Auctions – how to play the game

The final session before lunch in our Corporate and M&A Summit looked at the mechanics of auctions and how best to handle the competitive bid process from both the buyer’s and seller’s perspective. The session, moderated by co-chair of Greenberg Traurig’s global corporate practice, Fiona Adams, brought together panelists experienced in the auction process. Joining Adams was colleague Paul Maher, veteran corporate lawyer and vice chair of Greenberg, along with Jessie Gill, head of legal at Stemcor; Chris Hunt, group head of M&A for Rentokil Initial; and Nick Johnston, partner at Perella Weinberg. Continue reading “Auctions – how to play the game”

Big pharma, small partners: the key transactional trends in life sciences

Given that mega mergers coming out of the pharmaceutical and life sciences sector have dominated the corporate agenda for decades, it was fitting that an afternoon session of our inaugural Corporate and M&A Summit focused on transactional trends in this area. Chaired by Laura Anderson, co-chair of Bristows life sciences group, it gathered a collection of in-house experts from big pharma. Continue reading “Big pharma, small partners: the key transactional trends in life sciences”

Big pharma, small partners: the key transactional trends in life sciences

Given that mega mergers coming out of the pharmaceutical and life sciences sector have dominated the corporate agenda for decades, it was fitting that an afternoon session of our inaugural Corporate and M&A Summit focused on transactional trends in this area. Chaired by Laura Anderson, co-chair of Bristows life sciences group, it gathered a collection of in-house experts from big pharma. Continue reading “Big pharma, small partners: the key transactional trends in life sciences”

Big beasts

So ubiquitous have two companies become in legal tech circles that they are rarely discussed directly, just accepted as facts of life, like gravity or air. Those two are, of course, LexisNexis and the legal division of Thomson Reuters, which have over the last 30 years positioned themselves as the dominant providers of the informational ‘plumbing’ law firms require to ply their trade.

Continue reading “Big beasts”

Big beasts

So ubiquitous have two companies become in legal tech circles that they are rarely discussed directly, just accepted as facts of life, like gravity or air. Those two are, of course, LexisNexis and the legal division of Thomson Reuters, which have over the last 30 years positioned themselves as the dominant providers of the informational ‘plumbing’ law firms require to ply their trade.

Continue reading “Big beasts”

Significant matters – Summer 2019

Post Office refreshes panel with two-tier system

Pinsent Masons and Linklaters are among six law firms that have won spots on the Post Office’s new two-tier legal panel, worth £39m. Pinsents, Linklaters and Norton Rose Fulbright have been appointed to lot one, covering complex strategic work across the company, which is wholly owned by the Department for Business, Energy and Industrial Strategy and provides a broad spectrum of services, spanning from postal, to broadband, to financial and bill payments. Pinsents has also been assigned to the second lot, joining Womble Bond Dickinson, DAC Beachcroft and Ashfords for general legal services and day-to-day legal advice. The panel is set to run for a four-year term initially, with a possible two-year extension.

Continue reading “Significant matters – Summer 2019”

Significant matters – Summer 2019

Post Office refreshes panel with two-tier system

Pinsent Masons and Linklaters are among six law firms that have won spots on the Post Office’s new two-tier legal panel, worth £39m. Pinsents, Linklaters and Norton Rose Fulbright have been appointed to lot one, covering complex strategic work across the company, which is wholly owned by the Department for Business, Energy and Industrial Strategy and provides a broad spectrum of services, spanning from postal, to broadband, to financial and bill payments. Pinsents has also been assigned to the second lot, joining Womble Bond Dickinson, DAC Beachcroft and Ashfords for general legal services and day-to-day legal advice. The panel is set to run for a four-year term initially, with a possible two-year extension.

Continue reading “Significant matters – Summer 2019”

The Mindful Business Charter needs clients to succeed. So where are they?

It was supposed to be the grand coming-out party. Drinks, speeches, celebrations. The much-touted Mindful Business Charter formally unveiled to the unforgiving trade of law. A group of clean-cut law firms lined up on one side of the room, eager to make an impression. Yet, on the other, GC suitors were few and far between.
Continue reading “The Mindful Business Charter needs clients to succeed. So where are they?”

The Mindful Business Charter needs clients to succeed. So where are they?

It was supposed to be the grand coming-out party. Drinks, speeches, celebrations. The much-touted Mindful Business Charter formally unveiled to the unforgiving trade of law. A group of clean-cut law firms lined up on one side of the room, eager to make an impression. Yet, on the other, GC suitors were few and far between.
Continue reading “The Mindful Business Charter needs clients to succeed. So where are they?”

We’re in control: DACB clears debt as revenue lifts 6% in ‘more difficult’ market

David Pollitt

DAC Beachcroft (DACB) has cleared nearly £40m of debt in about four years, providing the icing on a financial cake which has sweetened for a fifth successive year.

Revenue at the firm grew 6% to £243m in the year to 30 April 2019, building on an 11% uptick the previous year, and coupled with a 10% increase in profit to £52m. Profit per equity partner (PEP) similarly increased 7% to about £570,000. Continue reading “We’re in control: DACB clears debt as revenue lifts 6% in ‘more difficult’ market”

Prohibitively expensive: Pinsent lands £25m litigation funding deal

Pinsent Masons

Pinsent Masons has secured a £25m preferred-supplier deal with litigation funder August Ventures to offer ‘non-recourse’ funding at better terms than would normally be available.

Clients will have access to a dedicated facility at preferred rates and a fast-tracked due diligence process, while Augusta will also refer some clients to Pinsents. Continue reading “Prohibitively expensive: Pinsent lands £25m litigation funding deal”

‘Uncertainty is now having an impact’: revenue and profit growth slow at Simmons

jeremy hoyland

Simmons & Simmons saw growth slow last year following a ‘much tougher’ second half in the UK, as uncertainty begins to weigh following a strong few years for the firm.

Revenue for the 2018/19 financial year rose 6% to £374m, while profit per equity partner (PEP) increased 4% to £710,000. Net profit growth also slowed, up 9% over the last financial year to £119m, compared to a 19% increase last year. Continue reading “‘Uncertainty is now having an impact’: revenue and profit growth slow at Simmons”

Private equity provides the pace as Freshfields posts second year of steady growth while net profits edge up

Freshfields Bruckhaus Deringer

Freshfields Bruckhaus Deringer  has become the second of the Magic Circle to reveal 2019 results, posting a 6% uptick in profit per equity partner (PEP) to £1.84m, while sustaining last year’s income growth to push its top line up 5%.

The firm’s turnover grew £70m to £1.472bn on last year’s £1.403bn as net profit edged up 1% to £688m from £683m in 2017/18. PEP stood at £1.839m compared with £1.734m last year. While the 5% revenue increase matched last year’s performance, the 2018/19 figures are less striking in terms of profit after Freshfields enjoyed a 12% PEP hike for the 2017/18 financial year. Continue reading “Private equity provides the pace as Freshfields posts second year of steady growth while net profits edge up”

Travers’ private equity star Dolman joins Summerfield at the corporate helm

Paul Dolman

Travers Smith has appointed Paul Dolman as co-head of corporate in addition to his existing role of head of private equity and financial sponsors.

The well-respected Dolman joins the influential Spencer Summerfield, who has been sole head of corporate since 2013, on a joint ticket to lead Travers’ M&A, private equity and equity capital markets practices. Continue reading “Travers’ private equity star Dolman joins Summerfield at the corporate helm”

CC reveals first Magic Circle 2018/19 results as PEP grows just 1% and revenue nears £1.7bn

matthew layton

Clifford Chance (CC)’s managing partner Matthew Layton spoke of ‘times of investment’ and pointed to his firm’s four-year performance after it followed up on last year’s strong financials with a muted 1% rise in profit per equity partner (PEP) to £1.62m.

Kicking off Magic Circle law firms’ financial reporting season for the second year in a row, CC announced today (2 July) a 4% revenue increase to £1.693bn in 2018/19, meaning it added £70m to its top line, but profit failed to keep pace rising by just 2% to £637m. Continue reading “CC reveals first Magic Circle 2018/19 results as PEP grows just 1% and revenue nears £1.7bn”

In-house: Rio Tinto GC to retire as Transferwise and ASOS legal heads depart

Jenifer Swallow

Multiple general counsel (GCs) have stepped down from their posts this week, including the legal heads of FTSE 100 mining company Rio Tinto, fintech company Transferwise and online retailer ASOS.

Rio Tinto said on Monday (1 July) Philip Richards will retire as group GC of the global mining giant at the end of December after two years in the role. He will be replaced by Barbara Levi, who is group legal head of M&A and strategic transactions at Swiss pharmaceutical company Novartis, from 1 January 2020. Continue reading “In-house: Rio Tinto GC to retire as Transferwise and ASOS legal heads depart”

HSF hikes associate pay package to £105k as firms jostle for talent

Herbert Smith Freehills (HSF) has joined the ranks of firms upping their associate pay commitments, boosting its compensation package to £105,000 including salary and bonuses.

The figure is a 13% increase on the £93,000 the Anglo-Australian firm announced last year. Though the firm would not disclose the underlying basic salary, the new structure is meant to place greater emphasis on associates’ performances and less on post-qualified experience (PQE). Continue reading “HSF hikes associate pay package to £105k as firms jostle for talent”