Gateley IPO pioneer Ward to stand down as chief executive

Michael Ward

The man who led Gateley in its pioneering move to become the first UK law firm to float on the public markets is to step down as chief executive next year.

Michael Ward, who has spent over thirty years at Gateley, will be succeeded by the firm’s Manchester office head and leader of its national property team, Rod Waldie, from 1 May 2020. Ward will remain on the board of directors and lead Gateley’s non-legal businesses. Continue reading “Gateley IPO pioneer Ward to stand down as chief executive”

Pinsents holds back ‘significant’ investment from partner profits amid 7% revenue growth

John Cleland

Pinsent Masons has ring-fenced ‘significant funds’ from partner profits in a bid to prioritise investing in the business, in turn cutting profit per equity partner (PEP) by 5%.

Revenue at the firm for the 2018/19 financial year rose 7% to £482m, slightly ahead of last year’s 6% increase and good for growth of more than 40% over the last five years. Gross profit rose 2.5%, but PEP fell to £620,000 from £653,000 as the firm put aside funds for investment in areas including IT and cybersecurity. Continue reading “Pinsents holds back ‘significant’ investment from partner profits amid 7% revenue growth”

Revenue continues to fly at Bird & Bird as PEP growth lags behind

David Kerr

Global traveller Bird & Bird has recorded its 28th consecutive year of revenue growth, hiking its top line 7% to £361m in 2018/19 as profit per equity partner (PEP) rose 4% to £575,000.

Announced today (9 July), the results show the pace of growth slowed down in sterling terms compared to last year’s 11% uptick to £337m, but in euro terms it slightly improved, with a 7% hike to €409.5m compared to last year’s 6% growth. Continue reading “Revenue continues to fly at Bird & Bird as PEP growth lags behind”

Knights eyes another four acquisitions after 51% revenue increase in first post-IPO results

David Beech

Knights has produced a strong debut financial year following its AIM listing, with acquisitions and organic growth propelling the firm to more than £50m in turnover.

Turnover at the company was up 51% to £52.7m, slightly ahead of expectations the company flagged in May, including 15% organic growth. Revenue per fee earner was up 22% to £131,000, with a net 46 increase in fee earners over the year, while net debt fell to £14.1m from £26.3m. Continue reading “Knights eyes another four acquisitions after 51% revenue increase in first post-IPO results”

NRF hires the mind behind Barclays radical panel shake-up to launch legal ops consulting arm

Stéphanie Hamon

Norton Rose Fulbright (NRF) is making an ‘offensive move’ against the Big Four on legal operations consulting with the hire of the well-regarded former Barclays’ head of external engagement, Stéphanie Hamon (pictured).

The firm announced today (9 July) that Hamon, who quit the bank earlier this year, will join as a fee-earner in August to head the new practice and help ‘in-house departments function like a business’. Continue reading “NRF hires the mind behind Barclays radical panel shake-up to launch legal ops consulting arm”

Ashurst set to reach £1m PEP target after 31% surge as revenue tops £641m

Paul Jenkins

Paul Jenkins, Ashurst’s indomitable managing partner, is aiming to reach profit per equity partner (PEP) of £1m in the next financial year as the City stalwart unveils its best financial results to date.

On the back of three consecutive years of growth, the firm added £77m to its top line to hit £641m for the year to 30 April 2019, a significant 14% increase on the £564m turnover of last year. Continue reading “Ashurst set to reach £1m PEP target after 31% surge as revenue tops £641m”

The hard sell

‘I have never instructed a Big Four firm on a legal matter,’ says one UK general counsel of a large multinational. ‘The accountants’ legal offering is not something I’m close to,’ concedes Tesco GC Adrian Morris. The respective legal chiefs at The Royal Bank of Scotland (RBS) and Lloyds Banking Group strike a similar note: ‘We don’t currently use any of them,’ says Michael Shaw, while Kate Cheetham notes: ‘Our use of these offerings is quite limited.’ Continue reading “The hard sell”

Broader horizons – GCs taking outside roles

One of the set-piece debates of day one of Enterprise GC covered a pressing issue for GCs – how to widen their skillset by gaining board experience, as well as practical tips on becoming a non-executive director (NED) in particular. The session, chaired by veteran City columnist James Ashton, featured some seasoned campaigners: Michael Coates, associate general counsel for Shell UK and a director for a number of Shell companies; Eversheds Sutherland partner Denise Jagger, who has a portfolio of non-executive directorships and trustee roles; Stuart Morton, head of the legal and professional services function at executive search firm Odgers Berndtson; and Rob Webb QC, now a senior adviser at Brunswick and former general counsel for both British Airways and Rolls-Royce, who has held a number of board roles throughout his career.
Continue reading “Broader horizons – GCs taking outside roles”

Getting on with it: resilient market provides growth for Scottish independents

Nick Scott

Scottish independents Brodies and Shepherd and Wedderburn have continued their strong growth tracks despite ongoing uncertainty.

Brodies, Scotland’s largest firm, had a particularly strong year, as revenue rose 12% to £76.9m and profit came in at £37.4m, up 14%. This was up on the previous year’s flat growth of 3% and 4% respectively, with revenue up 49% over the last five years. Continue reading “Getting on with it: resilient market provides growth for Scottish independents”

In-house: Severn Trent open to extending panel beyond Eversheds’ sole-adviser role

Bronagh Kennedy

Severn Trent group general counsel (GC) Bronagh Kennedy (pictured) is keeping an open mind as to how many firms will be appointed to its £8m legal panel, with Eversheds Sutherland currently the company’s sole adviser.

The FTSE 100 water company has opened a tender process for the legal panel it last reviewed in 2015, when Eversheds extended the sole-adviser mandate it has held since 2010. The existing panel covers five lots but the new panel will be divided into three, covering all the companies in the Severn Trent Group. Continue reading “In-house: Severn Trent open to extending panel beyond Eversheds’ sole-adviser role”

Tougher competition – the growing impact of antitrust marquee deals

A key morning session of our 2019 Corporate and M&A Summit saw Linklaters London competition head Nicole Kar chair a lively debate between two authorities on European competition law and policy and its effect on M&A. On one side was economist Dr Claudio Calcagno, a vice president at Analysis Group and an expert in the competition arena, while on the other side sat John Gray, partner at Finsbury and head of its competition practice, who focuses on public affairs aspects of merger control cases, both in the UK and the EU.

Continue reading “Tougher competition – the growing impact of antitrust marquee deals”