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Revolving Doors: Baker Botts takes Kirkland capital markets partner in Houston as Cooley adds tax partner and DLA makes litigation play in LA

City laterals stayed quiet last week continuing a recent hiatus while the US was the centre of attention internationally with DLA Piper, Baker Botts and Cooley all making hires across the Atlantic.

US laterals defined last week’s international recruitment round, with Baker Botts leading the way with a strategic hire from American powerhouse Kirkland & Ellis. Capital markets partner Justin Hoffman joined the firm in its Houston office, after spending two years as a partner at Kirkland. Continue reading “Revolving Doors: Baker Botts takes Kirkland capital markets partner in Houston as Cooley adds tax partner and DLA makes litigation play in LA”

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Expansive Simmons shrugs off sluggish post-Lehman form to drive income up 12% to £354m

jeremy hoyland

Simmons & Simmons has posted one of its strongest results since the banking crisis, with the City firm announcing a 12% hike in revenues to hit £354m. After a year of sustained recruitment and foreign expansion, the 280-partner firm also saw net profits surge 19% to £110m and profit per equity partner (PEP) up 8% to £686,000.

The headline 12% growth rate comes after a 7% increase for 2016/17 and looks set to be one of the most robust showings in its weight class this year even against the backdrop of active markets. In common with many large City firms over the last decade, Simmons has struggled to sustain strong growth. Continue reading “Expansive Simmons shrugs off sluggish post-Lehman form to drive income up 12% to £354m”

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‘Continued growth an excellent result’: year of investment brings slowdown for Pinsents

Pinsent Masons has recorded slower revenue growth for the 2017/18 financial year, with turnover increasing by 6% to £449.8m compared to the 11% growth the firm recorded last year.

Profit per equity partner (PEP) increased by 4% to £653,000, a significant slowdown from the 14% growth registered last year, however the increase comes despite the addition of six equity partners at the firm since July 2017. Continue reading “‘Continued growth an excellent result’: year of investment brings slowdown for Pinsents”

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The future is female – women lawyers outnumber men in UK as the in-house boom continues

Denise Gibson

In a landmark for the legal industry that nevertheless raises some uncomfortable truths, the number of working female solicitors in England and Wales has exceeded men for the first time according to new figures.

Reflecting the decades-long influx of junior women to the profession, the total number of women lawyers in the world’s second largest legal market is now 50.1% of the UK’s 139,624 practising certificate (PC) holders, and 48% of the 93,155 solicitors in private practice. Continue reading “The future is female – women lawyers outnumber men in UK as the in-house boom continues”

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Ashurst targets funds and Brexit business with Luxembourg launch

Ashurst is a step closer to building out its European funds offering having today (22 June) received licence approval for a new Luxembourg office from the country’s Bar association.

Corporate partner Isabelle Lentz – currently head of the firm’s Luxembourg desk in London -will take the helm at the new outpost, which is set to open in October. Continue reading “Ashurst targets funds and Brexit business with Luxembourg launch”

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Comment: The good things the ‘pundits’ never tell you about the legal profession

This may be an issue dominated by all things Millennial, but I am past that, so the column that follows is likely the result of age-induced cynicism. But even by the standards of the legal industry, I find myself increasingly weary of what passes for industry commentary these days.

If an alien beamed down to earth and judged the profession through the lens of what the consultancy and the ‘thought leadership’ industries said about it, what would be the lessons they would take? The law is staffed by incompetent managers. Lawyers are uninterested in technology. General counsel (GCs) are the sole drivers of innovation and progress in the profession. The Big Four accountants are tearing through law. The legal industry faces an imminent structural collapse. I could go on and the purveyors of this certainly do. Continue reading “Comment: The good things the ‘pundits’ never tell you about the legal profession”

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Practice Area Spotlight: Competition and regulatory – leading experts and high-profile cases

Prager Dreifuss

Business transactions regularly require a careful analysis from a competition law point of view. We at Prager Dreifuss have excellent expertise in advising and representing companies – small and large, local and global – as well as public entities in all aspects of competition law. With profound knowledge of Swiss and EU competition law, we regularly advise clients before the Swiss competition authorities, and frequently collaborate with foreign law firms in multi-jurisdictional cartel and merger proceedings, be it as team members or co-ordinators of international teams. Public procurement and state aid law also belong to our preferred areas of practice. Continue reading “Practice Area Spotlight: Competition and regulatory – leading experts and high-profile cases”

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Life during law: Richard Crump

Richard Crump

Never wanted to be a lawyer. I was persuaded to read law at Oxford by my school. I wanted to do history. Hated law at university. Wasted my time. I was lectured by the great and good but didn’t find it interesting. The one interesting course was on international trade, which was given by a guy called Francis Reynolds. Also a guy that tutored me at college, Peter Gross, who later became a Lord Justice of Appeal, they kindled that interest for me.

When I joined Holman Fenwick & Willan, as it was then known, my intention was to get my two years’ articles and do something else. Continue reading “Life during law: Richard Crump”

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Green investment – The colour of money

Green City

Pressure for business to ‘go green’ has been building steadily for 20 years. What started as a minority concern has steadily moved up the corporate agenda, as governments impose incentives and penalties to support green policies, while an increasingly informed consumer base votes with their wallets.

Yet one sector slow to rise to the challenge has been finance and financial services, for which the ordinary barriers to green thinking are more pronounced. Continue reading “Green investment – The colour of money”

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Eyes on ‘the prize’ – BCLP’s leaders on going all-in for transatlantic union

Lisa Mayhew

LB: What was the background to the merger talks?

Therese Pritchard (TP): I started it. It’s my fault. In February of 2017, I was interested in strategic growth. So looking for a firm that had the same culture and practice areas that are successful or where they were interested in growing. I did some reading. I saw enough that looked interesting that it was worth a call to Lisa. One chat led to another and eventually we invited more partners to the discussions and decided this looked like a great fit. Continue reading “Eyes on ‘the prize’ – BCLP’s leaders on going all-in for transatlantic union”

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Client profile: Richard Price, Anglo American

Richard Price

Shortly before Richard Price went in-house as group general counsel (GC) and company secretary at Anglo American, the legal team’s headcount was cut in half. This was not coupled with a reduced workload, however. Expectations remained the same.

Quite a platform for Price, a former external adviser to the company as Shearman & Sterling’s co-head of mining and metals, to find his feet in-house after more than 20 years in private practice. Continue reading “Client profile: Richard Price, Anglo American”

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Sole-adviser relationships: Commitment issues

putting eggs in a basket

Commitment. Marriage. Honeymoon. Divorce. Conversations about single-supplier legal advisory mandates are rife with relationship-strewn analogies.

While no two arrangements are the same, most begin with a commitment from a company and its in-house legal team to reduce external legal spend and get a better handle on its multitude of legal connections. Continue reading “Sole-adviser relationships: Commitment issues”

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The risk debate: Silver linings playbook

Risk debate drinks reception

The decade since the fall of Lehman has seen some dramatic changes to the profession, not least law firms’ risk teams. Ten years since Legal Business first collaborated with broker Marsh to create our annual risk management and professional indemnity survey, progress has been made but the threats to the key players within the industry have become more ominous.

We gathered together leading risk experts from some of the UK and international firms most affected by increased regulatory scrutiny, geographical cohesion, data security and PR disasters to reflect on the evolution of law firm risk management and look ahead to see how the landscape could develop over the next ten years. Continue reading “The risk debate: Silver linings playbook”

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The Euro Elite: Italy – And yet it moves

Italian astrology scene

Looking out of the window of his office overlooking the picturesque Piazza del Duomo on a rainy April afternoon, one veteran Milan partner is feeling sentimental: ‘I remember the firms that used to dominate the market back when I started – Graziadei, Carnelutti, Pavia Ansaldo. No-one hears of them anymore.’ What on the surface seems nostalgic reflection poses a pressing question for Italy’s current legal elite: what will become of today’s top independents in the near future?

‘It is as if the market gets tired of dominating firms every ten years or so and replaces them with others,’ agrees a partner in another office in the northern Italian city. Continue reading “The Euro Elite: Italy – And yet it moves”

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Refreshing revamps: EDF and Co-op Group look to new firms in panel reviews

CMS Cameron McKenna Nabarro Olswang

One of the UK’s big six energy suppliers, EDF Energy, has nearly halved its external advisers in a bid to plug into ‘deeper’ relationships, while the addition of two new firms mirrors the refreshment seen elsewhere in the Co-operative Group’s revamped legal panel.

In late April, CMS Cameron McKenna Nabarro Olswang and Bryan Cave Leighton Paisner (BCLP) were added to EDF’s new panel of eight firms, which has been cut from the previous 14. Continue reading “Refreshing revamps: EDF and Co-op Group look to new firms in panel reviews”

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Veteran Novartis GC Ehrat steps down over ‘error’ in Trump lawyer agreement

Felix Ehrat

A longstanding and well-respected member of the in-house community, Felix Ehrat has abruptly stepped down from his role as general counsel (GC) of Swiss healthcare giant Novartis after becoming entangled in a controversy involving US President Donald Trump’s personal lawyer.

Ehrat said in mid-May he would retire from Novartis shortly thereafter. He had been GC and a member of the executive committee at the Basel-based pharmaceuticals company since 2011, but was forced to admit ‘an error’ relating to an agreement between the company and Michael Cohen – Trump’s lawyer. Continue reading “Veteran Novartis GC Ehrat steps down over ‘error’ in Trump lawyer agreement”

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Focus: Wild West or new frontier? Securities counsel divided as the cryptocurrency ‘float’ rears its blockchained head

Philip Smith

Marco Cillario sizes up the pros and cons for legal advisers of the current ICO boom

‘We are in an odd position: we feel we need to be closely involved in this, but there is a reputational risk because there is a lot of fraud.’ Understandably, the partner expressing this view does not want himself or his firm identified. But such words still sum up many securities lawyers’ feelings on the hottest topic in their field for years. Continue reading “Focus: Wild West or new frontier? Securities counsel divided as the cryptocurrency ‘float’ rears its blockchained head”

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The Euro Elite 100 – The Main Table

Baltics

Firm Total lawyers Total partners No. of offices
Sorainen 219 32 4
Ellex 195 41 3
COBALT 182 32 4
TGS Baltic 135 25 4
FORT 50 13 3

Benelux

Firm Country Total lawyers Total partners No. of offices
Loyens & Loeff Netherlands 862 216 12
NautaDutilh Netherlands 430 68 6
Stibbe Netherlands 381 73 6
De Brauw Blackstone Westbroek Netherlands 380 64 7
Arendt & Medernach Luxembourg 361 45 7
Houthoff Netherlands 300 49 7
Elvinger Hoss Prussen Luxembourg 180 36 2
Van Doorne Netherlands 170 38 2
Liedekerke Wolters Waelbroeck Kirkpatrick Belgium 131 33 2

CEE

Firm Country Total lawyers Total partners No. of offices
Wolf Theiss Austria 320 66 13
Schoenherr Austria 295 42 14
Kinstellar CEE 200 29 10
Cerha Hempel Spiegelfeld Hlawati Austria 180 45 8
Nestor Nestor Diculescu Kingston Petersen Romania 130 33 5
Ţuca Zbârcea & Asociaţii Romania 110 28 2
DORDA Austria 100 25 1
Binder Grösswang Austria 100 22 2
PRK Partners Czech Republic 100 17 3
Popovici Niţu Stoica & Asociații Romania 80 15 1
PeliFilip Romania 71 9 1
Karanović & Nikolić Serbia 110 23 7

France

Firm Total lawyers Total partners No. of offices
Gide Loyrette Nouel 520 111 14
Bredin Prat 175 43 2
De Pardieu Brocas Maffei 140 33 1
Darrois Villey Maillot Brochier 80 25 1
Veil Jourde 50 18 2

Germany

Firm Total lawyers Total partners No. of offices
Noerr 435 94 16
Heuking Kühn Lüer Wojtek 316 137 10
Hengeler Mueller 280 90 7
Gleiss Lutz 280 86 7
P+P Pöllath + Partners 135 33 3
Schilling, Zutt & Anschütz 80 25 3

Iberia

Firm Country Total lawyers Total partners No. of offices
Garrigues Spain 1427 302 32
Cuatrecasas Spain 897 213 27
Uría Menéndez Spain 588 131 17
PLMJ Portugal 277 61 8
VdA Portugal 273 42 3
Gómez-Acebo & Pombo Spain 260 64 9
Morais Leitão, Galvão Teles, Soares da Silva & Associados Portugal 203 58 3
Pérez-Llorca Spain 170 39 4

Ireland

Firm Total lawyers Total partners No. of offices
Arthur Cox 350 100 5
McCann FitzGerald 369 77 4
A&L Goodbody 366 91 6
William Fry 311 82 5
Matheson 282 86 5
Mason Hayes & Curran 257 87 4
ByrneWallace 130 39 2
Dillon Eustace 92 38 4

Italy

Firm Total lawyers Total partners No. of offices
Gianni, Origoni, Grippo, Cappelli & Partners 440 99 11
Chiomenti 322 61 8
BonelliErede 294 63 8
Nctm 239 74 5
Legance 227 33 4
Gatti Pavesi Bianchi 71 26 2

Nordics

Firm Country Total lawyers Total partners No. of offices
Mannheimer Swartling Sweden 400 82 8
Vinge Sweden 297 70 5
Kromann Reumert Denmark 275 65 3
Bech-Bruun Denmark 271 69 3
Lindahl Sweden 265 90 6
Gorrissen Federspiel Denmark 256 48 2
Roschier Finland 243 44 2
Plesner Denmark 202 61 1
GLIMSTEDT Sweden 200 45 16
Wikborg Rein Norway 200 59 5
Setterwalls Sweden 177 48 3
Thommessen Denmark 175 54 4
Hannes Snellman Finland 174 41 2
Simonsen Vogt Wiig Norway 160 65 7
Wiersholm Norway 160 45 1
Schjødt Norway 158 68 4
Bruun & Hjejle Denmark 140 30 1
Wistrand Sweden 138 57 2
Krogerus Finland 137 24 3
Castrén & Snellman Finland 133 28 3
BA-HR Norway 130 36 1
Arntzen de Besche Norway 123 57 3
Selmer Norway 120 36 2
Borenius Finland 120 26 4
Haavind Norway 119 40 1

Russia and CIS

Firm Country Total lawyers Total partners No. of offices
Egorov Puginsky Afanasiev & Partners Russia 262 35 6
ALRUD Russia 100 9 1
Sayenko Kharenko Ukraine 95 13 2

Southern Europe

Firm Country Total lawyers Total partners No. of offices
Elias Neocleous & Co Cyprus 144 18 7
Zepos & Yannopoulos Greece 71 23 1
PotamitisVekris Greece 65 11 1
Dryllerakis & Associates Greece 41 10 1
Bernitsas Law Greece 36 12 1

Switzerland

Firm Total lawyers Total partners No. of offices
Lenz & Staehelin 200 42 3
Walder Wyss 175 53 6
Homburger 150 33 1
Schellenberg Wittmer 147 39 3
Bär & Karrer 130 44 4
Niederer Kraft Frey 103 35 1
Meyerlustenberger Lachenal 100 34 5
Pestalozzi 90 27 2

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