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‘Immensely rewarding’: Moore gets second term as Linklaters managing partner
Linklaters managing partner Gideon Moore will stay in his role until April 2022 after the partnership re-elected him for a second term.
Partners confirmed the former banking head in the role during a two-day annual partnership meeting in Cannes after he stood unopposed. However, his second term will be shorter to bring the managing partner and senior partner terms in sync. Senior partner Charlie Jacobs’ first term finishes at the end of 2021. Continue reading “‘Immensely rewarding’: Moore gets second term as Linklaters managing partner”
Pinsents, Bird & Bird, BCLP and Network Rail the big winners at the 2019 Legal Business Awards
Pinsent Masons, Bird & Bird, Network Rail and Bryan Cave Leighton Paisner (BCLP) were among the major winners at the 2019 Legal Business Awards in front of more than 1,000 guests last night (28 March).
Hosted by comedian, writer and actress Meera Syal, the evening saw Pinsent Masons crowned Law Firm of the Year for a second time, with judges impressed by the firm’s performance in areas such as client satisfaction, CSR and innovation in addition to financial results. Continue reading “Pinsents, Bird & Bird, BCLP and Network Rail the big winners at the 2019 Legal Business Awards”
No Kira in latest Fuse cohort as A&O announces new start-ups set to join incubator
Leading AI platform Kira Systems will not feature in the latest cohort of tech companies in Allen & Overy (A&O)’s Fuse incubator, making room for more nascent start-ups to enter the Magic Circle firm’s tech space.
In September of last year Kira secured $50m in private equity backing in what was a benchmark for the legal tech sector, while Kira enjoyed year-on-year revenue growth of more than 100% for 2017. Meanwhile Bloomsbury AI, which was purchased for $23m by Facebook in July of last year, has also left Fuse. Continue reading “No Kira in latest Fuse cohort as A&O announces new start-ups set to join incubator”
Slaughters becomes latest to reveal underwhelming gender and ethnicity pay gap
Slaughter and May has published its first partner-level pay gap report, revealing that male partners earn on average 8.9% more than their female counterparts.
Including all employees, the figures remained flat from 2017, with the mean pay gap between men and women standing at 14.4% and the median gap steady at 38.7%. Continue reading “Slaughters becomes latest to reveal underwhelming gender and ethnicity pay gap”
‘Executing our strategy’: MoFo London revenue surges 25% but global turnover drops
Morrison & Foerster (MoFo) has added its name to the growing list of US firms with London offices outperforming the entire business in 2018 as City revenue grew by 25% against global dip in turnover by 2% to $1.04bn.
The firm announced today (26 March) its London revenue hit £30.93m in 2018, growing by more than 20% for the second year in a row after the 29% rise to £24.72m in 2017 . The 25% rise in its London turnover came amid a muted global performance at the West Coast-based firm, with turnover dropping 2% from $1.06bn. Revenue per lawyer was down 1% to $1.097m from $1.107m. Continue reading “‘Executing our strategy’: MoFo London revenue surges 25% but global turnover drops”
In-house leaders sign letter urging law firms to ramp up diversity efforts
A group of 65 general counsel (GCs) spanning major companies from the UK and Europe has collectively signed a letter urging law firms to improve their diversity efforts.
Among those to have lent their support to the statement are Shell GC Donny Ching, Vodafone group GC Rosemary Martin (pictured), Unilever’s chief legal officer Ritva Sotamaa, Anglo American group GC Richard Price and BHP Billiton group GC Caroline Cox. Continue reading “In-house leaders sign letter urging law firms to ramp up diversity efforts”
Kirkland breaks $5m PEP and outguns Latham again to stay world’s highest-grossing firm
Kirkland & Ellis has hiked revenues by more than $500m to remain the world’s highest-earning law firm, as global turnover surged to $3.76bn.
The Chicago-bred giant today (21 March) revealed results for the 2018 financial year, confirmed a 19% hike in revenues against $3.165bn the previous year. Profit per equity partner (PEP) topped $5m for the first time, up 7% to $5,037,000 on the $4.7m for 2017. Revenue per lawyer was up nearly 3% to $1.63m. Continue reading “Kirkland breaks $5m PEP and outguns Latham again to stay world’s highest-grossing firm”
Slaughter and May chooses Hong Kong once more for rare partner hire
Traditionally phobic to partner hires, Slaughter and May has recruited in Hong Kong again almost a year after its previous move in the jurisdiction, this time recruiting Jing Chen as partner from the Listing Division of Hong Kong Exchanges and Clearing Limited (HKEX).
Chen re-joins the firm having been a trainee solicitor at Slaughters in 2006, before spending eight years as an associate advising on M&A and capital markets following qualification. Continue reading “Slaughter and May chooses Hong Kong once more for rare partner hire”
US firms deployed on $43bn Worldpay takeover as Freshfields scores lead on major bank merger
Skadden, Arps, Slate, Meagher & Flom is advising payment processor Worldpay on a proposed $43bn takeover offer by financial technology company FIS, while Freshfields Bruckhaus Deringer has been drafted in to act for Deutsche Bank on merger talks with rival Commerzbank.
The deal, announced yesterday (18 March), will see Worldpay shareholders receive $11 in cash for each of their shares. The merger gives Worldpay an enterprise value of around $43bn, including its debt, which Florida-based FIS expects to refinance. Continue reading “US firms deployed on $43bn Worldpay takeover as Freshfields scores lead on major bank merger”
Dechert rebuilds City leadership with dealmaker Field as Black takes helm
Dechert has taken strides to fortify its depleted London management team, adding private equity partner Chris Field and naming Gus Black as its chair.
Funds specialist Black (pictured) is global co-chair of Dechert’s financial services group and has been a member of the London management committee since its inception in 2016. Corporate partner Field was hired into Dechert’s London office after 11 years at Kirkland & Ellis in October 2017 along with tax partner Jane Scobie. They followed a path trodden by finance partner John Markland who left Kirkland for Dechert the previous year. Continue reading “Dechert rebuilds City leadership with dealmaker Field as Black takes helm”
Kerr to hit 26 years at 2Birds’ helm as Addleshaws re-appoints Penney as senior partner
Bird & Bird’s long-standing chief executive David Kerr (pictured) is set to lead the firm until 2022 after standing unopposed in the firm’s latest election.
Addleshaw Goddard will also stick to its leadership after Charles Penney saw off a challenge by the firm’s employment group head Michael Leftley to secure a second term as senior partner. Continue reading “Kerr to hit 26 years at 2Birds’ helm as Addleshaws re-appoints Penney as senior partner”
Ince & Co administrator reveals partners had ‘no appetite’ to rescue failing firm with £8.5m cash injection
Ince & Co partners ruled out a £8.5m capital injection that may have saved the firm from financial failure, according to a report from administrators Quantuma.
At a meeting in October 2018, Ince partners were informed that if a sale to a third party could not be hastily arranged, partners would have to agree to a three-year lock in and contribute at least £8.5m to rescue the firm. Continue reading “Ince & Co administrator reveals partners had ‘no appetite’ to rescue failing firm with £8.5m cash injection”
US firms strike in the City again as Latham hits Links and Paul Hastings taps Hogan Lovells
Latham & Watkins has once again hit the Magic Circle to expand beyond its traditional transactional heartlands in the City, recruiting Linklaters insurance partner Victoria Sander.
Paul Hastings has also made the latest in a series of London hires, with former Hogan Lovells M&A infrastructure and energy partner Steven Bryan starting at the US firm this week. Continue reading “US firms strike in the City again as Latham hits Links and Paul Hastings taps Hogan Lovells”
DWF becomes UK’s largest listed law firm as it completes £95m IPO
After announcing its record £95m IPO on Monday (11 March), DWF has today (15 March) issued 300,000,000 shares and been admitted to the main board of the London Stock Exchange.
With a £366m valuation and offer size of £95m, DWF has officially become the UK’s largest listed law firm. £19m of the proceeds will be used to repay a portion of members’ capital contribution to DWF, with £10m earmarked for IT investment and the remainder reserved for general corporate purposes. Continue reading “DWF becomes UK’s largest listed law firm as it completes £95m IPO”