Page 233 – Legal Business

18 June 2018

Associate pay: Freshfields joins salary race as global firms jostle for talent in US

More details are emerging on associate pay at Magic Circle firms as Freshfields Bruckhaus Deringer has joined the list of firms to announce increased salaries for US associates, as competition to recruit top lawyers intensifies.

The move by Freshfields will see the firm match the rates set by Milbank Tweed Hadley & McCloy, which set the standard for raising the starting salary for new lawyers two weeks ago, with Freshfield’s US associates now starting on $190,000 and rising to $330,000 in their eighth year. Continue reading “Associate pay: Freshfields joins salary race as global firms jostle for talent in US”

15 June 2018

Thrusting DWF primed for largest law firm listing yet but eyebrows raised at touted price

Thrusting national operator DWF is gearing up to be the largest UK firm float yet with a London Stock Exchange listing later this year. The top 25 UK law firm initially went into standard non-denial mode today (15 June) over reports it is aiming to float later this year with a supposed price tag of £1bn.

The presence of City PR shop Finsbury, which was today distributing ‘background briefing points’, signalled that DWF was being positioned for an offering. Within an hour the firm anyway changed its public position to issue a statement (see below).

Continue reading “Thrusting DWF primed for largest law firm listing yet but eyebrows raised at touted price”

14 June 2018

CMS cites ‘19%’ UK profitability hike as turnover tops £500m in first post-merger results

CMS Cameron McKenna Nabarro Olswang has released a selection of financial highlights for the year following its three-way merger but disappointingly kept some key metrics under wrap.

The firm revealed today (14 June) that the 25 offices in its UK LLP turned over £518m in the year to April 2018, £29m up on the consolidated results of the three legacy firms Cameron McKenna, Nabarro and Olswang, which merged in May last year. Continue reading “CMS cites ‘19%’ UK profitability hike as turnover tops £500m in first post-merger results”

13 June 2018

Employment partners rue ‘conservative’ Supreme Court judgment in highly-anticipated gig economy case

A Supreme Court decision which was expected to have significant ramifications for the ‘gig economy’ has disappointed employment partners who hoped the ruling would move questions around workers’ rights further forward.

The Supreme Court today (13 June) unanimously ruled in favour of heating engineer Gary Smith in his claim against Pimlico Plumbers, establishing that he was a ‘worker’ and not self-employed. This meant he was entitled to certain employment rights such as holiday pay, although not wider rights given to full-time staff. Continue reading “Employment partners rue ‘conservative’ Supreme Court judgment in highly-anticipated gig economy case”

12 June 2018

Linklaters legal AI partner ropes in market-leading £13m investment

An artificial intelligence (AI) company boasting Linklaters as one of its key clients is targeting the world’s biggest firms after securing £13m in one of the legal tech sector’s biggest investments.

Heavyweight investors Goldman Sachs and Temasek, Singapore’s sovereign wealth fund, co-led on the investment in Eigen Technologies, announced Monday (11 June). The round outstrips the $10m raised late last year by fellow AI player, legal tech darling and Slaughter and May investment, Luminance. It also builds on seed funding it received from CVC Capital Partners managing partner Jonathan Feuer. Continue reading “Linklaters legal AI partner ropes in market-leading £13m investment”

12 June 2018

Deal watch: Westfield GC exits for something ‘very different’ as takeover completes while DLA lands Poundworld administration role

Retail’s high street struggles are keeping advisers in the sector busy, as multiple firms took roles on the £18.5bn takeover of Westfield Corporation and DLA Piper took the lead on the administration of discount retailer Poundworld.

A host of firms across the globe advised as French property company, Unibail-Rodamco, completed its acquisition of shopping centre operator Westfield last week, in a deal first announced late last year. The combined $72bn entity owns and operates 102 shopping centres in 13 countries, the majority of which are in Europe and the US. Continue reading “Deal watch: Westfield GC exits for something ‘very different’ as takeover completes while DLA lands Poundworld administration role”

12 June 2018

Another record year for Fieldfisher as ‘more international’ firm breaks £200m barrier

Fieldfisher’s leader believes the firm has a ‘very happy partnership’ after cementing its position as the mid-market pace setter with a 24% increase in revenue this year.

The firm turned over £207m globally, largely as a result of organic growth in a 2017/18 financial year less defined by international expansion than previous periods. Profits per equity partner (PEP) also grew by a healthy 17% to £750,000. Continue reading “Another record year for Fieldfisher as ‘more international’ firm breaks £200m barrier”

11 June 2018

Deal watch: Slaughters tunes into Sky bidding war as Links and Ashurst waste no opportunity on Cory Riverside disposal

Slaughter and May has been drafted in by the Walt Disney Company on its Sky News bid while Linklaters and Ashurst took the lead as infrastructure investors scoop UK waste management business Cory Riverside Energy.

The latest twist in the multi-billion pound takeover of Sky has seen a team led by Slaughters corporate partner Richard Smith advising Disney on a bid for Sky News. This after a UK government decision last week (5 June) that Rupert Murdoch-owned 21st Century Fox could pursue its £18.5bn bid for the 61% of Sky it did not already own on the condition it sells Sky News. Continue reading “Deal watch: Slaughters tunes into Sky bidding war as Links and Ashurst waste no opportunity on Cory Riverside disposal”

11 June 2018

Revolving Doors: Paul Hastings lands Bakers FinReg veteran as Reed Smith hires City IP expert and Mayer Brown appoints Fried Frank’s UK finance head

In what has otherwise been a relatively subdued week for City laterals, Paul Hastings, Reed Smith and Mayer Brown have bolstered their London partner ranks with financial regulatory, intellectual property (IP) and finance hires respectively.

Paul Hastings continued its recruitment spree with the hire, announced today (11 June), of partner Arun Srivastava from Baker McKenzie, where he spent more than 22 years and headed its financial services regulatory group. He has also spent a year with the Financial Services Authority on secondment between 1999 and 2000. Continue reading “Revolving Doors: Paul Hastings lands Bakers FinReg veteran as Reed Smith hires City IP expert and Mayer Brown appoints Fried Frank’s UK finance head”

11 June 2018

Comment: 16 easy steps to making you a great managing partner

Recently a s urprisingly popular column in Legal Business took a jaded view of the state of leadership in major law firms. The nub of our argument was that the law firm c-suite had descended into technocratic managerialism over genuine leadership, leaving once bold institutions to put off crucial decisions.

That piece drew on years of hanging around with managing and senior partners, which at times means feeling more like a leadership therapist/their mother than a reporter. But in the spirit of lighting a candle rather than cursing the darkness, here are my tips to successful law firm leadership. And ignore the flip tone because I mean it all. Continue reading “Comment: 16 easy steps to making you a great managing partner”

8 June 2018

Slaughters’ high-profile move for ex-SFO chief hits watchdog’s review

Slaughter and May’s high stakes move on former Serious Fraud Office (SFO) director David Green QC is being held up by regulatory approvals, which could delay his hire by up to two years.

Slaughters is the frontrunner to secure the highly-coveted Green, who stepped down as SFO director in April. He has considerable expertise following his six-year stint at the SFO, raising ethical questions around how quickly he should be allowed to move into private practice. Continue reading “Slaughters’ high-profile move for ex-SFO chief hits watchdog’s review”

8 June 2018

Dentons delivers 36% PEP turnaround on ‘strongest ever’ financial results in UK and Middle East

The global management of Dentons are well known sceptics of the significance of profit per equity partner (PEP) but its UK and Middle East business is happily talking up 36% growth in the metric, rebounding from last year’s drop to boast a £651,000 figure.

The firm released today (8 June) what regional chief executive Jeremy Cohen described its ‘strongest ever set of financial results’, in which its top line grew 22% to £203.1m. Continue reading “Dentons delivers 36% PEP turnaround on ‘strongest ever’ financial results in UK and Middle East”

7 June 2018

‘An impressive background’: high hopes for new SFO director but naming delay criticised

The two-month delay in naming the new Serious Fraud Office (SFO) director has been labelled flabbergasting, embarrassing and unsettling by some white-collar partners but there is confidence in the appointment.

Former FBI deputy general counsel (GC) Lisa Osofsky was this week (4 June) named the SFO’s new chief, bringing to an end months of speculation after the prosecution agency said in April it had found a new director, while refusing to name the successful candidate. Continue reading “‘An impressive background’: high hopes for new SFO director but naming delay criticised”

7 June 2018

‘We can’t grumble’: Osborne Clarke looks to capitalise on double-digit growth streak

Osborne Clarke (OC)’s leadership duo had two reasons to party in Brussels overnight: it has been five years since the firm opened an office there, and the latest financial results confirmed a five-year average of double-digit revenue growth.

OC posted double-digit growth in both global and UK revenue for the 2017/18 financial year, up 14% to €273m and 15% to £139.3m respectively. Growth rates for both businesses are ahead of last year’s 12% and 7% increases, although down on growth from the year before that. Continue reading “‘We can’t grumble’: Osborne Clarke looks to capitalise on double-digit growth streak”

6 June 2018

Comment: A&O merger bid risky but US question can’t be delayed forever

‘It is an odd couple. I wouldn’t have put them together,’ is one take from a London peer to the news that Allen & Overy (A&O) has sought a $2.8bn union with O’Melveny & Myers. It is certainly a representative view.

Since news of the talks broke in early April, One Bishops Square has gone uncharacteristically coy. However, it is understood that management indicated earlier this year that it was talking to two, then unnamed, US firms. A&O, of course, has to tread carefully – getting a deal through the demanding audience of its London partnership with O’Melveny or any comparable firm is a big ask. Continue reading “Comment: A&O merger bid risky but US question can’t be delayed forever”

6 June 2018

‘Very selective’: DLA goes to Freshfields for rare City corporate hire in wake of London losses

It has been something of a one-way street out of DLA Piper’s London office recently but the global giant believes it has filled a gap in its corporate practice with the hire of Freshfields Bruckhaus Deringer veteran Martin Nelson-Jones.

Nelson-Jones had been partner at Freshfields since 2001 and was previously the firm’s co-head of global infrastructure and transport. He specialises in M&A, particularly in the energy and infrastructure sectors. He first joined Freshfields in 1991. Continue reading “‘Very selective’: DLA goes to Freshfields for rare City corporate hire in wake of London losses”

5 June 2018

Ince & Co to shed more than 30 business services and fee earner jobs in structural shift

Shipping specialist Ince & Co is to cut more than 30 fee earner and business services jobs in a redundancy round touted as ensuring the ‘ongoing success’ of the firm.

The firm launched a month-long consultation process today (June 5) after which between 32 and 36 associates and business services staff will lose their jobs. Business services staff are expected to be most-affected. Continue reading “Ince & Co to shed more than 30 business services and fee earner jobs in structural shift”

5 June 2018

‘A sufficient war chest’: Knights turn to IPO for acquisition agenda

One of the earliest adopters of the Alternative Business Structure (ABS) model is turning to the public capital markets to raise tens of millions to pay off debt and fund a war chest big enough to land three acquisitions by 2020.

Stafforshire-based Knights said on Monday (4 June) it was listing on the Alternative Investment Market (AIM), becoming the fifth law firm to do so. The float is expected to give the business a valuation of more than £100m, which would make it the largest legal initial public offering (IPO) to date. Continue reading “‘A sufficient war chest’: Knights turn to IPO for acquisition agenda”

5 June 2018

Milbank bids up associate pay as surprise moves takes City associates to new $190k benchmark

Despite much talk of client pressure on fees the determination to recruit top associates continues to build with one leading New York firm this week jolting the industry by announcing a record pay scale for its US and City associates.

Milbank, Tweed, Hadley & McCloy on Monday (4 June) announced that its associates will earn between $190,000 and $330,000 from 1 July. Continue reading “Milbank bids up associate pay as surprise moves takes City associates to new $190k benchmark”

4 June 2018

Revolving Doors: DWF and Fladgate bolster City recruitment as Ashurst goes large internationally

City recruitment was strong last week as DWF and Fladgate followed headline laterals at White & Case and Ashurst with London plays. International recruitment, meanwhile, continued a strong run of form.

DWF added to its City insurance practice with the hire of Iftikhar Ali from Simmons & Simmons, where he led the construction all risks practice. Ali will work on construction, power and engineering claims, and has represented clients including Chubb, Aviva, and Zurich. Continue reading “Revolving Doors: DWF and Fladgate bolster City recruitment as Ashurst goes large internationally”