Herbert Smith Freehills‘ (HSF) qualified trainee retention score has dipped to 80% while City-headquartered firm Stephenson Harwood recorded a significant increase in its autumn 2017 trainee retention rates for this autumn.
At the same time last year, in contrast, HSF retained 94% of its autumn qualifying trainees. Continue reading “HSF’s qualifying trainee retention rate falls as Stephenson Harwood keeps 90% of intake”
UK law firms have reported a record 45 cases of cyber thefts to the Solicitors Regulation Authority (SRA) in the first quarter of this year, with £3.2m stolen through conveyancing and inheritance matters as well as from law firms’ own accounts – mainly through email modification fraud.
The number of crimes reported more than doubled the 21 recorded over the same period in 2016. Continue reading “Law firms report record £3.2m cybercrime theft in first quarter but prosecutions have fallen”
Litigation funder Burford Capital generated more profit in the first half of 2017 than any full year in its history, revealing a total income rise of 130% from last June to $175.5m.
The jump for the company, which operates in law as an alternative business structure, was a result of a booming investment income which rose by 148% to $161.6m in the same time period, the firm said. Continue reading “Burford Capital grows from £80m startup to post record 130% income growth over year”
Mayer Brown, Berwin Leighton Paisner(BLP) and CMS Cameron McKenna Nabarro Olswang all advised on the £1.3bn purchase by Hong Kong investors LKK Health Products of London landmark skyscraper, 20 Fenchurch Street, or the ‘Walkie Talkie’.
In the UK’s largest property deal to date, Mayer Brown UK real estate head Chris Harvey told Legal Business that the transaction demonstrates further appetite from foreign investors including new entrants to the London market. Continue reading “China buys: Mayer Brown and BLP land key roles on £1.3bn Walkie Talkie sale in record property deal”
Scottish independent firm Brodies has posted slower growth for the financial year 2016/17, with turnover up 2.4% to £66.7m, while profit per equity partner (PEP) has decreased slightly, down 2% from £597,000 to £585,000.
However, profits before partner distributions rose by 2.6% to £31.7m and the firm’s cash balances increased by 14.4% to £18.2m in the seventh consecutive year of revenue and profit growth for Scotland’s largest law firm. Continue reading “Financials 2016/17: Growth slows for Brodies as Scottish independent posts 2.4% revenue increase”
Slaughter and May, Freshfields Bruckhaus Deringer, Paul, Weiss, Rifkind, Wharton & Garrison and Skadden, Arps, Slate, Meagher & Flom are all advising on Michael Kors’ £900m offer for luxury British fashion company Jimmy Choo.
Under the agreement, the shoemaker would become a wholly-owned subsidiary of Michael Kors. Its shareholders will receive £2.3 in cash for each of their Jimmy Choo shares, 36p above the £1.68 share price the day before Jimmy Choo’s parent JAB Luxury announced it would launch a formal sale process in April. Continue reading “Slaughter and May leads as Freshfields and Paul Weiss take key roles on £900m Michael Kors buyout of Jimmy Choo”
Watson Farley and Williams will retain 100% of its autumn 2017 qualifying trainees, while Mishcon de Reya‘s rate of retention has dipped below 80% for the first time in three years.
All of Watson Farley’s 15 final-year trainees will stay at the firm on permanent newly-qualified lawyer (NQ) contracts, marking a modest improvement over last year’s autumn trainee retention rate when 13 out of 14 or 93% of its trainees were kept on. Continue reading “Watson Farley to retain all its qualifying trainees as Mishcon’s rate falls to 64%”
Snap Inc general counsel (GC) Chris Handman has stepped down from his position to spend more time with his family, after three years at the US company.
California-headquarted parent company Snap Inc owns social media camera application Snapchat, which allows users send instant image messages, and was co-founded by chief executive Evan Spiegel in 2011. Continue reading “Snap Inc general counsel Handman to step down from role after three years”
The Supreme Court has unanimously ruled that employment tribunal fees are unlawful, allowing trade union UNISON’s appeal in a ground-breaking decision requiring the government to stop charging the fees.
Today’s ruling found the fees unlawful under both domestic and EU law because they had the effect of preventing access to justice. The Supreme Court stated that therefore the fees must be quashed. Continue reading “‘A triumph for access to justice’: Supreme Court rules employment tribunal fees unlawful”
Future RPC trainees will attend courses exclusively at the University of Law (ULaw) from September 2017, after the insurance firm switched to the training provider to prepare its professional courses in advance of the controversial new Solicitors Qualification Examination (SQE).
From this September until 2020, trainees at the firm will be required to complete the Graduate Diploma in Law (GDL), Legal Practice Course (LPC) and an MSc in Law, Business and Management at the university’s Moorgate centre as sole provider, in a partnership RPC training principal Simon Hart described as the firm’s response to the ‘forthcoming radical reforms to legal education’, having previously worked with another group. Continue reading “RPC partners exclusively with University of Law ahead of SQE launch”
Freshfields Bruckhaus Deringer‘s joint managing partner Chris Pugh (pictured) is stepping down less than half way into his term, the second person to vacate the position early in four years and the firm’s third unscheduled c-suite departure since 2013.
Former disputes head Pugh will leave the role but remain at the firm, continuing his client-facing work. He took up the role, which carries a five-year term, in January 2016 after a three-month transition period. Continue reading “Freshfields co-managing partner Pugh steps down a year and a half into role”
Morrison & Foerster and Sullivan & Cromwell have both advised on major Swiss electricity smart meter producer Landis+Gyr’s $2.4bn (£1.84bn) initial public offering (IPO), Europe’s second largest this year.
The IPO represents Landis+Gyr’s break from Japanese conglomerate Toshiba after it purchased the company six years ago. The IPO is the largest on the Swiss Exchange in the past ten years. Landis+Gyr employs more than 5,700 staff with activity across 30 countries. Continue reading “Morrison & Foerster and SullCrom gear up on Landis+Gyr’s electric smart meter $2.4bn initial public offering”
Latham & Watkins is advising Blackstone and CVC Capital Partners in their £2.9bn preliminary proposal takeover bid for UK online payment company Paysafe.
The FTSE 250 company, which is based on the Isle of Mann, was advised by a Hogan Lovells team led by corporate partner Maegen Morrison with support from corporate partners Don McGown and John Connell. Continue reading “Latham and Hogan Lovells act on consortium’s £2.9bn potential offer for Paysafe Group”
Clyde & Co has launched its ninth US office, opening in Los Angeles with a two-partner team consisting of Julie Hawkinson (pictured) and Jim Koelzer.
The office will focus on providing insurance and aviation clients with insurance coverage and litigation defence services. Continue reading “Clyde & Co sets up in Los Angeles to focus on aviation and insurance clients with two-partner office”
Keir Starmer QC, the Labour MP and the party’s Brexit spokesperson, has decided against taking on a role advising the Mishcon Academy, Mishcon de Reya‘s in-house training arm in London, citing other commitments.
In a statement, Starmer said: ‘I am grateful to Mishcon de Reya for discussing a possible role advising the Mishcon Academy with me, but, given my other commitments, I have decided not to further the discussions.’ Continue reading “Labour MP Keir Starmer opts against role advising Mishcon Academy”
Weil, Gotshal & Manges, Clifford Chance (CC) and Travers Smith have advised on the £1bn sale of Civica by the private equity arm of Canadian pensions company OMERS to funds managed by global investor Partners Group.
Weil advised its longstanding client OMERS private equity on the transaction, while CC acted for Partners Group and Travers Smith represented Partners Group’s management. Continue reading “Weil, CC and Travers line up on £1bn Canadian private equity pensions deal”
Bird & Bird‘s profit per equity partner (PEP) has risen for a second consecutive year, leaping 11% to £503,000, in line with the firm’s revenue growth, following a double-digit rise in corporate, intellectual property and employment work.
The technology and intellectual property-focused City firm’s net income rose to £52.8m over the year from £45.4m the previous year. Continue reading “Financials 2016/17: Bird & Bird PEP rebounds to top half million pound mark”
UK firm Burges Salmon’s profitability fell 8% in the year to 30 April for the first time in six years, which the firm attributed to the negative impact of Brexit on its business in a challenging year.
This year, the Bristol-headquartered firm’s revenue stayed at £87m, slightly down from last year’s £87.4m. Continue reading “Financials 2016/17: Expansive Burges Salmon cites Brexit impact as revenue and PEP growth halted”
Firms have strengthened their global practices, as Hogan Lovells appointed a key Paris partner, Gibson Dunn & Crutcher recruited in Munich, McGuireWoods hired in London and Winston & Strawn brought in a new Dubai managing partner.
Hogan Lovells have recruited heavyweight antitrust Francois Brunet in Paris, after a 26-year career building Cleary’s antitrust practice. His practice focuses on complex merger cases and cartel investigations. Continue reading “Revolving doors: Hogan Lovells and Gibson Dunn expand on continent, McGuireWoods appoint to London, Winston to Dubai”
Private wealth specialist Withers has recorded a decade of consecutive growth this year, with a profit per equity partner (PEP) boost of 25% to £381,000.
With 2016/17 revenues up 8% to £174.5m, the pace of growth slowed from last year, when the top line figure was up 21% to £161.5m, but the firm’s international expansion appeared to continue to pay off. Continue reading “‘Encouraging results’: Withers’ global expansion breeds revenue growth as PEP leaps 25%”
