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?”
Revenue growth at Herbert Smith Freehills (HSF) remains sluggish after a strong year for the corporate practice was offset by a relative slowdown in disputes.
Revenue grew a steady 4% to £966m, whereas profits grew 11% to £307m. Profit per equity partner (PEP) matched overall profit growth, rising 11% to £949,000. Continue reading “Corporate picks up disputes slack as HSF profits climb 11%”
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”
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”
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”
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 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”
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”
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”
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”
The lateral hires market has seen significant moves recently with Dechert hiring more partners from Sidley Austin, Crowell & Moring making another hire from Squire Patton Boggs and Hill Dickinson expanding the firm’s commodities team with two partners.
Dechert added to its global finance and litigation practices with the recruitment of Aparna Sehgal and Simon Fawell from Sidley, following structured finance partner John McGrath, who recently joined from the same firm. Furthermore, Dorothy Cory-Wright was appointed last year as head of disputes and is also from Sidley. Continue reading “Revolving doors: Dechert makes hires from Sidley and Hill Dickinson expands its commodities team”
Linklaters has finished off the Magic Circle’s robust response to associate pay increases from US firms in London, raising its pay package for newly-qualified solicitors (NQs) to match its rivals.
The pay boost will see the total cash payable to NQs reach £100,000, including a salary and a discretionary bonus, while top performers will be set to receive more. The firm did not disclose the new base salary – or how it would increase for more senior associates – however the figure is a considerable rise from the £83,000 in basic pay Linklaters announced last year. Continue reading “Linklaters digs down back of sofa to match rivals’ £100k associate pay packages”
Baker McKenzie has promoted 81 lawyers to partners, continuing a trend which saw several law firms increase their intake this year.
The number of promotions announced today (27 June) and effective from 1 July is 19% up on last year’s scaled back round, which saw 68 minted, and is also up by one on 2017. Continue reading “Bakers makes up seven in London in bumper promotion round”
Ashurst lifer and former managing partner James Collis has quit the firm to join the London arm of Squire Patton Boggs.
The finance partner, whose practice focuses on acquisition finance and general banking law, was at the helm of Ashurst for four years until June 2016, when he was replaced by current managing partner Paul Jenkins. Continue reading “Former Ashurst managing partner Collis quits for Squire Patton Boggs”
Eversheds Sutherland is spinning off its £40m New Law business in a bid to supercharge its growth to £100m over the next five years, while opening it up to external investment.
The firm today (26 June) launched Konexo, an entity merging its advisory, interim resourcing and managed service offerings – including its ES Consulting business – to act as a global alternative legal service and compliance provider. Eversheds intends to make it a separate corporate structure, initially owned by the partnership but with the potential to attract external investment. Continue reading “Eating our lunch: Eversheds unshackles New Law offering and sets £100m revenue target”
Allen & Overy (A&O) has become the latest Magic Circle firm to hike its salary for newly-qualified solicitors (NQs) to £100,000, narrowly beating a similar commitment from final holdout Linklaters.
The move will see NQs take home a minimum of £100,000, including bonus, marking a 20% uptick on the £83,000 salary set by A&O less than a year ago. Continue reading “A&O pips Links to the post in Magic Circle NQ pay hikes”
Baker McKenzie is the latest firm to scale down its London business support staff in favour of low-cost centres, scrapping at least 46 City roles and leaving another 33 at risk.
The move comes eight months after the firm launched a review of its London professional and business services (PBS) staff, estimated to include 350 people. Continue reading “Bakers scraps 46 City business services staff roles, more at risk”
Bryan Cave Leighton Paisner (BCLP) co-chair Lisa Mayhew has been elected to serve another four years in the role. Meanwhile, current co-chair Therese Pritchard was ineligible to serve another term and is to be succeeded by St Louis transactional partner Steven Baumer.
The terms for Mayhew and Baumer begin 1 January 2020 and will run four years, with Pritchard set to return to her practice after not being eligible to seek another term. Both Mayhew and Pritchard had led their legacy firms going into the transatlantic merger to create BCLP, which was completed 3 April 2018. Continue reading “Mayhew secures new four-year term at BCLP with Pritchard ineligible to run again”
Fieldfisher is looking to further reduce the percentage of overall turnover generated in the UK following a year defined by geographic expansion.
Turnover at the mid-market pace-setter hit £242m, up a better-than-expected 17% in the third consecutive year of double-digit growth at the firm. Profit per equity partner (PEP) rose 7% to £805,000, and has nearly doubled over the last five years. Continue reading “Fieldfisher reducing UK reliance following third consecutive year of double-digit growth”
Slaughter and May is bolstering associate pay to a £100,000 including bonuses, becoming the latest of the City elite to play its hand on lawyer salaries.
The move comes after Freshfields Bruckhaus Deringer and Clifford Chance (CC) both hiked their newly-qualified (NQ) pay to £100,000 in a bid to head off the ever-increasing threat from US rivals. Continue reading “Pay for today: Slaughters boosts associate remuneration package to £100k as talent war intensifies”
