The Global 100: The main table
Solid foundations but a struggle to build – Can BLP regain the confidence of its 2000s heyday?
Last year did not run smoothly for Berwin Leighton Paisner (BLP). Merger talks with Greenberg Traurig publicly fell apart amid some acrimony, while the City firm’s revenues dipped 2% in the 2015/16 year, making it one of the few Legal Business 100 players to see its top line slide.
Even before that, BLP had been through a factional election in 2015 which elevated employment specialist Lisa Mayhew as its new managing partner, while gripes over a disastrous run of partner hires on guaranteed pay deals several years previously have still not been forgotten.
‘It’s the clothes on top that matter’: how much does structure affect the Swiss Verein firms?
DLA Piper, the world’s second-largest Swiss Verein-structured law firm, saw global turnover in 2016 drop 3% to $2.47bn from $2.54bn. The drop in overall revenue was attributed by the firm to exchange rate fluctuations across the global firm’s international business, which is divided between an international LLP and a US LLP. In sterling, DLA says, turnover was up 3%.
Similarly, Norton Rose Fulbright saw turnover drop 3% to $1.69bn, with the firm again attributing the performance to currency fluctuations. In a statement, a spokesperson said the firm had seen a 3% increase on 2015 revenue using like-for-like exchange rates, adding: ‘Our stated US dollar figures are very susceptible to currency exchange moves and, in the past year, the sterling, euro, Australian/Canadian dollars and South African rand experienced significant negative moves against the US dollar.’
London calling: the client view
‘I prefer to use the Magic Circle rather than US firms. They are, if anything, becoming better-run businesses.’
Philip Bramwell, BAE Systems
It should come as no surprise that clients on the global stage continue to demand more from their advisers. Yet, for the most part, those London-headquartered firms at the top end of the Global 100 report are delivering for clients despite the influx of international firms, particularly those based in the US, into their home market.
‘I continue to believe that the Magic Circle firms offer excellent strength and depth on big-ticket issues,’ says Philip Bramwell, group general counsel (GC) of multinational defence, security and aerospace company BAE Systems. ‘Their strength is in their gene pool – their core systems and the processes that they continue to invest in – and they are, if anything, becoming better-run businesses.’
Financials 2017: Gateley posts double-digit revenue and profits rise in another strong year for listed firm
AIM-listed law firm Gateley has posted a double-digit increase in revenues for this financial year, with turnover up 16% from £67.1m to £77.6m.
Akin Gump reveals trainee salary increases, as NQ pay remains static yet competitive
Akin Gump has increased trainee salaries by 12% and 8% for first and second years respectively, with the group representing the first trainees the US firm has taken on, while its newly qualified (NQ) pay remained static this financial year.
Gibson Dunn continues lateral hiring spree with hire of A&O arbitration partner Jeffrey Sullivan
Gibson, Dunn & Crutcher has added to its growing European offering with the appointment of London-based arbitration partner Jeffrey Sullivan from Allen & Overy (A&O).
Ince & Co brings in alternative career to partnership as it shakes up associate pay
Ince & Co is offering its lawyers the option to choose a different career path from the traditional partner track, as it revamps its associate pay structure.
‘Top end of expectations’: Travers PEP drops below £1m as turnover edges up
Travers Smith has recorded a 4% rise in revenue to £125m, marking eight consecutive years of growth, while the firm’s profits fell amid investment and challenging market conditions.
Continue reading “‘Top end of expectations’: Travers PEP drops below £1m as turnover edges up”
Gordon Dadds in ‘advanced negotiations’ to list on AIM following reverse takeover bid
LB100 firm Gordon Dadds is in ‘very advanced negotiations’ to become an AIM-listed law firm by August this year, following a recent share offer of £18.75m by Work Group.
Financials 2016/17: Stewarts Law reaches £1.9m PEP in another year of standout growth
Litigation specialist Stewarts Law has posted its third consecutive year of double-digit growth, with a record profit per equity partner (PEP) rising 30% to reach £1.9m.
In-house: Daily Mail’s GC Claire Chapman departs after five years
Claire Chapman (pictured), the general counsel (GC) and company secretary of the Daily Mail and General Trust (DMGT) has left the company after almost five years, Legal Business can reveal.
Continue reading “In-house: Daily Mail’s GC Claire Chapman departs after five years”
Travers, Macfarlanes and Jones Day boost junior lawyers pay while HSF and CMS freeze associate salaries
Travers Smith, Macfarlanes and Jones Day have all boosted their junior lawyers pay in this year’s review, in contrast to Herbert Smith Freehills and CMS McKenna Nabarro Olswang which have held pay for London associates, with some regional pay rises.
Revolving doors: Simmons appoints CC capital markets veteran as firms boost London ranks
The arrival of July marked a heightened pace of lateral hires by UK firms boosting their London bases. Simmons & Simmons recruited to its corporate team, while Dentons, Watson Farley & Williams (WFW), RPC and PwC also appointed key new partners.
Shearman and Mayer Brown retain fewer trainees than previous years’ newly-qualified solicitor intake
Shearman & Sterling and Mayer Brown have recorded lower retention rates for their trainees due to qualify this autumn, from full retention last year to 87% and 73% respectively.
Co-op Group kicks off panel review as former Dixons Carphone GC takes top legal role
The Co-operative Group has begun reviewing its corporate and commercial legal panels, as well as its property law and litigation advisers, as the former Dixons Carphone group general counsel (GC) Helen Grantham replaced Alistair Asher in the group’s top legal role.
CMS launches Monaco office with local merger to service international investors
CMS Cameron McKenna Nabarro Olswang has continued to expand by opening its Monaco office through a combination with Pasquier Ciulla & Marquet Avocats (PCM), the firm’s first global practice launch since the UK tripartite merger went live on 1 May.
Continue reading “CMS launches Monaco office with local merger to service international investors”
Dentons advises Total on $5bn Iranian oil deal in first long post-sanction contract
Dentons has taken the lead advising French oil and gas company Total in signing a £4bn ($5bn) contract with Iran’s national Oil company, the republic’s first energy deal with a foreign enterprise since sanctions eased 18 months ago.
Clifford Chance turns to Clydes as SRA launches probe into firm on Excalibur litigation
Clifford Chance (CC) has instructed lawyers at Clyde & Co to represent it in an investigation by the Solicitors Regulation Authority (SRA), reportedly involving the firm’s part in the Excalibur professional negligence case, resulting from a claim in which an appeal judge criticised CC for an ‘acute’ conflict of interest.
‘A bit unsettled’: Lloyds legal team to report to finance arm after latest restructure
The legal team at Lloyds Banking Group (LBG) will now report to the bank’s finance team in the group’s latest reorganisation, which led to the departure of chief people, legal and strategy officer and ex-Linklaters managing partner Simon Davies, after less than two years.