Page 246 – Legal Business

28 March 2018

Covington strengthens in Europe with Frankfurt launch as Dentons takes chunk of ailing Australia player

Covington & Burling is to deepen its European footprint with the opening of a new office in Frankfurt – the firm’s third office in the region – while Dentons has taken on 17 partners from domestic Australian firm DibbsBarker.

The US firm has announced today (28 March) the opening of a new Frankfurt branch, which will be led by eight partners, including six from Heymann & Partner and two Covington partners from the firm’s Brussels and New York offices. Continue reading “Covington strengthens in Europe with Frankfurt launch as Dentons takes chunk of ailing Australia player”

28 March 2018

Eversheds and HFW disclose gender pay gaps for partners but calls mount for an end to cherry-picked stats

The one-upmanship and tactical disclosures from law firms are gradually revealing more about entrenched gender pay gaps. Next up, Eversheds Sutherland has reported that its female equity partners are paid 10% more on average, while top 50 UK firm HFW has provided breakdowns for its entire workforce.

Eversheds’ report, published today (28 March), reveals its statutory pay gap for employees is 23% on average, rising to 25% on a median basis. The bonus difference is 43% on average, dropping to 31% median. Continue reading “Eversheds and HFW disclose gender pay gaps for partners but calls mount for an end to cherry-picked stats”

28 March 2018

‘A morally-lacking agreement on every level’ – A&O squirms as Parliamentary committee turns up pressure on NDAs

Some awkward headlines are inevitable for Allen & Overy (A&O) thanks to its role in the Weinstein saga after one partner was questioned before a Parliamentary committee investigating the use of non-disclosure agreements (NDAs) in harassment cases.

Mark Mansell, the employment partner who was part of the A&O team that drafted the NDA for film producer Harvey Weinstein, was questioned today (28 March) during a hearing by the Women and Equalities Committee for its inquiry into harassment in workplaces.

Continue reading “‘A morally-lacking agreement on every level’ – A&O squirms as Parliamentary committee turns up pressure on NDAs”

27 March 2018

‘It’s about doing the right thing’ – Clifford Chance goes extra mile to reveal stark 66% gender pay gap

In an attempt to kick-start a more transparent reporting process, Clifford Chance (CC) has opted to include the total earnings of its London partnership in its gender pay gap figures, revealing a 66% disparity.

The Magic Circle firm argues that while the likes of Norton Rose Fulbright (NRF) and Pinsent Masons have included partners in their overall pay gap, their decisions to break partner earnings down by salary and bonus means the overall picture is obscured. For the avoidance of doubt, CC has asserted its figures would be lower than both NRF and Pinsents if it reported them in the same way. Continue reading “‘It’s about doing the right thing’ – Clifford Chance goes extra mile to reveal stark 66% gender pay gap”

27 March 2018

Deal watch: Magic Circle gets clean bill to lead on $13bn GSK healthcare takeover as Addleshaw ties up JD Sports US acquisition

Magic Circle firms Freshfields Bruckhaus Deringer and Slaughter and May have rejuvenated longstanding client relationships to win lead roles on Swiss pharmaceuticals giant Novartis’ $13bn sale to GlaxoSmithKline (GSK) of its minority stake in their consumer healthcare joint venture.

The deal, announced on today (27 March), sees London-listed GSK buy the 36.5% stake in the joint venture it didn’t already own from Novartis to assume full control of the business. Continue reading “Deal watch: Magic Circle gets clean bill to lead on $13bn GSK healthcare takeover as Addleshaw ties up JD Sports US acquisition”

26 March 2018

Revolving doors: National firms lead the pack in spate of UK and international hires

Nationally-spread LB100 firms Addleshaw Goddard, DWF and Pinsent Masons were among those to make strategic additions both in the UK and internationally last week.

Addleshaw Goddard made the most sizeable move, after a recruitment drive in Manchester which saw six partners from Irwin Mitchell boost the firm’s already-sizable real estate team. Continue reading “Revolving doors: National firms lead the pack in spate of UK and international hires”

26 March 2018

Pinsents calls for level playing field and more transparency as it reveals partners gender pay gap

Pinsent Masons has disclosed the earnings gap that hands male partners 22% more than female colleagues on average as it calls for changes to the gender pay reporting regime ahead of next year.

The top 25 UK law firm has taken the unusual step of disclosing its gender pay gap figures with reference to its partnership numbers. The partnership numbers reveal it pays male partners more than a fifth more on average, and 38% more on a median basis. Its bonus pay gap, however, sees female partners receive 11% more on average while the bonus pay gap is 0% on a median basis. Continue reading “Pinsents calls for level playing field and more transparency as it reveals partners gender pay gap”

26 March 2018

‘We are no longer just making up males in London’: Linklaters increases female partner count to ten in 27-strong promotions round

Linklaters has increased the size of its promotions round for the fifth year in a row, adding 27 lawyers to its partnership.

Taking effect in May, 37% of the new partners elected are women, with the firm exceeding its 30% target after a disappointing male to female ratio in last year’s 26-strong round . Continue reading “‘We are no longer just making up males in London’: Linklaters increases female partner count to ten in 27-strong promotions round”

23 March 2018

Deal watch: Latham, Baker McKenzie and HSF return to dealmaking as Pinsents keeps it local

After a turbulent period outside the deal rooms for some of the world’s largest corporate firms, Latham & Watkins and Baker McKenzie have won key corporate mandates while Herbert Smith Freehills (HSF) landed a main market IPO on the London Stock Exchange (LSE).

Latham has taken on a significant advisory role for Telenor as it agreed to sell its assets in Central and Eastern Europe to PPF Group for €2.8bn. The deal includes Telenor’s wholly-owned mobile operations in Hungary, Bulgaria, Montenegro and Serbia, and the technology service provider Telenor Common Operation. Latham fielded a team led by London partner Robbie McLaren. The key mandate will be a welcome relief for Latham, in a week where the firm was faced with fallout from Bill Voge’s shock resignation while Kirkland & Ellis passed it to became world’s highest-grossing law firm. Continue reading “Deal watch: Latham, Baker McKenzie and HSF return to dealmaking as Pinsents keeps it local”

22 March 2018

Promotions dip again as Slaughter and May announces four new partners

As the latest firm to unveil its new partners, Slaughter and May has announced four promotions, a drop from last year’s round of seven.

The promotions were equally distributed between corporate and disputes, with Nicholas Pacheco assuming a corporate role and Camilla Sanger and Holly Ware being promoted from disputes. Clara Choi meanwhile will become a corporate partner in Slaughter’s Hong Kong office. The promotions take effect on 1 May. Continue reading “Promotions dip again as Slaughter and May announces four new partners”

22 March 2018

Rampant Kirkland surges past Latham to become world’s top-billing law firm as PEP closes in on $5m

Kirkland & Ellis has hiked revenues by more than $500m to overtake Latham & Watkins as the world’s highest-earning law firm, as revenues surged to $3.165bn.

The Chicago-bred giant today (22 March) announced its results for the 2017 financial year, confirmed a 19% hike in revenues against $2.65bn the previous year. Profit per equity partner (PEP) surged nearly 15%, to $4.7m from last year’s $4.1m, making it one of the world’s most profitable law firms. Headcount rose 13.5% to 1,997 lawyers, while revenues per lawyer increased 5.2% to $1.585m. Continue reading “Rampant Kirkland surges past Latham to become world’s top-billing law firm as PEP closes in on $5m”

22 March 2018

Freshfields trounces rivals as Global 100 firms release gender pay stats

Freshfields Bruckhaus Deringer has become the penultimate Magic Circle firm to publish statistics on the disparity between male and female employee earnings, performing well ahead of its peers to date.

The firm today (22 March) revealed it pays male staff on average 13.9% more than female fee-earners, a gap which closes to 13.3% when the median figure is taken into account. Continue reading “Freshfields trounces rivals as Global 100 firms release gender pay stats”

21 March 2018

‘Obviously unsustainable’: High Court intervenes to cut £900-an-hour Weil Gotshal fees

Lord Justice Leggatt of the High Court has been forced to scale back legal costs after US firm Weil, Gotshal & Manges racked up £1.5m in fees representing client BlackRock.

Investment management company BlackRock defended a case against energy firm Dana Gas last year and in November BlackRock was deemed successful on a preliminary issue. As a result, BlackRock produced an estimate of costs amounting to £408,000 and asked the court to order Dana Gas pay 60%. After Dana made seven further unsuccessful applications to the court, BlackRock again demanded 60% of its costs to be paid. Overall, it estimated its costs to be £1.47m. Continue reading “‘Obviously unsustainable’: High Court intervenes to cut £900-an-hour Weil Gotshal fees”

21 March 2018

Comment: After shock Voge departure, Latham has a #MeToo problem and so does the profession

Latham & Watkins and William H Voge are fortunate in one regard. The looking-glass glaze that appears when law firms are embroiled in newspaper-selling scandal typically inflates status to make a so-so story look better. ‘Top lawyer involved in….’ stories usually translates as ‘someone you’ve never heard of at a mid-tier firm you rarely think about’.

In this case, Latham benefits that the significance of the departure of Voge is so strong in the industry that general coverage will inevitably underplay it. With respect to the Magic Circle, for years now Latham has been firmly established as the world’s most influential and potent global law firm. That status was underlined earlier this year when the world’s highest-billing legal practice became the first to cross the $3bn mark, a distinction that only a few years back a London-bred law firm looked certain to achieve. Continue reading “Comment: After shock Voge departure, Latham has a #MeToo problem and so does the profession”

21 March 2018

Corporate trumps disputes again as Palmer wins second term as HSF senior partner

Herbert Smith Freehills (HSF) lifer and incumbent James Palmer has seen off a challenge from disputes partner Mark Shillito to be re-elected as senior partner and chair of the firm.

After successfully winning approval from over 50% of the partnership – although the firm could not confirm how many votes he received – Palmer will begin his second term of three years on 1 May. Continue reading “Corporate trumps disputes again as Palmer wins second term as HSF senior partner”

21 March 2018

CMS dismisses Singapore head and reports to SRA amid ‘confidential matters’

CMS’ Singapore head has been dismissed from the firm and the matter reported to the Solicitors Regulation Authority (SRA), Legal Business has established.

Former legacy Olswang corporate partner Andrew Stott has left the firm after his dismissal in late February was recommended by senior partner Penelope Warne and managing partner Stephen Millar and unanimously approved by the firm’s 20-partner board. Continue reading “CMS dismisses Singapore head and reports to SRA amid ‘confidential matters’”

20 March 2018

Pinsents posts largest partner round for three years but female promotions dip

Pinsent Masons has lifted its 2018 partner promotion numbers after a slight dip last year, but the proportion of female promotions has fallen ahead of its target of a 30% female partnership by 2020.

The firm has made up 23 partners, effective 1 May, up from last year’s 16. A quarter of the promotions are female, sharply down from last year’s 68%, when Pinsents reached its 25% female representation target a year early. Continue reading “Pinsents posts largest partner round for three years but female promotions dip”

20 March 2018

A&O recruits fintech specialist in rare City lateral while Freshfields loses one in Germany to Latham

The old days when the only ways in and out of a Magic Circle partnership were promotion and retirement (forced or otherwise) seems like ancient history with this week already seeing Allen & Overy (A&O) make a rare City hire as Freshfields Bruckhaus Deringer loses one of its own in Europe.

A&O’s move sees the firm recruit partner Ben Regnard-Weinrabe from the London arm of Paul Hastings as the City giant moves to bolster its position in the fast-expanding payment services sector. Regnard-Weinrabe has been a partner in the banking practice of Paul Hastings since 2014. He had been credited with establishing and leading a practice focused on payment services regulation and fintech. Continue reading “A&O recruits fintech specialist in rare City lateral while Freshfields loses one in Germany to Latham”

20 March 2018

‘Clients want greater choice’: Fieldfisher’s Condor spreads wings through Integreon deal

A year since its much-touted launch, Fieldfisher’s alternative legal services platform Condor has agreed a partnership with pioneering legal outsourcer Integreon.

Launched in January 2017, Condor is a division of LB100 pacesetter Fieldfisher that offers clients a flexible package of process-efficient services. Among those on offer are contract negotiation outsourcing, contract automation and AI and robotics. Continue reading “‘Clients want greater choice’: Fieldfisher’s Condor spreads wings through Integreon deal”

20 March 2018

#MeToo hits the highest levels of law as head of Latham quits over ‘sexual communications’

The #MeToo campaign has had a number of brushes with the legal industry but nothing like the shock news today (20 March): the head of the world’s highest-billing law firm Latham & Watkins has stepped down after a series of ‘voluntary disclosures… relating to personal conduct’.

Latham today issued a statement confirming that Bill Voge had offered his resignation after a series of disclosures to its executive team. Latham’s official statement notes that: ‘[Voge’s] conduct involved the exchange of communications of a sexual nature with a woman whom he has never met in person and who had no connection to the firm. Mr Voge’s conduct did not involve the firm, any of its clients, or its personnel. Mr Voge engaged in subsequent conduct relating to this matter that, while not unlawful, the executive committee concluded was not befitting the leader of the firm.’ Continue reading “#MeToo hits the highest levels of law as head of Latham quits over ‘sexual communications’”