Posted on

‘Not another mid-market law firm’: Deloitte to make much-anticipated foray into UK legal market

Often trumpeted as a potential disruptor to the UK legal market, the last of the Big Four accountancy firms, Deloitte, is primed to enter the fray as an alternative business structure (ABS).

The global professional services giant confirmed yesterday (10 January) that it would be using technology such as automated document review and contract management to underpin the new legal offering. In addition, Deloitte will be launching a consulting service to help in-house legal teams get the best out of technology. Continue reading “‘Not another mid-market law firm’: Deloitte to make much-anticipated foray into UK legal market”

Posted on

Burness Paull draws line under legacy conflict saga as it settles £160m dispute

Parliament House, Edinburgh, Court of Session

Scottish independent Burness Paull has reached a confidential settlement in a £160m dispute relating to its legacy business Paull & Williamsons, which came to light in late 2016.

The former chairman and principal shareholder of oil service firm International Tubular Services (ITS), Robert Kidd, filed the claim against Paull & Williamsons alleging it acted for both sides in a private equity investment by Lime Rock into ITS. Continue reading “Burness Paull draws line under legacy conflict saga as it settles £160m dispute”

Posted on

Weil Gotshal to shut Hungarian operations as team jumps to expansive Bird & Bird

Weil, Gotshal & Manges will close its Budapest office after its 20-strong Hungarian team agreed to join Bird & Bird in the latest chapter of the UK top 20 firm’s international expansion.

In what both firms described as the result of an ‘amicable’ discussion, Weil’s Budapest managing partner David Dederick will co-lead Bird & Bird’s local operations from 1 February. Continue reading “Weil Gotshal to shut Hungarian operations as team jumps to expansive Bird & Bird”

Posted on

Disputes Eye: Disclosure reform – time to err off the side of caution

It takes a brave soul to tackle the issue of extortionate disclosure in the UK, and finding the happy medium required to satisfy both fretting clients and sceptical lawyers is difficult.

But that is exactly what the Disclosure Working Group is attempting to do, introducing a wave of reforms in November that will run as a mandatory two-year pilot across the business and property courts in the Rolls Building, starting in 2018 subject to approval from the Civil Procedure Rules Committee. Continue reading “Disputes Eye: Disclosure reform – time to err off the side of caution”

Posted on

New year, new broom as in-house teams unveil fresh external adviser panels

The results of a handful of legal panel reviews have been announced in the first week of 2018 by Lloyds Banking Group, the Pension Protection Fund (PPF), Metro Bank, and the Scottish Professional Football League (SPFL).

Linklaters, Clifford Chance, CMS Cameron McKenna Nabarro Olswang, Eversheds Sutherland, Herbert Smith Freehills, Bates Wells Braithwaite, Osborne Clarke, Ashurst, Hogan Lovells, and Reed Smith have all won spots on Lloyds’ commercial banking pass-through panel. Continue reading “New year, new broom as in-house teams unveil fresh external adviser panels”

Posted on

More reshuffling as Hogan Lovells appoints new chair while Travers Smith confirms Patient managing partner

As the January senior appointments merry-go-round at City and global law firms continues, Hogan Lovells has announced a new chair while Travers Smith has re-elected David Patient as managing partner.

In a move that brings its German practice in the spotlight, Hogan Lovells has announced that Hamburg-based Leopold von Gerlach will replace Nicholas Cheffings as chair of the board on 1 May for a three-year term. Continue reading “More reshuffling as Hogan Lovells appoints new chair while Travers Smith confirms Patient managing partner”

Posted on

Bar moves: Four-strong banking team joins Quadrant from 2 Temple Gardens

Commercial set Quadrant Chambers has secured a major team addition with the arrival of four banking barristers from 2 Temple Gardens (2TG).

Leading the team making the switch is Paul Downes QC, a seasoned commercial litigator ranked across four areas in the Legal 500: banking and finance, commercial litigation, financial services and civil fraud. In commercial litigation, Downes QC is described as ‘a strong cross-examiner, who makes mincemeat of witnesses’. Continue reading “Bar moves: Four-strong banking team joins Quadrant from 2 Temple Gardens”

Posted on

Former City solicitor Gauke becomes fourth Justice Secretary in two years amid latest Cabinet reshuffle

In a stunning blow to traditionalists, the latest government reshuffle has seen a lawyer appointed as the UK’s new Justice Secretary, with minister David Gauke transferring from Work and Pensions to take over from David Lidington.

Lidington lasted all of six months as Lord Chancellor, having been last year drafted in to replace the gaffe-prone Elizabeth Truss before this week being transferred to the Cabinet Office. The appointment of the former City solicitor Gauke makes him the fourth Justice Secretary since Michael Gove stepped down ahead of the 2016 Brexit referendum campaign and the sixth in eight years under two Conservative-led administrations. Continue reading “Former City solicitor Gauke becomes fourth Justice Secretary in two years amid latest Cabinet reshuffle”

Posted on

Management moves: succession planning in train at Burges Salmon and Fladgate 

Roger Bull and Peter Morris

Two senior figures at Legal Business 100 firms Burges Salmon and Fladgate will see their tenures come to an end in the coming months as the firms announce a new managing partner and chairman respectively.

Bristol-headquartered Burges Salmon has appointed head of employment Roger Bull its new managing partner, replacing Peter Morris, effective from May. Continue reading “Management moves: succession planning in train at Burges Salmon and Fladgate “

Posted on

LLP accounts: Executive belts tightened at Eversheds Sutherland International as profit lifts 5%

 With the tie-up between Eversheds and Sutherland Asbill & Brennan almost a year old, the latest accounts for the non-US business reveal its c-suite took a £1.7m pay cut for the 2016/17 financial year, as the limited liability partnership (LLP) filing also reveals average remuneration per member rebounded slightly from the previous year’s drop. Meanwhile, staff costs for the legacy Eversheds business have continued to increase with double-digit percentage growth.

The firm’s key management team saw remuneration fall 22% to £6m in the 2016/17 financial year, according to the latest Eversheds Sutherland International accounts. The share of profit and salaries awarded to its chief executive, managing partner and members of the executive committee was £7.7m the previous financial year. Continue reading “LLP accounts: Executive belts tightened at Eversheds Sutherland International as profit lifts 5%”

Posted on

No politics, please – Macfarlanes names new head two years before high profile chief stands down

For most law firms, nailing down your c-suite successor two years in advance may look excessive, but when your leader is a veteran who could give Nigel Knowles a run for his money in industry prominence, it may be a wise move.

Such appears to be the logic at mid-tier thoroughbred Macfarlanes, which has confirmed today (8 January), that its print-friendly senior partner Charles Martin (pictured) will be succeeded in April 2020 when his latest term ends by private client partner Sebastian Prichard Jones. Continue reading “No politics, please – Macfarlanes names new head two years before high profile chief stands down”

Posted on

He took the high road: Brodies ushers in next generation as veteran leader Drummond steps down

Hyperbole and cliché over the end of an era can be justifiably deployed this morning (5 January) with news that Brodies’ figurehead Bill Drummond is to step down in April after 20 years as managing partner of the Scottish firm he joined as a trainee in 1980.

Drummond (pictured) will make way for current real estate head Nick Scott, representing a handover to a younger generation of leadership after a hugely successful run that has seen Brodies emerge as the most successful independent Scottish firm. After driving some phenomenal financial growth as managing partner, Drummond’s immediate plans include taking a break and spending time with family. Continue reading “He took the high road: Brodies ushers in next generation as veteran leader Drummond steps down”

Posted on

Letter from Paris: After the malaise, local counsel rediscover la joie de vivre

Paris

It was one of the defining moments of the year: on 7 May president-elect Emmanuel Macron strode towards the stage outside the Louvre to give his victory speech to Ode to Joy. Much has been written on what that moment meant for France as a more confident, globally-minded country. The triumph of a 39-year-old ex-banker who marked his success with the EU’s German-born anthem rather than La Marseillaise has done much to raise hopes in the French business community.

Rising confidence is obviously welcome for the profession with the French legal market remaining one of Europe’s key hunting grounds and – unlike Germany’s increasingly-price-sensitive sector – one that comfortably sustains Global 100-level profitability. Continue reading “Letter from Paris: After the malaise, local counsel rediscover la joie de vivre”

Posted on

Ex-Slaughters corporate veteran Randell appointed chair of FCA

Charles Randell

After an eminent career in later years dominated by picking up the pieces of the post-Lehman world, former Slaughter and May corporate veteran Charles Randell has been appointed chair of the Financial Conduct Authority (FCA).

Randell, who is currently an external member of the Prudential Regulation Committee of the Bank of England, will take up the role on 1 April for a five-year term, overseeing the City’s primary regulatory agency. He replaces outgoing chair John Griffith-Jones, a veteran accountant best known for running KPMG’s UK business. The role, which is contracted for three days a week, is one of the most prominent positions in public life to have been handed to a former City lawyer. Continue reading “Ex-Slaughters corporate veteran Randell appointed chair of FCA”

Posted on

A&O awash with cash as £48m forex boost offsets soaring staff costs

Allen & Overy

With Allen & Overy (A&O) comfortably leading its peer group in the 2016/17 reporting season, the release of its full accounts was always going to look rosy. As it is, the City giant’s limited liability partnership (LLP) filing demonstrates just how good business has been for its c-suite, partners, staff and the tax man with forex movements further supporting robust underlying growth.

Key beneficiaries include A&O’s management team, which saw a collective remuneration hike of 16% to £15.8m, according to its LLP filings. The Magic Circle law firm’s senior partner, managing partner, global practice heads and support directors’ combined earnings for 2016/17 compare with £13.6m for the previous financial year. Continue reading “A&O awash with cash as £48m forex boost offsets soaring staff costs”

Posted on

A flying start – Eversheds Sutherland nears first anniversary with trio of corporate deals

As the transatlantic Eversheds Sutherland tie-up approaches a year since going live, the firm has enjoyed a robust start to 2018 with some meaty corporate instructions and has incorporated its Dutch arm into its international LLP.

Leading off the end-of-year deal book was Shell’s December move into the UK residential energy market with its agreement to buy energy and broadband provider First Utility, which serves about 800,000 homes in the UK. Continue reading “A flying start – Eversheds Sutherland nears first anniversary with trio of corporate deals”

Posted on

Partner promotions: Hogan Lovells makes up five in London amid 31-strong drive

hogan lovells office

Hogan Lovells has made up five partners in London as part of a New Year promotions round that ushered in 31 new partners globally.

The London promotions include Alex Harrison, finance partner in Infrastructure, energy, resources and projects and corporate partner Jeremy Pickles in the firm’s investment funds team. Continue reading “Partner promotions: Hogan Lovells makes up five in London amid 31-strong drive”

Posted on

Rich rewards on offer – Fieldfisher accounts show top earnings soar over £2m as profits surge

Matthew Lohn and Michael Chissick

It has become established in recent years as one of the most potent performers in the UK top 50 but recent accounts illustrate just how much that means for a select few partners at Fieldfisher. Most strikingly, on the back of a year of substantial financial and geographic growth, Fieldfisher’s top-earning partner took home over £2m for the period, a 70% increase on the previous figure.

According to the filings with Companies House, Fieldfisher’s highest-paid partner earned £2.03m for the 2016/17 financial year, a £837,000 increase on the previous year’s tally of £1.19m. Continue reading “Rich rewards on offer – Fieldfisher accounts show top earnings soar over £2m as profits surge”

Posted on

LLP accounts: Clifford Chance leadership team pockets £16m following strong year

The 13-strong executive leadership team at Clifford Chance (CC) took home £16m for the 2016/17 financial year, according to its latest LLP accounts filed with Companies House.

While the combined remuneration package is up 7% on the previous year, it represents only a slight per head increase on last year’s figure, where the 12-person executive received £15m. The firm’s 2014/15 accounts showed that leadership took home £14m, meaning the figure has increased in £1m increments for the past two years. Continue reading “LLP accounts: Clifford Chance leadership team pockets £16m following strong year”