The Euro Elite 100
The Euro Elite: France – La vie en rose
Any conversation with a French lawyer these days turns at some point to the volatility of the market and the unpredictability of the future. But there is more substance to these words this time around than a reflection of the industry’s traditional caution.
In just over two years, France has gone from an election that might have ended up with a populist anti-EU leader to the enthusiasm for the victory of business-friendly, pro-European Emmanuel Macron… and then to the rude awakening of social unrest and economic slowdown. Continue reading “The Euro Elite: France – La vie en rose”
Client Service Awards – What clients really want
Stewarts, Mishcon de Reya and Weil, Gotshal & Manges have emerged among the top-performing law firms for client service in the UK, according to brand new Legal 500 research assessing what clients really think about their external advisers.
The trio are among a host of leading US and UK firms to have been recognised by our new research project, which is the culmination of one of the most comprehensive surveys of law firm clients ever. Continue reading “Client Service Awards – What clients really want”
The Last Word: Elite forces
As part of our annual Euro Elite report, management at independent firms in Europe give their views on today’s market challenges
International focus
‘In 2017 we had a record performance. 2018 was a year of big investment to consolidate our development in Africa and the Middle East but we did it halfway through the year. We are going to continue and consolidate our strategy. A lot of attention and energy will be on the international development. Our strategy is still to become a leader in the Mediterranean area, Africa and the Middle East. For now we are optimistic but from the second half of 2018 we have seen a decrease of investment in M&A.’ Continue reading “The Last Word: Elite forces”
Sponsored briefing: With great funding comes great responsibility!
Jacqueline Young from Augusta Ventures discusses the challenge litigation funders face to balance support for access to justice with more commercial considerations
We operate in a strong and growing legal environment. The UK legal services industry is going from strength to strength. A recent report valued the market at £35bn in 2018, with growth forecast at 5% in the coming years. Continue reading “Sponsored briefing: With great funding comes great responsibility!”
Eversheds records double-digit growth as ‘uncertainty barometer’ rises
Eversheds Sutherland (International) has built on its 2017 transatlantic merger with a second year of strong revenue and profit growth.
However, chief executive Lee Ranson (pictured) has cautioned that the ‘uncertainty barometer is increasing’, although this will not dampen the firm’s appetite for further investment. Continue reading “Eversheds records double-digit growth as ‘uncertainty barometer’ rises”
Herbert Smith Freehills partner reported to SRA for threatening sexual harassment claimant
A woman who filed a sexual harassment case against her employer was allegedly told by a Herbert Smith Freehills (HSF) lawyer the case would end her career.
City finance associate Nathalie Abildgaard was awarded £270,000 in April after settling a sexual harassment case against her employer IFM Investors. However Abilgaard wrote in a submission to the Women and Equalities Committee a HSF lawyer had engaged in ‘aggressive and intimidating behaviour.’ Continue reading “Herbert Smith Freehills partner reported to SRA for threatening sexual harassment claimant”
No Buzz Lightyear complex as Kennedys’ revenue tops £200m for the first time
Kennedys senior partner Nick Thomas will be ‘very disappointed’ if the firm does not have another year of double-digit growth after its revenue broke through £200m for the first time this year.
Global turnover at the insurance and shipping specialist for the year to 30 April 2019 grew 11% to £218m, as fee-earner headcount grew 7% to exceed 2,000 for the first time. The firm made a number of lateral hires last year, most recently a 10-lawyer team – including two partners – from Norton Rose Fulbright. Continue reading “No Buzz Lightyear complex as Kennedys’ revenue tops £200m for the first time”
At best, murky: MPs slam ‘legally sanctioned secrecy’ of gagging orders in discrimination cases
A parliamentary select committee has condemned the ‘routine cover-up’ of discrimination allegations by employers as calls for a clampdown on non-disclosure agreements (NDAs) reach a new pitch.
The report by the Women and Equalities Committee on discrimination and harassment in the workplace, published today (11 June), is the culmination of an enquiry launched by MPs in the wake of the #MeToo movement that saw the legal profession’s handling of gagging orders thrown into the spotlight. Continue reading “At best, murky: MPs slam ‘legally sanctioned secrecy’ of gagging orders in discrimination cases”
Ashurst dismisses board member under cloud of misconduct
The board of Ashurst has asked Bernd Egbers, a Munich-based board member, to leave the firm ‘as a result of ‘conduct which is contrary to [the firm’s] values’.
Announcing the move on Tuesday (11 June), the firm would not divulge the nature of the misconduct, only that there was no connection to any client or client matter. Continue reading “Ashurst dismisses board member under cloud of misconduct”
CC follows Freshfields with £100k package for junior lawyers as pay war with US rivals intensifies
Clifford Chance (CC) has become the second Magic Circle law firm to raise the starting pay for its associates to £100,000, a month after City rival Freshfields Bruckhaus Deringer announced a similar increase.
In a move signalling the widening impact of the pressure for talent from US firms on the City elite, CC has raised its compensation for newly qualified (NQ) solicitors from £91,000 including bonuses. Continue reading “CC follows Freshfields with £100k package for junior lawyers as pay war with US rivals intensifies”
Deal watch: City teams fly on £4.6bn Rolls-Royce pension deal as Kirkland and Goodwin take multi-billion dollar mandates
Big-ticket deals have been fuelling the market in pensions, private equity and fundraising recently with UK top-10 firms and US rivals alike taking the controls on significant mandates.
Legal & General (L&G) handed a joint mandate to CMS and Eversheds Sutherland to advise on its £4.6bn buy-in to buy-out with the Rolls-Royce UK Pension Fund (RRPF), a deal which is billed as the UK’s largest ever bulk annuity and which saw Linklaters act for the trustees. Continue reading “Deal watch: City teams fly on £4.6bn Rolls-Royce pension deal as Kirkland and Goodwin take multi-billion dollar mandates”
Clydes senior partner Konsta to step down as firm grows revenue 11% in 2018/19
Clyde & Co senior partner Simon Konsta (pictured) is to step down from his role in October just over half way into his five-year term.
The firm announced today (10 June) that Konsta will hand over to arbitration co-chair Peter Hirst, as it reported its 21st consecutive year of revenue growth to £611m in the year to 30 April, up 11% on £551.3m last year. Continue reading “Clydes senior partner Konsta to step down as firm grows revenue 11% in 2018/19”
Revolving doors: Freshfields hire to leave DWF managed services role after less than a year
DWF’s New Law credentials have been dealt a blow as its managed services chief executive is set to leave the firm less than a year after his arrival in the first major exit since the firm completed its IPO in March.
Anup Kollanethu was initially hired from Freshfields Bruckhaus Deringer, where he led the Magic Circle firm’s Manchester office for over three years and established himself as a well-regarded chief of business operations. Continue reading “Revolving doors: Freshfields hire to leave DWF managed services role after less than a year”
Government ushers in emergency pay boost for judges amid mounting staff shortages
The Ministry of Justice (MoJ) has ushered in an emergency boost to senior judges’ remuneration as an unprecedented recruitment crisis continues to grip the Bench. The move, announced on Wednesday (5 June), is in response to a review by the Senior Salaries Review Body (SSRB) and will see High Court judges handed a 25% annual bonus and circuit and upper tribunal judges a 15% raise.
As part of a two-year temporary ‘bonus’, High Court judges will receive £47,225 on top of their £188,901 yearly pay in addition to a 2% pay rise. Circuit and upper tribunal judges will be paid £21,043 in addition to a £140,289 salary. Continue reading “Government ushers in emergency pay boost for judges amid mounting staff shortages”
Cash in hand: Slaughter and May to pocket £6m in fees for advice on failed hostile bid
Slaughter and May is set to receive over £6m in fees after advising sub-prime lender Non-Standard Finance (NSF) on its failed £1.3bn takeover of doorstep lender Provident Financial, which collapsed on Tuesday night (4 June) due to insufficient regulatory capital and a lack of shareholder support.
The mandate for Slaughters was led by corporate head Andy Ryde alongside fellow partner Paul Mudie, with the hostile bid being launched in February of this year. However the Prudential Regulation Authority decided the combined entity would not carry sufficient capital at the point of completion, and therefore blocked the deal. Slaughters did not advise the client on capital or shareholder-related issues. Continue reading “Cash in hand: Slaughter and May to pocket £6m in fees for advice on failed hostile bid”
Herbert Smith Freehills to scale back German operation with Berlin office closure
Herbert Smith Freehills (HSF) will be closing its Berlin office by the end of the year, reducing the firm’s German footprint to Frankfurt and Düsseldorf.
The 10-lawyer office was first opened in 2013 and is currently led by corporate partners Dirk Hamann and Ralf Thaeter. All associates, trainees and business services staff in Berlin have been given the option to transfer to the firm’s other German offices. Continue reading “Herbert Smith Freehills to scale back German operation with Berlin office closure”
Dentons UK and Middle East revenue nears £230m in first post-Scotland results
Dentons’ UK and Middle East revenue rose 13% to £229.8m in 2018/19 but growth in profit per equity partner (PEP) slowed, rising 4% to £676,000 compared to a 36% spike the previous year.
The firm announced today (5 June) the first financial results for its UKME LLP covering a full financial year of operations since the merger with Scottish firm Maclay Murray & Spens, which went live in November 2017 and added three offices in Aberdeen, Edinburgh and Glasgow to the firm’s network. Continue reading “Dentons UK and Middle East revenue nears £230m in first post-Scotland results”
Slater and Gordon’s £637m Quindell claim to be heard in October
The saga of Slater and Gordon’s (S&G) ill-fated Quindell acquisition is set to intensify with the national firm’s £637m claim headed to court in October.
The case against Watchstone, formerly Quindell, sees S&G seeking to recoup the cost of acquiring the professional services division in 2015. S&G issued its claim in June 2017 for breach of warranty and/or fraudulent misrepresentation for the whole amount paid. Continue reading “Slater and Gordon’s £637m Quindell claim to be heard in October”
NRF loses ten-lawyer London insurance litigation team to Kennedys as BCLP hires energy partners from Watson Farley
UK top 30 insurance and shipping specialist Kennedys has raided Norton Rose Fulbright’s (NRF) London insurance bench, recruiting two partners and another eight-lawyers.
Meanwhile, Bryan Cave Leighton Paisner (BCLP) hired two energy partners from Watson Farley & Williams and RPC hired a chief operating officer (COO) from Clifford Chance (CC). Continue reading “NRF loses ten-lawyer London insurance litigation team to Kennedys as BCLP hires energy partners from Watson Farley”