Revolving Doors: Crowell & Moring taps Squire Patton Boggs for UK partners as DLA leads hefty international recruitment round

starry sky over the City

City recruitment was steady last week with Crowell & Moring being the main mover after luring yet more talent from Squire Patton Boggs. Meanwhile Monckton Chambers secured Steven Gee QC from Joseph Hage Aaronson and DLA Piper and Mayer Brown made moves in a busy international round.

Crowell & Moring has emboldened its London strategy lately by recruiting from Squires. Energy partner Robin Baillie joined the firm last week, with Crowell & Moring looking to export its strong US energy practice to the UK.

Baillie had been at Squires since 2014, and brings with him senior associate Stefanie Atchinson who joins as counsel as well as associate Lydia Taylor. Meanwhile, Squires banking and debt finance partner Andrew Knight is also set to join Crowell & Moring at the beginning of April. The exits come after Squires lost a three-partner team to Crowell & Moring in recent weeks, with litigation partner Laurence Winston and insolvency partners Cathryn Williams and Paul Muscutt also decamping. Squires former City litigation head Robert Weekes meanwhile joined the firm in January, while 15 other lawyers left the firm for Morgan Lewis in February.

Monckton Chambers made a law firm play, adding Joseph Hage Aaronson litigator Steven Gee QC to its ranks. Gee returns to the barristers’ chambers after five years at the litigation boutique, having formerly headed up Stone Chambers.

Joint head of Monckton Chambers, Philip Moser QC, welcomed the hire: ‘Steven’s significant experience, both at the Bar and in a law firm, will provide inspiration and impetus further to expand Monckton’s commercial litigation and arbitration work. We believe his addition is a significant milestone in the recognition of Monckton Chambers as a leading set for commercial litigation and arbitration.’

Finishing off the City hires, DAC Beachcroft acquired David Johnson from Weightmans where he led its political and markets advisory group for four years. Johnson focuses on handling large-loss catastrophic injury cases and high-value fatal accident claims.

Eversheds Sutherland, meanwhile, made a hire in the regions, with the addition of corporate partner Michael Birchall, who joins from Addleshaw Goddard.  Birchall will now spearhead the firm’s corporate practice in Manchester while also working closely with the firm’s team in Leeds. Birchall had previously been based in both Manchester and London for Addleshaw.

Further afield, DLA Piper led a busy international recruitment round, hiring in Frankfurt and Dublin. In Germany the firm enhanced its litigation and regulatory practice with the hire of Gleiss Lutz associated partner Emanuel Ballo. It marks a return for Ballo, who had worked at DLA Piper between 2011 and 2015, having advised a number of international companies on issues related to white collar crime.

Meanwhile DLA Piper hired tax partner Maura Dineen to the firm’s newly opened Dublin office. Dineen joins from Mason Hayes & Curran, and is DLA Piper’s fifth partner hire in Ireland in a month.

Fieldfisher made a double hire in Madrid, with Jesús Estévez and Elizabeth Malagelada joining the firm’s Spanish offering. Both come from Big Four outfit EY, where Estévez worked in the firm’s banking and finance practice while Malagelada worked in the tax department. Estevez had been a partner at EY For four years and prior to that was a partner at Baker McKenzie; Malagelada meanwhile had been at EY for six years.

Completing the international recruitment round, Mayer Brown expanded its corporate and securities practice in Hong Kong with the hire of former Kirkland & Ellis and Hogan Lovells partner Steven Tran. As a private equity and M&A lawyer, Tran acts for funds and major financial institutions and has been based in Asia for almost 20 years.

‘Steven’s appointment reflects the continued growth of our corporate capabilities in Hong Kong as a service hub for Asia,’ said Jason Elder, co-leader of Mayer Brown’s corporate and securities practice.

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Calls for a ‘radical overhaul’ of NDAs as #MeToo saga prompts UK gagging order law reform

Zelda Perkins

The government has proposed new legislation that would make it illegal for employers to use gagging orders to prevent the reporting of sexual misconduct in the workplace to police.

The move, announced by business minister Kelly Tolhurst today (4 March), comes as #MeToo continues to rage in the legal profession and beyond after the use of non-disclosure agreements (NDAs) to hide sexual offences came to light in several high-profile cases. Continue reading “Calls for a ‘radical overhaul’ of NDAs as #MeToo saga prompts UK gagging order law reform”

Watson Farley & Williams makes major City energy play with Clifford Chance Africa director

Selecting recruits

Watson Farley & Williams (WFW) is set to hire Titus Edjua, director of Clifford Chance’s (CC) Africa group, to boost its project finance capabilities.

According to a source, one other lawyer is due to be joining WFW from CC as part of the same move, but this has not been confirmed by either firm. He is set to start at WFW on 1 April. Continue reading “Watson Farley & Williams makes major City energy play with Clifford Chance Africa director”

‘Only the beginning’: Latham adds more than $300m to top line as Sidley nears £100m in the City

Big Law giant

A year after becoming the first law firm to break the $3bn barrier, Latham & Watkins has posted an even stronger set of financial results, growing revenue at a faster 11% rate to hit $3.386bn in 2018.

Meanwhile, Sidley Austin joined the growing number of US firms to report double-digit growth for their City operations in 2018, hiking London revenue 14% to £97.5m. Continue reading “‘Only the beginning’: Latham adds more than $300m to top line as Sidley nears £100m in the City”

‘Better than many’: Paul Hastings sees London revenue grow 14% as Milbank breaks $1bn barrier globally

starry sky over the City

Paul Hastings saw its strong revenue growth in London tempered slightly to 14% in 2018 in what remained a strong year for the US outfit.

The double-digit revenue increase in London is lower than last year’s 25% rise, however it outstrips the firm’s global growth figure of 9%, itself up from 4% last year. Profit per equity partner (PEP) meanwhile broke the $3m mark, rising 12% to $3.25m. Continue reading “‘Better than many’: Paul Hastings sees London revenue grow 14% as Milbank breaks $1bn barrier globally”

Magic Circle leads tech foray as Slaughters unveils tech incubator and Linklaters and A&O back Nivaura in $20m funding round

Jane Stewart

Slaughter and May has announced today (27 February) its much-anticipated legal tech incubator, Slaughter and May Collaborate, with the firm primed to select about six legal tech companies for its first cohort.

Magic Circle counterparts Allen & Overy (A&O) and Linklaters, meanwhile, have both featured in fintech company Nivaura’s $20m funding round as the City elite bustle to achieve a technological advantage. Continue reading “Magic Circle leads tech foray as Slaughters unveils tech incubator and Linklaters and A&O back Nivaura in $20m funding round”

Chicago firepower for RPC as insurance team secures formal US tie-up

Chicago

RPC has announced its insurance practice will form an official alliance with Chicago-based law firm Hinshaw & Culbertson.

The partnership will see both firms deepen their existing relationship in the insurance sector, with talks regarding a formal alliance developing throughout January. The firms will now work together on pitching and client marketing as well as collaborating on professional indemnity mandates. Continue reading “Chicago firepower for RPC as insurance team secures formal US tie-up”

Revolving Doors: Crowell & Moring secures three-partner team from Squire Patton Boggs while Dentons makes City hire from Fieldfisher

Dentons

City recruitment was active last week, as Crowell & Moring and Dentons made the standout hires while Baker Botts also made a City move.

US firm Crowell & Moring led the way in the City, recruiting a three-partner team from Squire Patton Boggs a month after hiring financial litigation partner and former City head Robert Weekes from the same firm. Weekes will be joined by litigation partner Laurence Winston, London insolvency head Cathryn Williams and insolvency partner Paul Muscutt. Continue reading “Revolving Doors: Crowell & Moring secures three-partner team from Squire Patton Boggs while Dentons makes City hire from Fieldfisher”

The International Arbitration Centre launches: The City finally gets the disputes space it’s been waiting for

For years seasoned practitioners have bemoaned the lack of top-notch arbitration facilities in London, casting an envious eye at the polished offerings in rival hubs like Singapore, even as the City has boomed as a global centre for dispute resolution. Now advisers sick of arguing about venues and decamping to hotels for major disputes are about to have their wishes granted with the launch this week of a world-class arbitration centre from Legalease.

Following more than two years of development – including extensive consultation with senior arbitrators to refine its bespoke design – the new International Arbitration Centre (IAC) covers four floors at 190 Fleet Street, right in the heart of London’s legal community. Continue reading “The International Arbitration Centre launches: The City finally gets the disputes space it’s been waiting for”

Tightening of ranks at Hogan Lovells sees PEP approach $1.4m as turnover rises 4%

Steve Immelt

Hogan Lovells has posted an 8% increase in profit per equity partner (PEP) to $1.38m after reducing equity partner headcount 6% to 523 in 2018.

The firm today (25 February) posted revenue of $2.12bn, up 4% on $2.04bn in 2017, a less pacey rate of growth than the 6% achieved in each of the previous two years. Revenue per lawyer (RPL) grew at a faster 6% pace to $804,000 as the firm cut its legal workforce 2% to 2,637 while total partner headcount, including non-equity partners, was down 4% to 803. Continue reading “Tightening of ranks at Hogan Lovells sees PEP approach $1.4m as turnover rises 4%”

Comment: Beyond barbarian – Another stride as Kirkland signs private equity’s most wanted

Freshfields Bruckhaus Deringer

If the news in late 2017 that Freshfields Bruckhaus Deringer private equity veteran David Higgins was joining Kirkland & Ellis was an insult to his Magic Circle firm, the announcement barely into 2019 that Kirkland was following up with his colleague Adrian Maguire looks like grievous injury.

The record-breaking transfer of Higgins was a symbolic reverse and a significant demonstration of Kirkland’s determination to push into mainstream sponsor work in Europe. Yet it was not entirely unexpected – there had been indications that Higgins was becoming disenchanted due to issues with Freshfields’ finance practice and a lack of a more meaningful leadership role. Where he went was more surprising than the matter of his departure. Continue reading “Comment: Beyond barbarian – Another stride as Kirkland signs private equity’s most wanted”

DPAs in spotlight as SFO ends long-running Rolls-Royce and GSK investigations

GSK

The Serious Fraud Office (SFO) has today (22 February) ended investigations into two landmark cases involving Rolls-Royce and GlaxoSmithKline, prompting scepticism from white-collar lawyers.

Despite agreeing a £497.3m January 2017 deferred prosecution agreement (DPA) with the car manufacturer, the SFO has pulled its bribery and corruption probe into Rolls-Royce following a ‘detailed review of the available evidence’. Continue reading “DPAs in spotlight as SFO ends long-running Rolls-Royce and GSK investigations”

Deal watch: Big cheeses land £975m Dairy Crest deal as Slaughters acts on £1.3bn Provident hostile takeover

Slaughter and May office

The UK buyout market had an uncharacteristically frenetic week with City M&A counsel taking the lead on a £1.3bn unsolicited bid for doorstep lender Provident Financial and the £975m recommended offer for UK cheese and spreads stalwart Dairy Crest Group on the same day.

The hostile bid for sub-prime lender Provident was launched at 7am this morning (22 February) by Non-Standard Finance (NSF), with Slaughter and May corporate head Andy Ryde and fellow partner Paul Mudie leading the charge. Continue reading “Deal watch: Big cheeses land £975m Dairy Crest deal as Slaughters acts on £1.3bn Provident hostile takeover”

‘Too far apart’: Ashfords and Boyes Turner abandon £60m merger talks

Exeter

Southern English law firms Ashfords and Boyes Turner have ditched their proposed merger which was set to go live in May after citing ‘structural differences.’

The firms were deep into merger talks that started in early 2017, with south west-based Ashfords having been eager to complete a tie-up with another southern outfit for some time. Ashfords had been the senior party throughout the talks, with the merged firm set to trade under the Exeter outfit’s name and brand. Continue reading “‘Too far apart’: Ashfords and Boyes Turner abandon £60m merger talks”

Shearman tight-lipped on City revenue amid reduced headcount and 4% global turnover rise

Shearman & Sterling

After rising by less than 1% in 2017, Shearman & Sterling’s global revenue grew at a slightly faster pace last year to hit $955.5m as profit per equity partner increased 5% to $2.4m.

The New York-headquartered firm today (21 February) declined to disclose its London revenue for the second year running, although senior partner David Beveridge told Legal Business the City office grew at a comparable rate to the firm globally. The last time Shearman released London numbers they showed a 14% revenue uptick to $169.7m in 2016. Continue reading “Shearman tight-lipped on City revenue amid reduced headcount and 4% global turnover rise”

Comment: It’ll take more than a float to make DWF the new DLA

Hope floats

Regular readers will have to forgive two columns in one issue on capitalising law firms but the day I write this piece DWF has finally set out its stall for that much-touted public float. As can be gleaned from last autumn’s cover feature on law firm IPOs, there is a considerable scepticism regarding the rhetoric surrounding DWF’s planned float, which, if it goes ahead, would be on the main market.

Despite initial talk of £1bn valuations, even the more modest £400m-£600m range some were circulating is seen as a huge stretch by a number of the advisers that have worked in this area. Continue reading “Comment: It’ll take more than a float to make DWF the new DLA”

‘Investing in strength’: Akin Gump’s City turnover spikes 28% amid restructuring bonanza

James Roome

The London office of Akin Gump Strauss Hauer & Feld has recorded a 28% revenue hike to $123.5m.

The City results, with revenue up from $96.2m, mark a blistering year on the back of a swathe of big-ticket transactions in the financial restructuring space and stand out against the more muted firm-wide revenue uptick of 3% from $1.04bn to $1.07bn. Continue reading “‘Investing in strength’: Akin Gump’s City turnover spikes 28% amid restructuring bonanza”

The comeback kid: Return to form as Reed Smith hikes London revenue 18% to $222m

Reed Smith

Reed Smith has bolstered City revenue by 18% to $222m amid a reversal of fortune which has seen global revenue rise for the second year running after a disappointing spell.

Global turnover increased 5% to $1.17bn after the Pittsburgh-bred firm last year bounced back following two consecutive years of decline, increasing its top line by 4% to $1.12bn in 2017. Continue reading “The comeback kid: Return to form as Reed Smith hikes London revenue 18% to $222m”

Cadwalader London revenue drops 13% after restructuring team exit as global turnover makes slight return to growth

Cadwalader, Wickersham & Taft

Bucking a trend which has seen a number of City outposts of US firms grow apace last year, turnover at Cadwalader Wickersham & Taft’s London office dropped 13% to $43.1m in 2018.

While London suffered the impact of a five-partner team departure at the beginning of last year, global figures painted a rosier picture as firm-wide turnover grew 3% to $420.7m after three consecutive years of decline. Continue reading “Cadwalader London revenue drops 13% after restructuring team exit as global turnover makes slight return to growth”

Shameless plug alert: Unveiling the programme for Enterprise GC

Readers of a sensitive disposition in the face of journalists bigging up their own wares, please turn away, this piece is not for you. But general counsel interested in what we hope is a genuine flagship event, we believe you’ll find something of interest as we now unveil the programme for this year’s Enterprise GC summit.

Legal Business’ editorial team this year took the lead in pulling together a programme for the event, including signing up a top-class steering committee of GCs that have been generous with their time in helping us create our agenda. Continue reading “Shameless plug alert: Unveiling the programme for Enterprise GC”