made hires in the City, while Eversheds also grew on the continent.

Baker McKenzie hired tax partner Prabhu Narasimhan to its London office. Narasimhan joins from White & Case and has experience in advising and delivering cross-border mandates, acting for corporate, private equity and family office clients globally. Continue reading “Revolving doors: Baker McKenzie expands £40m City tax practice as Eversheds makes multiple hires”

12 July 2019

Change was necessary: Ashurst joins the war for talent with 9% NQ pay raise

City stalwart Ashurst has followed suit with peers in the Square Mile to raise the salary for newly-qualified solicitors (NQs), upping the ante to £105,000 including bonuses.

The move will mean a 9% pay increase for NQs, who were previously in line for maximum remuneration of £96,600, effective from the 2020 financial year. Continue reading “Change was necessary: Ashurst joins the war for talent with 9% NQ pay raise”