Page 222 – Legal Business

16 August 2018

‘Strong pipeline’: pay bump for A&O trainees and associates amid 80% retention rate

Allen & Overy has become the latest Magic Circle firm to announce pay increases for its trainees and newly qualified associates (NQs), alongside a slightly reduced September 2018 retention rate.

The salary for NQs has risen to £83,000 from £81,000, while second year trainees can now expect to take home £50,000, up from £49,000. First year trainees will earn £45,000, compared with the previous £44,000 salary. Continue reading “‘Strong pipeline’: pay bump for A&O trainees and associates amid 80% retention rate”

14 August 2018

Deal watch: Weil and Slaughters lead on Bain’s £1.2bn esure bid as CC and RPC land House of Fraser roles

Weil Gotshal & Manges and Slaughter and May have scooped key mandates on Bain Capital’s proposed £1.2bn takeover of UK insurer esure as RPC and Clifford Chance (CC) wade into the House of Fraser saga.

Weil is advising Bain on the proposed take-private, which will see the private equity player acquire, via its Blue (BC) Bidco Limited subsidiary, all shares in the motor and home insurer for 280 pence per share. The Weil team is led by private equity partner Marco Compagnoni and senior consultant Ian Hamilton. Continue reading “Deal watch: Weil and Slaughters lead on Bain’s £1.2bn esure bid as CC and RPC land House of Fraser roles”

13 August 2018

Revolving Doors: City laterals slow as Hogan Lovells lose corporate partner to Dechert, while CC and Herbert Smith make moves abroad

In a lull for City recruitment, Dechert made the only significant London hire last week, with Kennedys recruiting in the regions and Clifford Chance (CC) hiring in New York.

Dechert brought in Hogan Lovells M&A and private equity partner Robert Darwin, with the Philadelphia-based firm looking to strengthen its corporate life sciences group. The London-based Darwin had been partner at Hogan Lovells for more than three years. Continue reading “Revolving Doors: City laterals slow as Hogan Lovells lose corporate partner to Dechert, while CC and Herbert Smith make moves abroad”

13 August 2018

‘The time is right’: Ince senior partner Heuvels steps down amid job losses

Ince & Co’s senior partner Jan Heuvels has stepped down just weeks after a wave of cuts in the firm’s London office saw 32 job losses.

Veteran partner Peter Rogan, who was Ince’s senior partner between 2000 and 2008, has been named interim chairman of the firm’s board. Rogan will oversee the permanent appointment of Heuvels’ successor, in addition to the day-to-day running of the firm. Continue reading “‘The time is right’: Ince senior partner Heuvels steps down amid job losses”

12 August 2018

‘Cracking place to do business’: Burness Paull leverages international growth in 7% revenue uptick

It has been a choppy year for the Scottish economy but local independent Burness Paull has used a 30% increase in international mandates to drive its ninth consecutive year of revenue growth.

The firm’s revenue for the year to 31 July 2018 rose 7% to £57.6m, while profit lifted 8% to £23.8m. Chairman Peter Lawson (pictured), who took on the role at the start of August alongside new managing partner Tamar Tammes after the firm changed its leadership for the first time in a decade, told Legal Business he was pleased given it had been a tougher year for the Scottish economy. Continue reading “‘Cracking place to do business’: Burness Paull leverages international growth in 7% revenue uptick”

9 August 2018

Comment: Law firm IPOs still don’t make much sense (but soon could)

‘Who would possibly invest in a law firm?’ asks one leader this month, reflecting a common view. Yet the current vogue for floating law firms suggests momentum is indeed building, more than a decade after the introduction of the Legal Services Act.

In recent weeks, DWF has turned heads with talk of a £1bn float this year. While the price – not officially attributed to the firm – looks fanciful, even a standard £400m-£600m valuation would be by some way the largest legal float yet seen. The last 12 months have seen a series of offerings, with Knights in June raising £50m and others recently braving the market, including Rosenblatt, Gordon Dadds and Keystone Law. And while larger commercial law firms publicly play down the prospects of raising outside capital, there is no doubt it is now getting more active consideration. Continue reading “Comment: Law firm IPOs still don’t make much sense (but soon could)”

9 August 2018

Revenue plunges 20% at Stewarts as contingent fee swings end stellar run

Disputes specialist Stewarts has experienced a reality check after a consistent period of striking financial growth, with revenue tumbling by more than 20% for the 2017/18 financial year.

Turnover has dropped from £77.9m to £62.4m, while profit per equity partner (PEP) fell by an even wider 28% margin to £1.4m. Continue reading “Revenue plunges 20% at Stewarts as contingent fee swings end stellar run”

9 August 2018

In-house: RBS to tackle peaks and troughs with flexible legal providers

The need for a more ‘nimble and agile’ environment is driving the Royal Bank of Scotland’s (RBS) foray into the flexible lawyers market, reducing a dependence on the need for secondees from external firms.

RBS general counsel (GC) Michael Shaw (pictured) confirmed the bank has gone out to a number of flexible resourcing providers with an eye to setting up its first-ever panel in the area later this year. Continue reading “In-house: RBS to tackle peaks and troughs with flexible legal providers”

7 August 2018

In-house: big names move shop as BT’s Fitz goes into medical research and tech giants see exits

Three of the global in-house community’s leading lights have announced moves in recent weeks, with former BT general counsel (GC) Dan Fitz’s moving to The Francis Crick Institute and resignations at both Google and Facebook.

Fitz, who in December last year announced he would be stepping down after seven years, will take up his new role as GC and company secretary at the biomedical research centre in November. Continue reading “In-house: big names move shop as BT’s Fitz goes into medical research and tech giants see exits”

7 August 2018

Into the mainstream: another big New Law exit sees EY acquire Riverview Law

Mere months after New Law pioneer Lawyers On Demand (LOD) secured private equity backers to position itself as a global player, fellow alternative legal services business darling, Riverview Law, has been acquired by Big Four accountancy firm EY.

The financial details of the deal, announced today (7 August), were not disclosed, but Riverview’s turnover is believed to have risen to more than £10m since it launched in 2012, meaning the acquisition is expected to carry a hefty price tag. Continue reading “Into the mainstream: another big New Law exit sees EY acquire Riverview Law”

6 August 2018

Revolving Doors: McDermott leads busy City recruitment round as in-house and international hires dominate

City laterals were active last week in a bolstered global recruitment round, as McDermot Will & Emery was joined by Capsticks and Bates Wells Braithwaite (BWB) in making London plays. Meanwhile Eversheds Sutherland was among the firms looking to prise talent away from in-house teams as Kirkland & Ellis and DLA Piper made significant moves abroad.

McDermott led the City recruitment round, hiring structured finance partner Rachel Kelly to the firm’s corporate group. Kelly joins from Bryan Cave Leighton Paisner where she specialised in structured finance and debt capital markets during a three-year spell. Continue reading “Revolving Doors: McDermott leads busy City recruitment round as in-house and international hires dominate”

6 August 2018

White & Case doubles up in the City in continued disputes drive

White & Case is continuing its aggressive City expansion with two disputes hires, the firm’s eighth and ninth laterals this year.

Contentious construction and engineering partner David Robertson is joining White & Case’s arbitration team from Bryan Cave Leighton Paisner (BCLP), while Cadwalader, Wickersham & Taft litigation partner Steven Baker joins the firm’s commercial litigation practice. Continue reading “White & Case doubles up in the City in continued disputes drive”

5 August 2018

‘The giant is awakening’: Baker McKenzie adds $230m to revenue as partner profits surge 13%

Baker McKenzie has posted one of its best financial performances in recent history as revenue hit $2.9bn and partner profits reached $1.44m in the year to 30 June 2018.

An upbeat chair Paul Rawlinson claimed his firm was winning more higher value work as revenue rose 10% in constant currency and 8% in dollar terms from last year’s $2.67bn. The result confirmed Bakers as the third highest billing firm in the world, behind Kirkland & Ellis and Latham & Watkins. Continue reading “‘The giant is awakening’: Baker McKenzie adds $230m to revenue as partner profits surge 13%”

3 August 2018

RPC’s profits rebound amid 10% revenue growth after consulting arm produces ‘good results’

RPC has followed up on last year’s disappointing financial performance with a 10% rebound in profits as revenue hit £112.7m.

The rise in net income to £28.9m was coupled with an 8% increase in profits per equity partner (PEP) to £348,000. The 2017/18 financial year was an improvement on last year’s modest 2% revenue growth, which resulted in an 11% drop in PEP to £322,000. Continue reading “RPC’s profits rebound amid 10% revenue growth after consulting arm produces ‘good results’”

3 August 2018

Kaplan wins bid to create controversial SRA ‘super exam’ after rivals pull out early

While education services company Kaplan has emerged as the winner of the race to develop the Solicitor Regulation Authority’s (SRA) controversial new ‘super-exam’, rival providers BPP University and University of Law (ULaw) claim to have pulled themselves out of the running at an early stage.

Kaplan prevailed in a year-long contest between a number of organisations to develop the Solicitors Qualifying Examination (SQE). They were appointed for a period of eight years beginning from the introduction of the SQE, which could be as early as September 2020. Continue reading “Kaplan wins bid to create controversial SRA ‘super exam’ after rivals pull out early”

2 August 201827 February 2025

Comment: Disputes Eye – An English court in Paris: another warning shot

There is a certain irony to be found in France’s enthusiastic uptake of English courts just as the UK detaches itself from the EU, an irony accompanied by a realistic fear of weakening the English judiciary.

Of course, the introduction of an English-language common law commercial court in Paris is nothing new for the continent, with similar proposals already taking form in Belgium and Germany. However, the Parisians have recently upped their marketing drive, announcing a flat court fee of €100 to contest the Rolls Building’s less-than-competitive entry price of up to £10,000. Continue reading “Comment: Disputes Eye – An English court in Paris: another warning shot”

2 August 2018

MPs accuse legal profession of making a ‘nonsense’ of gender pay gap reporting

The UK’s top law firms, particularly Allen & Overy (A&O) and Clifford Chance (CC), have been condemned by MPs for their gender pay gap efforts.

A&O was specifically criticised for its failure to disclose its partnership pay figures when prompted to earlier this year, while fellow Magic Circle firm, CC, was for its ‘painfully slow’ progress on female representation. Continue reading “MPs accuse legal profession of making a ‘nonsense’ of gender pay gap reporting”

1 August 2018

Withers targets global tech industry with acquisition of UK boutique JAG

Withers has bought out six-partner UK tech law boutique JAG Shaw Baker in the latest chapter of its global expansion.

JAG’s 26-lawyer team has today (1 August) joined Withers’ London and Cambridge operations as the private wealth specialist targets investors and entrepreneurs in the life sciences and digital world. Continue reading “Withers targets global tech industry with acquisition of UK boutique JAG”

1 August 2018

Deal watch: Eversheds Sutherland races to advise Formula 1 team on administration as Cooley acts on $126.8m tech IPO

Eversheds Sutherland has landed a major role on the administration of Formula 1 team Force India as Cooley advises a UK IT company on its $126.8m IPO and Herbert Smith Freehills (HSF) acts on a $388m Philippines agribusiness deal.

Finance partner Jamie Leader led Eversheds as it represented Brockstone Limited, the services company linked to Force India driver Sergio Pérez, on a High Court administration application intended to safeguard the jobs of 400 employees. Continue reading “Deal watch: Eversheds Sutherland races to advise Formula 1 team on administration as Cooley acts on $126.8m tech IPO”

1 August 2018

#MeToo: SRA takes favoured consultation route to tackle criticism of firms’ misconduct reporting

The Solicitors Regulation Authority (SRA) has launched a public consultation to inform changes to rules underpinning the reporting of misconduct as the industry claims a lack of clarity around the use of non-disclosure agreements (NDAs).

The regulator today (2 August) will kick-start the consultation, aimed at ‘providing clarity around the practical judgements that compliance officers, solicitors and firms must take when deciding when and if to report a potential serious breach of our rules to us’, states the consultation document. Continue reading “#MeToo: SRA takes favoured consultation route to tackle criticism of firms’ misconduct reporting”