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Financials 2016/17: Trowers & Hamlins steadies ship with double-digit turnover rise

Top-50 UK firm Trowers & Hamlins has recorded increases in turnover and profit per equity partner (PEP) to recover from last year’s mixed financial results.

Revenue at the 400-lawyer firm rose 12% from £85.6m to £97m, while PEP also saw a marginal 1% increase from £310,000 to £312,000 for the 2016/17 financial year. The growth in PEP was underpinned by a 10% increase in net income, from £19.5m to £21.5m. However the firm’s equity spread remained largely flat, with top of equity at £450,000 and the bottom at £180,000. Continue reading “Financials 2016/17: Trowers & Hamlins steadies ship with double-digit turnover rise”

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‘We are seeing results’: Kennedys’ international growth continues with Melbourne launch

melbourne

Insurance specialist Kennedys is continuing to invest in its international operations by expanding into Melbourne through what is its seventh international office opening and eighth lateral hire this year.

The firm’s second Australian base will be led by Michael Kavanagh from local firm Lander & Rogers, where he was a partner. Continue reading “‘We are seeing results’: Kennedys’ international growth continues with Melbourne launch”

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‘Right to be voluntary’: Litigators respond to Jackson’s latest fixed costs proposals

City disputes partners have responded cautiously to proposals put forward by Lord Justice Jackson to extend the fixed recoverable costs (FRC) regime to a number of different claims.

Lord Jackson had been reviewing whether or not FRC should be introduced to all civil claims with a value up to £250,000. But in the report – published 31 July – he recommended introducing a voluntary capped costs pilot scheme solely for High Court claims valued up to £250,000. Continue reading “‘Right to be voluntary’: Litigators respond to Jackson’s latest fixed costs proposals”

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‘Takes us to a new level’: Hogan Lovells picks up Freshfields investment funds veteran Baird in latest partner exit

Freshfields Bruckhaus Deringer has seen the departure of a member of its corporate team with the exit of investment funds partner Jonathan Baird to Hogan Lovells.

He is the latest hire into Hogan Lovells’ investment funds practice, with the transatlantic firm bringing in New York-based Adam Tope from Greenberg Traurig in March. Continue reading “‘Takes us to a new level’: Hogan Lovells picks up Freshfields investment funds veteran Baird in latest partner exit”

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Paying its way: TheCityUK report says law and accounting firms contribute £15.5bn of UK taxes

Over 60,000 legal and accounting firms contributed £15.5bn worth of taxes in 2015/16, representing 2.5% of tax receipts in the UK, according to a new report by TheCityUK.

The legal and accounting sector employs just under 700,000 people across the UK – including over 300,000 in law, representing 2% of the total workforce. The average wage per employee at the study participants, which the report said ‘broadly represent the largest firms’ totalled £61,176, with each employee contributing around £22,463 to public finances. Continue reading “Paying its way: TheCityUK report says law and accounting firms contribute £15.5bn of UK taxes”

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‘Careful and diligent’: Reed Smith re-appoints global managing partner Thomas in uncontested election

Reed Smith has re-elected its global managing partner Alexander ‘Sandy’ Thomas for another three-year term following an uncontested election.

The partnership vote drew to a close on 9 June and the firm confirmed his election this month, as he formally started his four-year tenure. Thomas has been managing partner of the firm for four years. Continue reading “‘Careful and diligent’: Reed Smith re-appoints global managing partner Thomas in uncontested election”

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Sainsburys appoints eleven firms including Linklaters, Addleshaws, CMS and Dentons to new roster

UK supermarket and retailer Sainsbury’s Group has appointed eleven firms to its new legal panel, including Linklaters, Addleshaw Goddard, Dentonsand CMS Cameron McKenna Nabarro Oslwang.

The other firms on the roster are TLT, Cleaver Fulton Rankin, Lewis Silkin, Winckworth Sherwood, BLM, Mason Hayes Curran and Shepherd & Wedderburn. Continue reading “Sainsburys appoints eleven firms including Linklaters, Addleshaws, CMS and Dentons to new roster”

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Shorter trial scheme undergoes first full test as court allows BP appeal in $70m claim

The first case brought to trial under the London courts’ ongoing shorter trial pilot scheme has concluded on 27 July, when the Court of Appeal ruled in favour of BP in a $70m breach of warranty and misrepresentation dispute.

The High Court started the pilot scheme for shorter trials in September 2015, for cases in the commercial, technology and construction courts, the chancery division and the mercantile courts, all located in London’s Rolls Building.  Continue reading “Shorter trial scheme undergoes first full test as court allows BP appeal in $70m claim”

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Snap Inc names Munger, Tolles & Olson partner as new general counsel

Snap Inc has named Michael O’Sullivan as its new general counsel (GC), after former legal head Chris Handman stepped down from the role in July leaving an interim GC in place.

O’Sullivan joins the California-based Snap Inc after spending over 20 years at US firm Munger, Tolles & Olson. He joined the firm in 1996, and focused his practice on financial law, M&A law and securities law.  Continue reading “Snap Inc names Munger, Tolles & Olson partner as new general counsel”

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Eversheds Sutherland gains further momentum in Germany with fourth office in Düsseldorf

Eversheds Sutherland has expanded further in Germany by acquiring Düsseldorf-based firm Grooterhorst & Partners, giving the firm a fourth office in the country.

The office, which will launch today (1 August) with three partners, will initially focus on real estate and insurance with plans to become a full-service practice. The three partners, Johannes Grooterhorst, Marc Christian Schwencke and Ralf-Thomas Wittmann, will be joined by a team of 11 lawyers. Continue reading “Eversheds Sutherland gains further momentum in Germany with fourth office in Düsseldorf”

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Financials 2016/17: Bond Dickinson posts flat turnover as PEP drops 4%

Bond Dickinson has posted flat turnover for 2016/17 of £104m, while profit per equity partner (PEP) has slipped 4% from £275,000 to £265,000.

Meanwhile, profit per lawyer at the firm is up 2% to £38,000, albeit against a 7% fall in total lawyer headcount to 478. Equity partner numbers at the firm have increased by two to 68, explaining the fall in PEP. Continue reading “Financials 2016/17: Bond Dickinson posts flat turnover as PEP drops 4%”

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Quinn Emanuel breaks tradition as merger talks with DC disputes leader Williams & Connolly begin

US litigation powerhouse Quinn Emanuel Urquhart & Sullivan has entered into merger discussions with Washington DC disputes shop Williams & Connolly, Legal Business can reveal.

Negotiations between the two began in the past month. The tie-up would mark Quinn’s first full-scale merger with the aim of complementing its existing white-collar and product liability practices, as well as its general contentious coverage in the DC area. Continue reading “Quinn Emanuel breaks tradition as merger talks with DC disputes leader Williams & Connolly begin”

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Financials 2016/17: Baker McKenzie resilient in face of full year of global headwinds

Baker McKenzie has unveiled stable revenue and profits for the year end 30 June, the first global firm to unveil its financial performance covering a full 12 months after the UK referendum on exiting the EU and the US presidential election.

The firm increased its global revenues by 2% to $2.67bn. On a constant currency basis, gross income was up 5% on last year’s $2.65bn. Continue reading “Financials 2016/17: Baker McKenzie resilient in face of full year of global headwinds”

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Revolving doors: DWF and McGuireWoods hire in London as Jones Day, Hogan Lovells and BonelliErede expand worldwide

game of hoopla with lawyers

Firms have been busy recruiting in London and abroad, as McGuireWoods and DWF made key London appointments and Jones Day, Hogan Lovells and BonnelliErede bolstered their international practices.

In a real estate move, DWF hired Mark Shepherd to its London office as partner after two years at Paul Hastings. He previously worked at DLA Piper and legacy SJ Berwin. Continue reading “Revolving doors: DWF and McGuireWoods hire in London as Jones Day, Hogan Lovells and BonelliErede expand worldwide”

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Shepherd and Wedderburn secure ‘substantial eight figure’ Burford litigation finance deal

UK law firm Shepherd and Wedderburn has announced an eight figure sum portfolio-based litigation finance deal with Burford Capital for the first time to fund current and upcoming litigation the firm is handling.

The arrangement is the first to be offered by a top 100 UK firm with a litigation funder. City-headquartered Shepherd and Wedderburn has offices in London, Edinburgh and Glasgow. Continue reading “Shepherd and Wedderburn secure ‘substantial eight figure’ Burford litigation finance deal”

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Global cartel fines drop substantially in first half of 2017 but market collusion and sanctions remain ‘cyclical’

Global cartel fines have decreased significantly in the first half of 2017 with worldwide fines totalling $1.2bn, on track to be significantly lower than 2016 which counted fines of $7.8bn according to Morgan, Lewis & Bockius’ latest midyear cartel report.

The report, however, which covers 70 countries, may not signify an overall drop in cartels investigations or cases, which Morgan Lewis partner Omar Shah said remain in an ‘active pipeline’ and are ‘cyclical.’ Continue reading “Global cartel fines drop substantially in first half of 2017 but market collusion and sanctions remain ‘cyclical’”

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‘A rollercoaster ride’: Addleshaw Goddard reports mixed financial performance after turbulent year

UK firm Addleshaw Goddard has reported £198m in revenue for 2016/17, a 2% fall from the figure announced last year.

However, while the figure represents a drop on 2015/16’s reported revenues of £202m, a spokesperson for the firm said this sum included an uplift for income from conditional fee arrangements. Actual revenue last year was £194m, meaning underlying growth in real terms of 2% to this year’s top line. Continue reading “‘A rollercoaster ride’: Addleshaw Goddard reports mixed financial performance after turbulent year”

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Baker McKenzie brings in three City lawyers from Freshfields, Morrison Foerster and Travers Smith

Baker McKenzie has appointed three new City lawyers, taking on Freshfields Bruckhaus Deringer banking partner Geoff O’Dea, Travers Smith finance counsel Matthew Smith and Morrison & Foerster tech counsel Sue McLean – both of whom will be made up to partner in the move.

O’Dea was made up to partner in 2012 at the Magic Circle firm. Specialising in restructuring and insolvency and acquisition finance, O’Dea has a wide range of clients including sponsors, special situation funds, creditors and debtors, and insolvency practitioners. Continue reading “Baker McKenzie brings in three City lawyers from Freshfields, Morrison Foerster and Travers Smith”

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CC and Baker McKenzie advise as China joint venture pays $4.5bn for German energy smart meter company

Clifford Chance and Baker McKenzie advise on the €4.5bn (£4.03bn) takeover of German metering and energy management group company Ista by a CK Infrastructure Holdings (CKI) and Cheung Kong Property Holdings joint venture, as Chinese buyouts of European companies rise.

German firm Hengeler Mueller is acting for the vendors CVC Capital Partners Fund V. Continue reading “CC and Baker McKenzie advise as China joint venture pays $4.5bn for German energy smart meter company”