City paywars: a history lesson – Freshfields hikes hark back to era of Magic Circle domination

Freshfields Bruckhaus Deringer

The news this week that Freshfields Bruckhaus Deringer was to push through the highest real-terms pay rises by a major City firm for a decade is a significant moment for the London legal market.

The decision to hike its associate pay scale, raising its benchmark rate for newly-qualified solicitors from £85,000 to £100,000 is a bold and expensive step for the City giant. Back-of-the-envelope calculations suggest such a move, which will put Freshfields well ahead of its Magic Circle peers, comes at an annual cost of more than £10m. Continue reading “City paywars: a history lesson – Freshfields hikes hark back to era of Magic Circle domination”

Addleshaws launches first European base in Hamburg with five-partner BCLP hire

Addleshaw Goddard will open its first continental European office in Hamburg with the hire of a five-partner team from Bryan Cave Leighton Paisner (BCLP).

Addleshaws said today (8 May) it will open its sixth office outside the UK next month, with five lawyers joining partners Exkart Budelmann, Michael Leue, Martin Lüderitz, Maximilian Karacz and Hubertus Schröder in the move from BCLP. Continue reading “Addleshaws launches first European base in Hamburg with five-partner BCLP hire”

Shades of 2007: Freshfields sends NQ salaries soaring above £100k to head off talent threat from US rivals

standing on coins

Freshfields Bruckhaus Deringer is fighting the war for talent by becoming the first Magic Circle firm to raise its pay for newly-qualified (NQ) solicitors to £100,000.

The £15,000 salary uptick is symbolic, given the pressures imposed on the City elite by US competitors in recent years. There will also be a discretionary bonus on top of the new NQ salary. Continue reading “Shades of 2007: Freshfields sends NQ salaries soaring above £100k to head off talent threat from US rivals”

Kirkland private equity duo quit for Willkie Farr

Gherkin

Long-rumoured to be on their way out of the US giant, Kirkland & Ellis private equity duo David Arnold and Gavin Gordon are set to join Willkie Farr & Gallagher.

The pair joined Kirkland from Ashurst in 2010 in one of the firm’s first major laterals in private equity in the City. Clients Gordon has worked with include Cinven, ABRY Partners, KKR and Vista, while Arnold’s list include CapVest Partners and Montagu Private Equity. Continue reading “Kirkland private equity duo quit for Willkie Farr”

Stronger than expected recruitment track adds 35% to Keystone’s top line

Revenue at Keystone Law rose by more than a third to £42.7m as the listed legal platform’s principal lawyer headcount rose 14%.

The firm’s financial results for the year to 31 January 2019 – its first full set since becoming the third UK law firm to float in late 2017  – also show a strong 57% increase in net profit before tax to £5.1m. Continue reading “Stronger than expected recruitment track adds 35% to Keystone’s top line”

SRA releases full allegations against Freshfields partner Beckwith

Freshfields Bruckhaus Deringer

The Solicitors Regulation Authority (SRA) has today (3 May) published the full list of its allegations against Freshfields Bruckhaus Deringer partner Ryan Beckwith.

In the published allegations, which follow a case management hearing at the Solicitors Disciplinary Tribunal (SDT) last week, Beckwith – who has been placed on indefinite leave by Freshfields – is alleged to have attempted to engage in sexual activity with an intoxicated junior member of staff in an abuse of seniority at an event organised by the firm. Continue reading “SRA releases full allegations against Freshfields partner Beckwith”

Moment of truth: New Law champion Axiom unveils float plans but break up of its business raises doubts

When Axiom announced in February its intentions to float, it was a seminal moment for New Law, with the pioneering flexible lawyering company established as the most prominent global brand in the sector. Back in 2013 one excited commentator forecast 2018 as the year Axiom would become the world’s largest legal provider (spoiler alert, it still wouldn’t make the Global 100).

Continue reading “Moment of truth: New Law champion Axiom unveils float plans but break up of its business raises doubts”

New Law meets Big Four – Has Deloitte got the conviction to match its free-thinking legal pitch?

The often-cited but seldom-seen legal arrival of the Big Four has long passed into a professional joke, though renewed investment from the major accountancy groups in the last three years has given the debate fresh urgency. But, truly, something must have changed in the wind, as even that traditional hold-out, Deloitte, has signalled its intention to build a significant law presence. Continue reading “New Law meets Big Four – Has Deloitte got the conviction to match its free-thinking legal pitch?”

The challenge of you

Building on sister publication Legal Business’ 2018 cover feature on the City’s star female deal counsel, The In-House Lawyer teamed up with Freshfields Bruckhaus Deringer for a reception celebrating the strides made… and steps still to be taken. The 80 senior lawyers across in-house and private practice that gathered at The Ned in late November heard from a panel of general counsel and partners talking frankly about careers, life and changing aspirations.

Continue reading “The challenge of you”

Innovation needs law firm champions as Axiom doubts emerge

Alex Novarese, Editor-in-Chief, The In-House Lawyer & Legal Business

We have at IHL Towers something of a reputation for being sceptical of the claims to fresh thinking surrounding much of New Law Land. One exception, though, has been Axiom, the pioneering outfit that pushed lawyering into the mainstream. Sure, Axiom’s message could be obscured by strangulated attempts to ape Silicon Valley speak, an odd trait given the straight-talking style of founder Mark Harris. But its growth rates and reputation for quality never made you doubt that the outfit was a cut well above most New Law lightweights. Continue reading “Innovation needs law firm champions as Axiom doubts emerge”

No more firsts

There can be few legal roles in the US of as much significance and substance as White House counsel. And when Beth Nolan jettisoned film school for law school, she had no idea her eventual career, including serving as White House counsel for President Bill Clinton – the first female to take on the role – would be almost the stuff films are made of.

Continue reading “No more firsts”

Piecing it together

The proliferation of blockchain technology has led many sectors to re-examine traditional ways of doing business, even if the platform remains shrouded in the fog of confusion and hype. Nowhere is the potential more apparent, or the sector more traditional, than in the negotiation, creation and execution of contracts. If the blockchain evangelists are to be believed, the manner in which parties contract will be changing radically in the not-too-distant future. But while a number of high-profile success stories illustrate the potential of the technology, it is clear that there is a long way to go if it is to ever live up to the rhetoric.

Continue reading “Piecing it together”

Perfect curveballs

In controlling and protecting their reputations, the internet and social media have made online information critical in determining how individuals and companies are perceived. The old phrase ‘bad news travels fast’ resonates in the modern age. Simultaneously, as the law tries to keep pace with technology through developments in defamation, privacy and data protection, reputation management has become embedded in corporate strategy. Continue reading “Perfect curveballs”

DWF makes first post-IPO splash with £3m Warsaw office acquisition

Hope floats

DWF is expanding into Poland with the £3m acquisition of K&L Gates’ 11-partner Warsaw office, its first investment since going public in March.

The move, expected to complete later this month, will see 45 lawyers and 31 support staff join DWF alongside the 11 partners in the firm’s first Poland office and seventh in continental Europe. K&L Gates Warsaw managing partner Michal Pawlowski will lead the office, which is expected to generate about £7m in revenue for the year to 30 April 2020. Continue reading “DWF makes first post-IPO splash with £3m Warsaw office acquisition”

‘Engaged and energised’: Jenkins wins second term as Ashurst global managing partner

In another vote of confidence for Ashurst’s leadership, Paul Jenkins has been re-appointed as global managing partner for a second four-year term.

The appointment by the Ashurst board was the result of extensive consultations with the firm’s partners and staff, with Jenkins’ second run set to start on 1 November 2019. Continue reading “‘Engaged and energised’: Jenkins wins second term as Ashurst global managing partner”

‘Break the dominance of a single metric’: CC pilots dropping billable hours from performance reviews

Matthew Layton

Clifford Chance (CC) is piloting a radical reform to the way it assesses the performance of its associates and counsel, removing utilisation as a metric when reviewing compensation.

The firm announced today (2 May) it has launched a year-long trial of the new system for 65 lawyers in its Dubai and Abu Dhabi offices, whose base salaries and bonuses will be reviewed based on criteria including time spent on business development, professional growth and engagement with the firm’s innovation strategy. Continue reading “‘Break the dominance of a single metric’: CC pilots dropping billable hours from performance reviews”