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

david green

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”

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

Dentons

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”

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

Serious Fraud Office

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”

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

Ray Berg

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”

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

Allen & Overy

‘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”

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‘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”

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

Ince & Co Office Photo

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”

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

David Beech

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”

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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”

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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”

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Tidswell goes unchallenged in securing second term as Ashurst chair

Ben Tidswell

Ben Tidswell has been handed another term as chair of Ashurst following an election which last week culminated in his leadership going unchallenged.

The City firm launched an election process at the start of May, giving opponents until the end of that month to put themselves forward for the role. But it is understood no other partners stood in the election. Continue reading “Tidswell goes unchallenged in securing second term as Ashurst chair”

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White & Case makes another City litigation play with Addleshaw Goddard hire

Addleshaw Goddard

Expansive US firm White & Case is continuing to walk the talk on its going ‘toe to toe with the Magic Circle’ mantra after making another City hire in its litigation practice.

The experienced Chris Brennan is joining White & Case from Addleshaw Goddard, where he headed the firm’s Financial Conduct Authority (FCA) investigations and enforcement team and was a partner since 2012. Before that he was head of regulatory at Lloyds Banking Group, general counsel for a global inter-dealer broker and a senior lawyer in the FCA’s enforcement arm. Continue reading “White & Case makes another City litigation play with Addleshaw Goddard hire”

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‘I like new challenges’: Bakers securitisation veteran exits for Ashurst

Ashurst

The rebuild at Ashurst following a complicated end to 2017 in which three key partners left in a fortnight has gained some traction with the hire of a senior City lateral from Baker McKenzie.

Bakers’ former global co-head of securitisation Jonathan Walsh will leave the firm today (31 May) after 13 years and take a place in Ashurst’s securitisation team from next Monday (4 June). Continue reading “‘I like new challenges’: Bakers securitisation veteran exits for Ashurst”

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New Law pioneer LOD primed for growth as BCLP sells to buyout house

Simon Harper, Lawyers On Demand

Lawyers On Demand (LOD) has secured new private equity backers in place of parent Bryan Cave Leighton Paisner (BCLP) as the New Law pioneer gears up for a growth drive aimed at positioning it as a global player.

Buyout house Bowmark Capital is acquiring BCLP’s entire stake of 62% in LOD for an undisclosed sum. The sale is expected to carry a multi-million pound price tag and represent a significant windfall for BCLP, which was formed by the merger earlier this year of Berwin Leighton Paisner (BLP) and US law firm Bryan Cave.  James Lever at Livingstone Partners advised BCLP and LOD’s shareholders, while Stephenson Harwood advised Bowmark on the deal with a team lead by Jonathan Pittal. Jessica Adams at Macfarlanes advised for LOD and Alex Lewis at Baker McKenzie represented the management.
Continue reading “New Law pioneer LOD primed for growth as BCLP sells to buyout house”

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Bidding opens on UK government’s reshaped £320m public sector legal panel

The UK government’s bid to trim legal costs for the public sector has taken another step after firms were invited to pitch for a multitude of spots on the Crown Commercial Service’s (CCS) new £320m panel.

Procurement agency CCS announced last October it planned to set up a £650m ‘legal services marketplace’ through which central government, devolved administrations and public bodies would procure legal advice. Continue reading “Bidding opens on UK government’s reshaped £320m public sector legal panel”

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Revolving Doors: City laterals pick up pace as Baker McKenzie and DWF make moves while Reed Smith expands in the US

Alex Chadwick

City recruitment kept pace last week as a trio of firms made City hires, led by Baker McKenzie’s corporate hire from Clifford Chance, while Reed Smith made big plays in the US.

Baker McKenzie added to its London bench with the hire of Kathy Honeywood to its energy, mining and industrials practice. Honeywood joins from Magic Circle firm Clifford Chance, bringing experience in M&A transactions, corporate finance and joint ventures. Continue reading “Revolving Doors: City laterals pick up pace as Baker McKenzie and DWF make moves while Reed Smith expands in the US”

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Deal View: Life after Hatchard – does Skadden hunger to take its peerless M&A team to the next level?

Simpson and Hatchard

‘Theirs is the biggest succession issue faced by any firm in the City,’ says one Magic Circle partner of Skadden, Arps, Slate, Meagher & Flom’s prospects, following the retirement of veteran dealmaker Michael Hatchard (pictured right) at the end of last year.

The widely-admired Hatchard did much to make Skadden a US trailblazer in public M&A work in Europe. Though leveraged finance hogs the headlines these days, Hatchard and Skadden were still the competitive forces most cited by top M&A partners at London rivals. Having moved from Theodore Goddard in 1994, Hatchard (who remains a consultant to Skadden) was one of the most successful transfers ever in City law. Continue reading “Deal View: Life after Hatchard – does Skadden hunger to take its peerless M&A team to the next level?”

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Deal watch: Ropes & Gray advises on £1.3bn private equity deal as White & Case and Eversheds score major mandates

Helen Croke

Major transactions continue to flow after Ropes & Gray’s London arm acted on the largest-ever UK private equity software buyout while White & Case and Eversheds Sutherland also landed on sizable deals.

Private equity powerhouse Helen Croke (pictured) led a team from Ropes & Gray advising Intermediate Capital Group (ICG) on a £1.3bn joint partnership investment. The investment, alongside HG Saturn Fund, is in IRIS, a business-critical software provider for the UK accountancy, education and business market. Continue reading “Deal watch: Ropes & Gray advises on £1.3bn private equity deal as White & Case and Eversheds score major mandates”

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Taylor Wessing finalises leadership overhaul as litigation chief succeeds veteran managing partner Eyles

Shane Gleghorn

Taylor Wessing has completed its management reshuffle with the election of the law firm’s litigation co-head Shane Gleghorn (pictured) to managing partner.

Gleghorn succeeds veteran managing partner Tim Eyles, who announced in December he would be stepping down days before the 1,000-lawyer firm elected Dominic FitzPatrick as its new senior partner, replacing Adam Marks after six years. Continue reading “Taylor Wessing finalises leadership overhaul as litigation chief succeeds veteran managing partner Eyles”