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Post-merger chemistry and an absence of crisis mark BCLP launch but firm is yet to settle into its stride

Thomas Alan finds mixed omens in the wake of BCLP’s high-stakes union. A solid start cannot obscure that 2019 will be a crucial period for the Anglo-American challenger

When indications of a merger between legacy firms Berwin Leighton Paisner (BLP) and Bryan Cave first emerged in late 2017, there were mixed reactions about the potential union. As Legal Business noted last summer: ‘Confirmation earlier this year that BLP was uniting with a solid US operator, but one whose brand had limited potency in Europe, did not quicken the pulse.’ Continue reading “Post-merger chemistry and an absence of crisis mark BCLP launch but firm is yet to settle into its stride”

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Deal watch: Healthy pickings for Travers and DLA on Unilever’s £150m graze buyout as firms navigate Interserve rescue saga

Ian Shawyer

Travers Smith and DLA Piper have sated their appetites on The Carlyle Group’s £150m disposal of graze while a raft of advisers sat tight as a further twist in the Interserve saga unfolded.

Unilever last Tuesday (5 February) sealed the deal to acquire ubiquitous healthy snack brand graze, having fended of competition from rival bidders Pepsi and Kellogg in an auction launched in the latter part of last year by Harris Williams. Continue reading “Deal watch: Healthy pickings for Travers and DLA on Unilever’s £150m graze buyout as firms navigate Interserve rescue saga”

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‘Poised for great things’: White & Case City revenue tops $350m as Milbank sees 25% turnover spike

Melissa Butler

White & Case’s expansive London office was responsible for 17% of firm-wide revenue as Milbank Tweed Hadley & McCloy has a hiring spree to thank for its pace-setting 25% uptick in City turnover.

White & Case’s City revenue was up 7% to $350m, as firm-wide revenue increased 13.7% to break the $2bn mark at $2.05bn. Profit per equity partner grew 6% to $2.40m and revenue per lawyer increased by 7.8% to reach $954,000 from last year’s $885,000. Continue reading “‘Poised for great things’: White & Case City revenue tops $350m as Milbank sees 25% turnover spike”

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Linklaters turns to Asia for new banking head as Bugg steps down after three years

Linklaters

Linklaters’ Hong Kong based finance partner Davide Mencacci has replaced Tony Bugg to become the firm’s first non-London based banking head.

Linklaters announced today (11 February) the election of the former Allen & Overy partner to the role for four years, while Bugg stepped down three years into his term to go back to full time fee-earning. Continue reading “Linklaters turns to Asia for new banking head as Bugg steps down after three years”

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KPMG ups the ante with 145-lawyer hire in France and new consultancy service

KPMG has added its name to the list of Big Four accountants ramping up their legal service offering in recent months, with a mammoth team hire from French law firm Fidal and the launch of a new legal consulting service.

News emerged today (8 February) that 145 lawyers have left Fidal to join the accountant’s newly created French legal arm, KPMG Avocats. The tax-focused team includes 26 partners, and KPMG Avocats plans to eventually grow its headcount to more than 400. Continue reading “KPMG ups the ante with 145-lawyer hire in France and new consultancy service”

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Luminance valuation hits $100m as Slaughters stumps up in $10m investment round

Emily Foges

UK legal tech leader and Slaughter and May ally Luminance has received further backing from existing investors, propelling the start-up to a $100m valuation.

The AI company boosted its war chest by $10m following further backing from existing investors Talis Capital, Mike Lynch-backed technology investor Invoke Capital and City bluebloods Slaughters. Continue reading “Luminance valuation hits $100m as Slaughters stumps up in $10m investment round”

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MoFo strikes London pay dirt with hire of Latham finance co-chair Kandel

Christopher Kandel

Further evidence of significant lateral movement between US players in London emerged today (7 February), with news that one the City’s most respected finance veterans, Chris Kandel, has quit Latham & Watkins after nine years to join Morrison & Foerster’s resurgent City arm.

Kandel, a standout performer with a proven track record in leveraged finance, acquisition finance and restructuring, joined Latham in 2010 from White & Case, where he was co-head of the London bank finance practice. He was global co-chair of Latham’s finance offering. Continue reading “MoFo strikes London pay dirt with hire of Latham finance co-chair Kandel”

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Corporate partner David Wilkinson wins Fieldfisher senior partner election

Fieldfisher

Corporate partner David Wilkinson has beaten competition from real estate head Anthony Phillips to win Fieldfisher’s senior partner race, replacing incumbent Matthew Lohn after six years in the role.

Wilkinson will serve a three-year term starting 1 May 2019. Fieldfisher managing partner Michael Chissick confirmed that Wilkinson will continue in a ‘dual role’ as fee-earner and senior partner, and described him as a ‘well-respected partner.’ Continue reading “Corporate partner David Wilkinson wins Fieldfisher senior partner election”

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‘Ongoing struggle’: Linklaters shuts down former director going public with concerns over firm culture

Linklaters

Linklaters has been granted an interim injunction against a former director of business development and marketing seeking to raise his concerns over the firm’s ‘current culture’ in ‘interviews for publication’.

In a High Court ruling yesterday (5 February), Mr Justice Warby restrained the firm’s former executive committee member Frank Mellish from sharing information highlighting what the former employee described as ‘the ongoing struggle Linklaters has with women in the workplace’ until a further hearing on Monday (11 February). Continue reading “‘Ongoing struggle’: Linklaters shuts down former director going public with concerns over firm culture”

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Revolving Doors: Weil loses buyout rising star McGonigle to fund as Fried Frank taps Linklaters’ finance team and King & Spalding and Simmons & Simmons make European hires

Samantha McGonigle

The most significant moves are not always to rival law firms as the exit of Weil Gotshal & Manges’ City private equity partner Samantha McGonigle to co-found a growth fund goes to show.

Perpetuating the busy start to the lateral market, Fried, Frank, Harris, Shriver & Jacobson has added to its City finance practice as King & Spalding and Simmons & Simmons have hired in Europe at the expense of Ashurst and Allen & Overy respectively. Continue reading “Revolving Doors: Weil loses buyout rising star McGonigle to fund as Fried Frank taps Linklaters’ finance team and King & Spalding and Simmons & Simmons make European hires”

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Cooley leverages Brexit uncertainty to launch in Brussels

Four years after launching in London, West Coast US firm Cooley is to launch its second European base in Brussels.

The firm announced today (4 February) it has hired experienced competition partner Alexander Israel from leading German independent Noerr to lead the opening of its fourteenth branch worldwide. ‘Expanding Cooley’s presence in the European Union has long been a key component of our growth strategy,’ said chief executive Joe Conroy, adding that opening in the Belgian capital would strengthen the firm’s ability to support clients ‘particularly with the uncertainty of the Brexit environment’. Continue reading “Cooley leverages Brexit uncertainty to launch in Brussels”

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City revenues shoot up 16% after another bumper year for Quinn Emanuel

Disputes heavyweight Quinn Emanuel Urquhart & Sullivan has continued its impressive run of form in London as City revenues for 2018 shot up 16% to £83.6m.

The US-bred firm also saw profits rise 13% to £59.3m. As a result, Quinn’s London profit margin is consistent with the business globally at 70%. Quinn London co-managing partner Richard East told Legal Business: ‘We had a strong year last year after we added lateral partners and launched some key new practice areas, such as contentious tax and construction arbitration. To be up 16% with the same number of people was very pleasing.’  Continue reading “City revenues shoot up 16% after another bumper year for Quinn Emanuel”

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Cyber-attack hacks at DLA profit as strong UK performance lifts revenue 5%

DLA Piper

Growth in DLA Piper’s UK business has pushed the firm’s international LLP top line to £919m, but 2017’s cyber-attack has weighed on profit.

The firm’s international (non-US) revenue for the year to 30 April 2018 grew £42.2m, or 5%, of which £29m related to the UK business. Stripping out the impact of foreign exchange, however, which the previous financial year added an enormous £75.5m to revenue, fee income was up £33.1m, or about 4%. Continue reading “Cyber-attack hacks at DLA profit as strong UK performance lifts revenue 5%”

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Double whammy for Ashurst as London head quits for BCLP and Macfarlanes hires former corporate head

Simon Beddow

Ashurst London managing partner Simon Beddow and former corporate head Robert Ogilvy Watson have quit the firm to join Bryan Cave Leighton Paisner (BCLP) and Macfarlanes respectively.

A partner at the firm for 21 years, Beddow had led the firm’s City base since 2016 and was previously the firm’s corporate co-head. He will become BCLP’s deputy head of corporate. Continue reading “Double whammy for Ashurst as London head quits for BCLP and Macfarlanes hires former corporate head”

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DWF equity partners stump up 60% profit share to fire up planned float

Hope floats

DWF’s equity partners will be paid 40% of what they used to earn in an anticipated stock exchange listing, although the resulting dividend yield on shares is expected to leave their total compensation not ‘a million miles apart’ from current remuneration.

DWF today (31 January) released further details ahead of an anticipated London Stock Exchange main board listing in the first quarter of this year. The firm’s full registration document is expected to be published later today, awaiting approval from the UK Financial Conduct Authority (FCA). Continue reading “DWF equity partners stump up 60% profit share to fire up planned float”

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Bird & Bird reports 11% uptick in first-half revenue as LLPs reveal rich pickings for ExComm

David Kerr

Bird & Bird’s nine executive committee members took home €6.4m in the year to April 2018, its LLP accounts showed today (30 January), as the firm announced turnover of €197m in the first half of the current financial year.

The TMT-focused shop saw pre-tax profit up 14% to €119.8m in the 2017/18 financial year, a pacier run than the 9% rise to €103.5m in the previous year. Turnover rose 6% to €380.9m. Continue reading “Bird & Bird reports 11% uptick in first-half revenue as LLPs reveal rich pickings for ExComm”

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Dentons UK top earner reaped benefits of Maclays takeover with 27% pay rise

Dentons

Dentons’ highest paid UK partner took home £1.4m in the year to April 2018 compared to £1.1m the year before, the firm’s first accounts since the merger with Maclay Murray & Spens show.

Covering the firm’s 14 offices in the UK and Middle East, the accounts, published today (30 January), incorporate six months of trading as a combined firm since the tie-up with the Scottish shop went live on 28 October 2017. Continue reading “Dentons UK top earner reaped benefits of Maclays takeover with 27% pay rise”

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LLP accounts show BLP flagging ahead of Bryan Cave merger as profit fell 21%

Therese Pritchard

Legacy Berwin Leighton Paisner was hit by a 21% drop in profit and 3% dip in revenue in its last full financial year prior to its merger with Bryan Cave, LLP accounts reveal.

Last February, Berwin Leighton Paisner (BLP)’s quest for a US tie-up received a shot in the arm when its transatlantic merger with Bryan Cave was approved by partners, with the deal going live in April 2018. Continue reading “LLP accounts show BLP flagging ahead of Bryan Cave merger as profit fell 21%”