Page 180 – Legal Business

26 July 2019

Not about PEP: OC looks long-term after surpassing €300m with 11% revenue growth

The leadership at Osborne Clarke (OC) is conscious of any complacency creeping in after more than doubling in size in the last five years.

The firm recorded another year of double-digit growth internationally in 2018/19, up 11% to €304 last year and with non-UK revenue growing slightly to account for 44% of turnover. Growth was a little slower in the UK, up 8% to £150m as net profit rose 3% to £63m. Continue reading “Not about PEP: OC looks long-term after surpassing €300m with 11% revenue growth”

26 July 2019

Buckland becomes Justice Secretary as Johnson administration unveils Brexit-dominated team

The newly-installed British Government led by Conservative Prime Minister Boris Johnson will see a barrister take the role of Justice Secretary after Robert Buckland QC was appointed to replace David Gauke.

Johnson announced Buckland’s appointment on Wednesday (24 July) as part of the new Prime Minister’s sweeping cabinet shake-up that saw all but four of the senior ministers that served under his predecessor Theresa May resign or fired. Continue reading “Buckland becomes Justice Secretary as Johnson administration unveils Brexit-dominated team”

26 July 2019

PEP stays flat for Mishcon as revenue growth regains momentum

Mishcon de Reya has maintained steady revenue growth in its 2018/19 financial results, increasing its top line by 10% to £177.8m, as profit per equity partner (PEP) remained flat.

While the firm saw a greater revenue growth rate than the 8% uptick last year to £161.3m, PEP has failed to keep pace, with the flat result coming off the back of a 9% dip to £1m last year. Continue reading “PEP stays flat for Mishcon as revenue growth regains momentum”

25 July 2019

SRA report reveals money laundering and #MeToo cases driving increases in workload

Money laundering and workplace harassment cases are increasingly occupying the workload of the profession’s regulator, according to data from the Solicitors Regulation Authority (SRA).

The report released today (25 July) reveals the breakdown of cases the SRA has worked on and its enforcement activity between November 2017 and October 2018. The report suggests money laundering; dubious investment schemes; and workplace harassment – as well as the related misuse of non-disclosure agreements (NDAs) – are increasingly pervasive within the profession. Continue reading “SRA report reveals money laundering and #MeToo cases driving increases in workload”

25 July 2019

Stewarts’ PEP descends as revenue follows ‘non-linear’ growth path with 11% bounce

Stewarts Law has partly recovered from a 20% drop in turnover last year in what managing partner John Cahill described as a ‘very satisfactory’ year, although partner profits have continued to fall.

The UK’s largest litigation-only firm increased revenue by nearly 11% to £69m in the 2018/19 financial year, following a 20% drop in turnover from £77.9m to £62.4m last year. Profit per equity partner (PEP) decreased a further 16% to £1.2m from last year’s £1.4m: a figure that had dropped 28% the previous year. Continue reading “Stewarts’ PEP descends as revenue follows ‘non-linear’ growth path with 11% bounce”

25 July 2019

Ince merger pays dividends for Gordon Dadds as revenue and profit skyrocket post acquisition

Gordon Dadds has posted a pace-setting set of results that have seen revenue and profit soar thanks to the addition of Ince & Co last year.

The listed entity, Gordon Dadds Group Plc, saw revenue boosted 69% from £31.2m to £52.6m following its £43m acquisition of Ince. It is a positive set of results that come after the business suffered a share price drop to an all-time low only three months ago.
Continue reading “Ince merger pays dividends for Gordon Dadds as revenue and profit skyrocket post acquisition”

25 July 2019

‘Very encouraging’: RPC posts profit growth in shrinking partnership after splitting off consulting business

RPC has reported revenues of £108.6m for its legal business for 2018/19 after selling half of its management consulting arm.

The firm, which offloaded 50% of RPC Consulting to software company Marriott Sinclair in April 2018, announced today (25 July) that both like-for-like revenue and net profit for its legal arm alone rose 4% in 2018/19. Continue reading “‘Very encouraging’: RPC posts profit growth in shrinking partnership after splitting off consulting 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”