The Euro Elite 2018
The Euro Elite Top 25
Yet unremarked, generational conflict cripples City law
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 “Yet unremarked, generational conflict cripples City law”
The Euro Elite Methodology
Legal Business’ Euro Elite comprises independent law firms based in more than 40 European jurisdictions, rather than the local offices of international firms.
To compile the 100 firms featured in this report Legal Business analysed more than 150 of the largest law firms in Europe by the number of lawyers, as well as more than 150 of the top-ranking firms in the current edition of The Legal 500 EMEA. A combined score was given for the size of the firm and its Legal 500 rankings, providing a qualitative as well as a quantitative analysis. The 100 firms with the highest combined score make The Euro Elite. Continue reading “The Euro Elite Methodology”
BCLP: A slightly better sales pitch than expected
It would take a generous observer of Berwin Leighton Paisner (BLP) to claim the once sure-footed outfit had managed anything better than an indifferent run in the years preceding its union with Bryan Cave. Having dazzled through the 2000s – a period in which the firm seemed to have single-handedly revived the unfashionable notion of a City mid-tier – the last five years have been a stark contrast. Volatile financial performance, a disastrous run of partner recruitment and tension over its property-heavy direction – all in, it was unclear where the firm was going.
As such, 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 “BCLP: A slightly better sales pitch than expected”
The Euro Elite: Market overviews
‘The main threat will be from legal tech in the long term.’
Christof Jäckle, Hengeler Mueller
Germany
Despite riding out a surprisingly competitive general election that threatened to disrupt the fruitful status quo, 2017 marked another year of growth for the German economy. GDP grew 2.2% compared to 1.9% and the year ended with an unemployment rate of 3.8%, though the country’s longstanding trade surplus fell for the first time since 2009 as domestic demand drew in more imports for the export-orientated economy. All the while the impending arrival of Brexit is met with equal parts indifference and anticipation.
Full disclosure: Links and HSF usher in personal relationship policies in bid to face #MeToo demons
City firms Linklaters and Herbert Smith Freehills (HSF) have been spurred into action by the swathe of sexual misconduct allegations that in recent months have plagued the industry, launching personal relationship disclosure and whistleblowing initiatives within a fortnight of one another.
In early May, Linklaters issued ‘guidance on how to manage relationships at work’, with the imperative that partners and staff disclose any relationship with colleagues to an office, group or practice head, or someone in HR, in order to manage ‘actual or potential’ conflict of interest. Continue reading “Full disclosure: Links and HSF usher in personal relationship policies in bid to face #MeToo demons”
Paul Hastings doubles up in the City as A&O loses global IP head to Kirkland
Paul Hastings pulled off two headline lateral hires in London in a week as the US firm strengthens its corporate offering in the City.
Private equity rising star Anu Balasubramanian was the first hire announced, as DLA Piper lost another key dealmaker in the City. The addition will be a major boost to Paul Hastings’ City corporate and private equity practice, with Balasubramanian bringing experience in an array of mid-market work, acting for sponsors such as ABRY Partners, Accel-KKR, Oakley Capital and Aurium Capital Markets. Continue reading “Paul Hastings doubles up in the City as A&O loses global IP head to Kirkland”
Moves of the month
- White & Case maintained its recent hiring spree in its litigation practice with the recruitment of Chris Brennan from Addleshaw Goddard. Brennan is White & Case’s second key City disputes lateral hire this year following the addition of Hannah Field-Lowes from Weil, Gotshal & Manges. Brennan previously headed up Addleshaw’s Financial Conduct Authority investigations and enforcement team as well as serving as head of regulatory at Lloyds Banking Group.
- As Allen & Overy lost Nicola Dagg, Freshfields Bruckhaus Deringer strengthened its intellectual property capability with the addition of Christopher Stothers from Arnold & Porter. Stothers is due to work closely with the firm’s patent litigation teams in Germany and the Netherlands.
- Ashurst has set about rebuilding after a three-partner exodus at the end of 2017, with the hire of Baker McKenzie’s former global co-head of securitisation Jonathan Walsh. Walsh left Bakers after 13 years, having also served as head of international securities at Norton Rose until 2005.
- Bakers, meanwhile, made additions of its own this last month, with the hire of Kathy Honeywood to its energy, mining and industrials practice. Honeywood was previously at Clifford Chance, bringing with her experience in M&A transactions, corporate finance and joint ventures. She relocated to Singapore in 2015, where she led the Magic Circle firm’s corporate practice in South-East Asia.
- Dentons strengthened its City presence with the addition of Howard Barrie, who rejoins the firm after a previous 19-year stint with Dentons before leaving for Eversheds Sutherland. Barrie focuses on projects and project finance, in addition to structured trade finance and commodity finance.
- Mayer Brown was among those to make strategic international additions, securing the hire of Raúl Fernández-Briseño from White & Case. Fernández spent nearly 20 years at White & Case and will now serve as head of M&A for Mayer Brown in Mexico City.
The Euro Elite Overview: Ode to Joy
The good times are back in Europe – at least for now – making growth the word on every managing partner’s lips. According to the International Monetary Fund, last year’s European recovery was an ‘engine of global trade and economic growth’. Across the EU27, annual GDP grew between 1.5% and 5% – the biggest figures being recorded among the smallest member states that experienced a severe post-crisis downturn, including Ireland and some CEE countries.
The corollary? Bullish stock markets and buoyant initial public offerings with Mergermarket data showing that European M&A hit a post-crisis high of $929.3bn across 7,235 deals in 2017 – Europe’s resurgence has unleashed a wealth of corporate dealmaking ambition. Continue reading “The Euro Elite Overview: Ode to Joy”
Stories of the Month
The top 10 most read news pieces on our website in May were: Continue reading “Stories of the Month”
Rosenblatt unveils third-party funding ambitions following £43m float
London litigation specialist Rosenblatt became the fourth UK firm to list in May, simultaneously revealing plans to establish a third-party disputes funding division.
Rosenblatt raised £43m in its AIM flotation, giving the 21-partner outfit a £76m market capitalisation in what it described as a ‘significantly oversubscribed’ listing. In terms of value, it was the largest law firm initial public offering (IPO) in the UK to date. This could change with Knights’ listing slated to take place this summer. Continue reading “Rosenblatt unveils third-party funding ambitions following £43m float”
Disputes Eye: A no-brainer? How tech can save your client £2m
With proposed procedural overhauls to disclosure going down like a lead balloon with the Law Society, technology is being touted as the much-needed saviour of time and money.
News in May that Bryan Cave Leighton Paisner (BCLP) declared itself the first firm to win a significant court victory on the back of using document review technology gave hope. Continue reading “Disputes Eye: A no-brainer? How tech can save your client £2m”
Europe’s elite continues robust performance as multi-site firms prosper
The mood among most managing partners at independent law firms from Lisbon to Moscow is certainly upbeat. And for good reason. Our third Euro Elite survey shows overall revenues of continental Europe’s 25 top independents had a strong year, reaching €4.04bn.
The number is only marginally up on last year’s €4.03bn, but with smaller outfits from Russia and the Baltics joining the elite club it still speaks of a robust performance among continental European players. The total number of lawyers in the group is marginally down to 10,753 from 10,867, while partner numbers have risen to 2,355 from 2,338. Continue reading “Europe’s elite continues robust performance as multi-site firms prosper”
Asia calling: Linklaters and CMS confirm local law capability in Shanghai and Hong Kong
Recent announcements from Linklaters and CMS have provided a fillip to international firms looking to gain a surer footing in China.
Linklaters announced in May that it had finally received the green light to practise Chinese law through a joint operations agreement with Shanghai outfit Zhao Sheng Law Firm. Continue reading “Asia calling: Linklaters and CMS confirm local law capability in Shanghai and Hong Kong”
DLA joins Brexit march to Dublin after finding the right kind of leader
William Fry’s David Carthy will join the firm to head new office
The decision of DLA Piper to join a handful of other City and international firms that have opened a Dublin office in the last year was partly to do with the UK’s move to leave the EU, and partly not. Continue reading “DLA joins Brexit march to Dublin after finding the right kind of leader”
Fieldfisher continues European push with Luxembourg and Frankfurt offices
Legal Business 100 pacesetter Fieldfisher has further extended its European reach with the opening of a new office in Luxembourg, which will be managed by country managing partner Ingrid Dubourdieu who joins from local firm D.Law.
Initially focusing on finance and funds work, the London-headquartered firm expects the office to grow into corporate M&A and international tax, and will complement existing offices in Brussels and Amsterdam. Continue reading “Fieldfisher continues European push with Luxembourg and Frankfurt offices”
Global elite joins Japanese and offshore heavyweights as Takeda persists with Shire bid
Life sciences giant puts £46bn offer on table for Irish rival
Magic Circle duo Slaughter and May and Linklaters have been joined by Davis Polk & Wardwell and Ashurst in landing key mandates as Japanese giant Takeda Pharmaceutical Company launched a £46bn takeover of Shire last month. Continue reading “Global elite joins Japanese and offshore heavyweights as Takeda persists with Shire bid”
Dealwatch: PE deals continue to dominate agenda for City firms
- Ropes & Gray’s London arm advised on the largest-ever UK private equity software buyout. Helen Croke (pictured) led the team advising Intermediate Capital Group (ICG) on a £1.3bn joint partnership investment. ICG was joined by Hg Saturn Fund as they invested in IRIS Software Group, a business-critical software provider for the UK accountancy, education and business market. Hg Saturn was advised on the transaction by Linklaters, while Skadden, Arps, Slate, Meagher & Flom acted for IRIS.
- White & Case continued its strong run of private equity deals as the firm advised CVC Capital Partners on the €1.01bn loan financing of a consortium buyout of Finnish private healthcare provider Mehiläinen. The team comprised banking partners Martin Forbes and Justin Wagstaff. Meanwhile Latham & Watkins advised CVC and the banks – UBS, M&S, Bank of America Merrill Lynch, Jefferies, Credit Suisse, KeyBank and Barclays. Kirkland & Ellis advised Summit Partners, which was a selling shareholder.
Continue reading “Dealwatch: PE deals continue to dominate agenda for City firms”
Rich pickings for Travers Smith and Freshfields as Bridgepoint cashes in on Pret
Ten years after acquiring Pret A Manger in a deal worth £350m, private equity house Bridgepoint is selling it for more than four times its original investment and providing City firms with big mandates.
Luxembourg-headquartered JAB Holding Company, an investment firm owned by Germany’s Reimann family, is to buy the food chain for £1.5bn. Continue reading “Rich pickings for Travers Smith and Freshfields as Bridgepoint cashes in on Pret”