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”
It has been lively couple of weeks for lateral hires, with Allen & Overy (A&O) making a significant play in New York as a host of firms recruited across the continent.
Hot on the heels of rehiring financial services regulation head Bob Penn in June, A&O has hired M&A partner Stephen Besen in New York from Shearman & Sterling. Continue reading “Revolving doors: A&O makes New York push as DLA and Dentons add to European rosters”
One of the UK’s leading ‘pacey’ mid-tier firms, Watson Farley & Williams (WFW), has seen its revenue growth rate fall to 3% following a record-breaking year.
The energy, transport and real estate specialist recorded an above-trend revenue growth of 20% to reach £159.8m last year. A modest 3% increase this year, by contrast, pushes WFW’s top line to £162.9m. Continue reading “Watson Farley using fewer smiley emojis as revenue growth falls back following strong run”
Embattled property tycoon Robert Tchenguiz (pictured) has replaced long-time legal advisers Stephenson Harwood with Debevoise & Plimpton after his €2bn claim against an Abu Dhabi investment company was thrown out.
A Debevoise team led by dispute resolution partner Kevin Lloyd will take over future Tchenguiz mandates, including a key Commercial Court case later this year. Tchenquiz had only drafted in Stephenson Harwood in 2014 to replace Shearman & Sterling in his later-settled case against the Serious Fraud Office (SFO). Continue reading “Tchenguiz swaps Stephenson Harwood for Debevoise after failed €2bn claim”
Allen & Overy (A&O) is unlikely to replace the start-up that has been snapped up by Facebook just two months after it joined Fuse, the magic circle firm’s innovation hub.
London-based Bloomsbury AI, which has built a tool that can read documents and answer questions about them, is joining the social media giant in a deal reportedly worth between $23m and $30m. Facebook has confirmed the move but would not comment on its value. Continue reading “Allen & Overy Fuse start-up Bloomsbury sold to Facebook for $23m”
Our cover feature this month largely speaks for itself in assessing the changing face of partnership as Millennials begin colonising the senior ranks of City law firms. Within five years, this group will be the driving force of elite commercial advisers.
Yet this column is not about the changing attitudes of youngish lawyers, more an issue that touches so many topics in the pages of this magazine, spanning remuneration, strategy, governance and talent. Quite simply, that is the success – and much more often failure – of leading law firms in balancing the interests of their younger ranks with their older partners. Continue reading “Comment: Yet unremarked, generational conflict cripples City law”
Freshfields Bruckhaus Deringer has posted something of a rebound after announcing a 12% increase in profit per equity partner (PEP) to £1.734m while the firm added 5% to its top line.
The firm achieved total profits of £683m, a 12% increase, while revenues were up from £1.33bn last year to £1.403bn. The performance will be seen as a marked improvement on the 2016/17 season when Freshfields failed to hike income at all despite favourable movements in currencies. The hike in partner profits will be seen as particularly welcome at a time when many London leaders are seeing their star partners targeted by aggressive US rivals. Continue reading “Freshfields partner profits top £1.7m as City giant posts more confident year”
The firm was a stand-out performer in 2017, but Allen & Overy (A&O) could not keep up the blistering pace for a second year as the London leader today (6 July) confirmed a solid but unspectacular 4% hike to its top line, sending revenues up £54m to £1.57bn.
The result was matched by a 4% increase in profit per equity partner (PEP), which hit £1.64m, while pre-tax profits were up 3% to £690m. The performance leaves A&O as the second largest Magic Circle firm in revenue terms. Continue reading “The Magic Circle packs tight in 2018 results as A&O follows peers with modest growth”
The UK’s largest disputes specialist, Stewarts, has helped secure a win in the high-profile Visa/Mastercard interchange fees case less than a week after launching a financial crime department.
On Wednesday (4 July), a host of British retailers represented by Stewarts, Mishcon de Reya and Morgan Lewis & Bockius won a Court of Appeal ruling against the financial services giants. Continue reading “Disputes round-up: Retailers beat Visa/Mastercard on fees as Stewarts launches financial crime unit”
Taylor Wessing is joining the growing list of City firms expanding into low cost centres in the UK by launching an office in Liverpool.
The UK top 20 firm’s new base will open in September with an initial team of 11 lawyers and business support staff. Taylor Wessing will appoint a partner to lead the new office and aims to grow the team to 25 by the end of the year – consisting of 10 legal and 15 non-legal roles. They will all be new roles for the firm. Continue reading “Taylor Wessing follows northshore wave with 10-lawyer Liverpool launch”
