After years of convincing growth on the back of its rapid international expansion, private wealth specialist Withers increased its turnover by a modest 1% to £176.6m this year.
Growth in profit per equity partner (PEP) also slowed down and was up by 3% to £402,000 after jumping 25% to £381,000 last year, when the firm increased its top line 8% to £174.5m. Continue reading “Withers’ expansion rush comes to an end as revenue grows 1% to pass £175m mark”
In a case that has put antitrust law on the front pages, the European Commission (EC) has fined Google a record €4.34bn for breaching competition rules after Clifford Chance (CC)’s client FairSearch triggered a long-running investigation.
Cleary Gottlieb Steen & Hamilton and Allen & Overy (A&O) were on the losing side as the EC found Google had illegally required manufacturers of smartphones running its Android operating system to pre-install its internet browsing and search engine apps. Continue reading “CC wins out as Google’s record fine in landmark antitrust case heralds new era”
Ashurst has culled more than half of its secretarial staff in London as its redundancy review draws to a ‘difficult’ conclusion.
The firm confirmed on Wednesday (19 July) that 54 of its 100-strong secretarial team had been made redundant following a consultation which put 80 jobs at risk. Two secretarial roles in the Middle East have also been axed. Continue reading “‘A difficult time’: Ashurst axes 54 City secretaries following redundancy review”
Gowling WLG has replicated a broadly strong year for law firms after adding nearly 17% to its top line.
The firm’s second full financial year since the 2016 tie-up between Wragge Lawrence Graham & Co and Canadian firm Gowlings saw revenue increase to £455.5m from £390.1m last year. Continue reading “Gowling WLG revenue climbs to £455m in second post-merger financial results”
Freshfields Bruckhaus Deringer and Linklaters are leading on Linde’s $3.3bn Americas disposals, bringing the German gas group a step closer to its $83bn combination with Praxair.
The deal sees Freshfields advise a consortium of Messer Group, the German industrial gas manufacturer, and private equity house CVC Capital Partners as it acquired the bulk of Linde’s gas business in North America and individual business units in South America. The Freshfields team out of Germany was led by Kai Hasselbach in Munich and Stephan Waldhausen in Dusseldorf while its US team was led by partners Omar Pringle (M&A) and Paul Yde (antitrust). Continue reading “Deal Watch: International elite flock to $3.3bn Linde disposal as Paul Hastings hire secures 2nd deal for PE client”
Old-fashioned defamation disputes may rarely create significant precedent these days but the rapidly evolving area of privacy is a very different matter, a dynamic underlined this week in dramatic form in the conclusion of Sir Cliff Richard’s legal battle with the BBC.
The veteran celebrity’s victory in his long-running privacy case against the BBC has highlighted issues of potentially huge scope for the media and other publishers in reporting investigations against individuals. Continue reading “End of Sir Cliff’s BBC privacy battle ushers in new rules on reporting investigations”
Shifting to an agile-working office is a peculiar experience. Two camps quickly emerge: those excited by change and colleagues happy with decades-old paper in a pile on their desk. It is unsettling, yet can galvanise a workforce.
DLA Piper is similarly moving into a bespoke, semi-open-plan office this year – its single-largest capital investment ever. The flagship London HQ unites 360 lawyers from two separate offices, a grand total of 633 steps down the road. A new environment will be embraced by many, but for some the gloss quickly wears off. Continue reading “Comment: Deal View – DLA moves house in London but can it break free?”
In what has been a strong reporting year already for a number of mid-market pacesetters, it is perhaps surprising to find that the frenetic growth of recent years at Mishcon de Reya has finally slowed.
The firm’s 8% top-line growth to £161.3m remains strong but is slower than last year’s 17% hike to £149.4m and resulted in a 9% dip in profit per equity partner (PEP) to £1m. Continue reading “Blistering run comes to an end for Mishcon as PEP falls and revenue growth slows”
Shipping specialist Ince & Co has announced 32 redundancies in its London office in the latest wave of cuts by law firms in the City.
Ince is letting 25 business services staff and seven fee earners go, with three further roles still under consultation, including a managing associate whom Ince aims to relocate to one of its international offices. Continue reading “More cuts in the City as Ince & Co slashes more than 30 roles”
Private wealth specialist Withers has re-appointed Margaret Robertson as chief executive for a fourth term following an uncontested election, meaning she will lead the firm until 2021.
Longstanding leader Robertson has overseen the rapid internationalisation of the firm from one to 17 offices and a decade of consecutive revenue growth in which Withers added almost £100m to its top line. Continue reading “Withers re-appoints longstanding chief Robertson to fourth term after uncontested election”
Kirkland & Ellis is building on the rapid growth of its Texas operations with the opening of a second office in the US state.
The Chicago-bred giant announced on Wednesday (11 July) it would open a new eight-partner base in Dallas, hiring six lawyers from US rivals including Jones Day M&A partner Michael Considine. Continue reading “‘Hungry and energetic’: Kirkland taps rivals to launch second Texas base in Dallas”
A lively debate over coffee recently with Axiom founder Mark Harris took me back to the discussion that manifests most frequently in my line of work these days: the extent that legal services are transforming with new providers and tools.
While Harris highlights many genuine changes in the industry and buying behaviour we disagree on whether this represents a fundamental shift. He sees the rule changing, for me it remains the exception. To be clear, I am an admirer of Axiom as a pioneer that has been a positive competitive force. And as the architect of the world’s most prominent New Law brand, Harris is positioned to see the bleeding edge of change. Continue reading “Comment: GCs should grasp that disruption won’t leave their empires untouched”
In its ninth consecutive year of revenue growth, Travers Smith has recorded an 18% uptick in turnover to £146.9m, while profit per equity partner (PEP) also saw a dramatic increase.
The private equity leader’s 2017/18 performance eclipsed last year’s result when revenue inched up 4% against a backdrop of Brexit uncertainty. Continue reading “Travers Smith unveils double-digit revenue growth as profitability soars 24%”
Linklaters has posted a mixed bag of financial results as revenue grew by a solid 6% to pass the £1.5bn mark but profits have failed to keep pace, increasing by just 2%.
As the last of London’s big four to announce its 2017/18 results, the revenue increase to £1.52bn means the Silk Street firm is the fastest-growing of the pack in sterling terms this time around, adding £85m to its top line. But profits per equity partner (PEP) rose to just £1.54m as the firm failed to translate the revenue growth into a comparable increase in net income. Continue reading “Linklaters fails to keep pace up with profit growth as revenue breaks £1.5bn”
After a year of major international expansion, Clyde & Co has recorded another robust round of revenue growth with the firm’s top line rising 9% to £551.3m year-on-year.
The 2017/18 result means the firm’s revenue has grown by nearly 200% on a ten-year track – Clyde’s turnover in 2008 stood at £185m. Continue reading “Clyde & Co grows revenue for second decade running as profitability sees double-digit increase”
Addleshaw Goddard wants to expand in any possible way and in any possible place following a sustained period of growth and the early signs of a successful Scottish merger.
The firm’s revenue for the 2016/17 financial year was up 23% to £242m from £197m, while profit increased 36% to £87m. Since 2012/13, Addleshaws’ revenue has increased 45%, while profit is up 68% over that same period. Its cash position has also improved £65m in that time, to have reserves of £34m. Continue reading “Addleshaws’ appetite for expansion grows amid strong 23% lift in revenue”
We have long heard about the expectation that general counsel need to be more like business leaders rather than just lawyers. But while in-house counsel may have once viewed this evolution as aspirational or optional, the proliferation of technology and the pace of business today have made it mandatory. Continue reading “The GC disrupted: eight trends redefining the role”
In a fresh blow for City giant Freshfields Bruckhaus Deringer, high-yield partner Ward McKimm is leaving after three years to re-join his old firm, Shearman & Sterling.
The move comes not seven months after buyout star David Higgins exited for Kirkland & Ellis despite the Magic Circle firm overhauling its partnership model in a bid to keep its top performers. Continue reading “Freshfields’ high-yield guru McKimm rejoins Shearman & Sterling”
Macfarlanes has grown its revenue 20% to £201.5m in yet another sign of a strong financial year for mid-tier City firms.
Profits per equity partner (PEP) also rose 26% to £1.74m as the firm lifted operating profit 25% to £107m, cementing its position as one of the most profitable operators in the Square Mile. Continue reading “Macfarlanes breaks £200m barrier as PEP grows 26% in buoyant year”
Scottish independents Brodies and Shepherd and Wedderburn have continued to grow despite a backdrop of what both describe as political and economic uncertainty.
For Brodies, a 3% uptick in turnover for the financial year represents its eighth consecutive year of top-line growth, while Shepherd and Wedderburn reported record revenue and profit of £53.5m and £22m respectively. Continue reading “Growth for Scottish independents Brodies and Shepherd Wedderburn as uncertainty looms”
