Page 253 – Legal Business

1 February 2018

LLP accounts: Addleshaw Goddard boasts ‘underlying’ growth as top-earner takes a haircut

LLP accounts show Addleshaw Goddard’s top earner took a 30% pay cut as both profit and income fell in a year when Brexit affected transaction levels in the first half before a recovery after September.

However, the firm insists it is performing well and growing on an underlying basis, both domestically and internationally, as it invests in new teams and infrastructure and looks to pick up on an encouraging start to this year. Continue reading “LLP accounts: Addleshaw Goddard boasts ‘underlying’ growth as top-earner takes a haircut”

31 January 2018

LLP accounts: Freshfields management team takes home £19.1m amid overall profit uptick

The management team at Freshfields Bruckhaus Deringer took home £19.1m for the 2016/17 financial year, according to latest LLP accounts filed with Companies House.

This combined remuneration for the Magic Circle firm’s senior partner, managing partners and heads of global practice groups is a 6% increase on the previous year’s £18.1m package. Continue reading “LLP accounts: Freshfields management team takes home £19.1m amid overall profit uptick”

31 January 2018

‘Potential is still enormous’: Dentons European arm grows revenue 21% in 2017

Revenue from Dentons’ continental European practice grew 21% to €288m in 2017, as the firm recorded growth in all but one of its offices in the region.

In a year in which it completed its expansion into ‘initial priority markets’ on the continent by entering The Netherlands and hired 51 partners, the LLP – which includes the legacy Salans business – also grew net profit 20% to €95m. The figures were reported on a cash basis, but the firm said it recorded a similar growth in accrual terms. Continue reading “‘Potential is still enormous’: Dentons European arm grows revenue 21% in 2017”

31 January 2018

LLP latest: Olswang profit fell 76% before 2017 CMS merger as legacy firms’ final accounts revealed

Profits at all three CMS Cameron McKenna Nabarro Olswang legacy firms fell in the last financial year before their three-way union went live, LLP accounts for each firm reveal.

As the first evidence of the 2016/17 financial performance for Nabarro and Olswang in particular -which did not release their financials in the summer – the accounts also show revenue at Olswang plummeted 14% from £116.47m to £99.96m. The top line was marginally up 1% at Nabarro to £131.14m and up 4% to £273.2m at CMS Cameron McKenna. Continue reading “LLP latest: Olswang profit fell 76% before 2017 CMS merger as legacy firms’ final accounts revealed”

30 January 2018

LLP round-up: Bird & Bird debt soars as rising partner count freezes top pay at Clyde & Co

lawyer makes worried phonecall about brexit

While top 20 LB100 firms Bird & Bird and Clyde & Co both boosted their operating profit in the 2016/17 financial year, LLP accounts show that Bird & Bird also saw its debt grow while Clyde & Co’s rising partner numbers contributed to management and highest-paid member numbers barely increasing.

Bird & Bird’s LLP accounts showed pre-tax profit rose 9% to €103.5m in the year to April 2017 and the highest-paid member brought home €1.08m, up from last year’s €962,000. Turnover was also up 5% to €360.7m. Continue reading “LLP round-up: Bird & Bird debt soars as rising partner count freezes top pay at Clyde & Co”

30 January 2018

‘We want to be the biggest’: Hausfeld deepens European footprint with new Paris office

US litigation specialist Hausfeld has added to its considerable strength on the continent with the opening of a new Paris office.

The new outpost will be Hausfeld’s fifth in Europe and tenth worldwide. French antitrust partner Laurent Geelhand will lead the Paris office supported by a team of seven French-speaking lawyers who will divide their time between London and Paris. Continue reading “‘We want to be the biggest’: Hausfeld deepens European footprint with new Paris office”

29 January 2018

‘Enormous’ £75.5m currency boost flatters DLA Piper LLP accounts

The dramatic impact of currency markets during the 2016/17 period has significantly bolstered another law firm’s LLP accounts, with the latest beneficiary, DLA Piper International, adding £75.5m to its top line on the back of exchange rate movements last year.

This currency boost accounted for 69% of the international (non-US) revenue improvement for the year ending 30 April 2017, which was up £109.3m to £876.8m. Helped in no small part by this, profit rose to £304.4m from £260.8m, even as operating costs soared 13% to £568.6m – of which £45.9m of the £65.8m increase was again attributed to currency changes. Continue reading “‘Enormous’ £75.5m currency boost flatters DLA Piper LLP accounts”

29 January 2018

And then there were three: DLA Piper senior partner finalists named

DLA Piper’s first senior partner contest in a decade is down to three candidates after the first round of voting closed on Friday (26 January).

London-based international corporate head Bob Bishop, emerging markets managing director Andrew Darwin, and corporate partner Jon Hayes now face 10 days of hustings before the firm’s new senior partner is announced on 12 February. Continue reading “And then there were three: DLA Piper senior partner finalists named”

29 January 2018

In-house: Former Aviva leader Risam lands at Blackstone wealth management firm

The highly-regarded former Aviva UK Life general counsel (GC) Monica Risam has joined Luxembourg wealth-structuring company Lombard International Assurance as its Europe GC.

Risam (pictured) will lead a multi-disciplinary team of about 60 people across legal, regulatory affairs, company secretariat, risk and compliance at the company, which is owned by private equity giant Blackstone Group and has €74.6bn in assets under management. Risam will join the executive committee and report to Lombard Europe chief executive Axel Hörger. Continue reading “In-house: Former Aviva leader Risam lands at Blackstone wealth management firm”

26 January 2018

Societe Generale names a dozen firms to new global law roster

French financial services group Societe Generale (SocGen) has named 12 law firms to its new international panel, with a further six practices instructed for disputes and tax work.

The panel is split into 12 full-service firms, which is broken down further into eight ‘preferred’ firms and four ‘selected’ firms, with a further six specialists responsible for large litigation and tax. The European banking giant said the panel was designed to cover its requirements across the 66 countries it operates in, complemented by local panels in those countries. Continue reading “Societe Generale names a dozen firms to new global law roster”

25 January 2018

HFW strengthens Singapore with South East Asia triple play

Energy and shipping specialist HFW has made a major play in its longstanding Singapore office, bringing in a trio of partners from rivals in the region.

HFW now boasts an 18-partner office in Singapore following the arrivals of finance partner Siri Wennevik, projects and energy partner Alistair Duffield and corporate partner Ivan Chia, taking the firm’s total partner additions in the region to six over the last year. HFW now has over 100 lawyers and 58 partners across its six Asia-Pacific branches. Continue reading “HFW strengthens Singapore with South East Asia triple play”

25 January 2018

‘Embarrassed’ Mishcon partner ‘condemns’ Presidents Club conduct as SDT suspends assault solicitor – more to come for the profession?

Law may have a reputation as a relatively staid career but it was inevitable that the profession would be drawn into the widening debate about the treatment of women sparked by last year’s reports of harassment in the film industry.

Following the latest controversy to grip business, Mishcon de Reya today (25 January) issued a statement of contrition after it emerged that one of its partners attended the controversial City charity dinner at the centre of a Financial Times report alleging harassment. Continue reading “‘Embarrassed’ Mishcon partner ‘condemns’ Presidents Club conduct as SDT suspends assault solicitor – more to come for the profession?”

24 January 2018

Irresistible forces – Within weeks of $10m Freshfields hire, Kirkland targets Cravath for M&A playmaker

Kirkland & Ellis continues to make waves on both sides of the Atlantic as the Chicago-bred juggernaut this week announced the hire of one of Manhattan’s top M&A names.

In the latest of a series of headline-grabbing moves, Cravath, Swaine & Moore M&A star Eric Schiele is to transfer to Kirkland’s New York arm. Schiele – who had been at Cravath for more than 17 years, making partner in 2008 – was established as one of the leading lights at the Wall Street leader. Continue reading “Irresistible forces – Within weeks of $10m Freshfields hire, Kirkland targets Cravath for M&A playmaker”

24 January 2018

UK banks’ £14.6bn legal costs account for over half of FTSE 100 litigation liabilities

In the post-Lehman landscape, banking and litigation have become common bedfellows, and research published by Thomson Reuters this week shows that the UK’s four biggest banks’ litigation and regulatory provisions make up over half of the FTSE 100’s litigation costs.

The research showed that overall the FTSE 100 set aside £26.2bn during 2016 to tackle litigation and regulatory investigation expenses (including fines), with £14.6bn of that figure being spent exclusively by the four biggest banks in the UK: Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland (RBS). However this is down on 2015, when FTSE 100 litigation provisions hit a record £31.1bn, with money set aside by banks also hitting a record £17.3bn. Continue reading “UK banks’ £14.6bn legal costs account for over half of FTSE 100 litigation liabilities”

23 January 2018

Milbank continues City hiring spree with Shearman high yield guru Gkoutzinis as Vinson nabs Jones Day finance partner

High-yield specialist Apostolos Gkoutzinis is to join Milbank Tweed Hadley & McCloy from US rival Shearman & Sterling, a move which marks the firm’s fifth hire in the space of a week.

The recruitment of Gkoutzinis, Shearman’s head of European capital markets, is another sign of Milbank’s ambitions to make its mark in City finance, coming just days after it secured a four-partner restructuring team from Cadwalader Wickersham & Taft. Continue reading “Milbank continues City hiring spree with Shearman high yield guru Gkoutzinis as Vinson nabs Jones Day finance partner”

22 January 2018

Revolving doors: Baker McKenzie and Clyde & Co double up in the City as international hires gain momentum

The City is stirring during a typically dreary January with at least six firms making lateral partner hires in London, while others bolster in Europe and Asia.

Baker McKenzie and Clyde & Co both landed two London partners in the last week, while Osborne Clarke, White & Case, Fieldfisher and Brown Rudnick added to the City moves with one lateral hire apiece. Continue reading “Revolving doors: Baker McKenzie and Clyde & Co double up in the City as international hires gain momentum”

22 January 2018

Parkinson stays away from SFO director race to take senior partner role at Kingsley Napley

Despite calls for him to succeed David Green as the new director of the Serious Fraud Office (SFO), heavyweight white-collar crime specialist Stephen Parkinson will become senior partner of Kingsley Napley on 1 May.

As a result of Parkinson’s elevation, disputes partner Louise Hodges will take over his role as head of the firm’s top-ranked criminal litigation practice. Continue reading “Parkinson stays away from SFO director race to take senior partner role at Kingsley Napley”

19 January 2018

All-round leader: former Co-op Bank legal chief McKeown appointed GC of British Land

Swapping the banking sector for real estate, former general counsel (GC) of The Co-operative Bank, Brona McKeown, has been appointed GC and company secretary of FTSE 100 company British Land.

She arrives after previous incumbent Elaine Williams left for UK logistics company Eddie Stobart in November 2017 after two years in the role. Continue reading “All-round leader: former Co-op Bank legal chief McKeown appointed GC of British Land”

19 January 2018

#MeToo: Dentons launches investigation and puts partner on leave amid reports of sexual misconduct

With the recent #MeToo campaign shining a light on sexual harassment and misogyny across every industry, a Dentons partner has been put on leave of absence while the firm investigates reports of sexual misconduct made against him.

The firm confirmed one of 62 partners who joined Dentons from Maclay Murray & Spens after the firms merged in October last year ‘will not be attending the office while the investigation is ongoing’. Continue reading “#MeToo: Dentons launches investigation and puts partner on leave amid reports of sexual misconduct”

18 January 2018

‘A no-brainer’: Milbank hires four-partner Cadwalader team to upgrade City restructuring business

It has long been a prestigious New York shop without ever quite gaining critical mass in London, but Milbank Tweed Hadley & McCloy looks to be widening its ambitions after securing a four-partner restructuring team from Cadwalader Wickersham & Taft.

The move greatly expands Milbank’s City finance team, and includes Cadwaladers’ global financial restructuring co-chair Yushan Ng. He will be joined by partners Jacqueline Ingram, Karen McMaster and Sinjini Saha. Clients of the team include brand name sponsors Oaktree, KKR, Centerbridge Capital Partners and Blackstone. Continue reading “‘A no-brainer’: Milbank hires four-partner Cadwalader team to upgrade City restructuring business”