Freshfields to deploy second-tier lockstep for more partners as profit drive continues
As Freshfields Bruckhaus Deringer continues its profitability drive, almost a quarter of the global partnership is expected to be on the firm’s second-tier lockstep as early as 2020.
When the firm introduced the second-tier lockstep around three years ago, less than 10% of the then 400-strong partnership was on the separate track. However, from 2020, the proportion of the partnership on the second lockstep is expected to be a quarter.
Market report: Germany – Wennschon, dennschon
With Brexit dominating the EU agenda and causing widespread paralysis in the continent, Germany’s law firms are simply going about their business
Turbulence and trauma may have been the global hallmarks of 2016 – at least according to the headline writers – but not so in Germany. For the third year in a row, the German government did not borrow any money, unemployment fell to a 26-year low of 5.8% while GDP grew by 1.9%, the highest rate in five years. Meanwhile, Germany’s trade surplus has hit another record high.
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Market report: Italy – Bravissimo
Despite a testing political backdrop to business, the Italian elite is still outperforming the domestic economy
‘Reforms are the major challenge for Italy. For many years, we didn’t have the political strength – Renzi had it,’ says Carlo Croff, senior partner at Chiomenti. Matteo Renzi was Italy’s prime minister until December 2016 when his constitutional reforms were rejected in a referendum. ‘Clients, particularly those with investments in Italy, have been disappointed,’ Croff observes.
En Marche!
With France’s political landscape settled and its EU status reconfirmed, the country’s law firms are feeling confident
The French presidential election in May drew widespread attention, but now that Emmanuel Macron is safely installed in the Élysée Palace, will it make any difference to businesses and their law firms? ‘It’s a great relief for the whole business community,’ says Stéphane Puel, managing partner of Gide Loyrette Nouel, France’s largest independent full-service law firm with 503 lawyers. ‘It’s difficult to tell whether this will have a huge impact generally, but it will have a huge impact on the confidence of business players in France.’
Market report: France – En Marche!
With France’s political landscape settled and its EU status reconfirmed, the country’s law firms are feeling confident
The French presidential election in May drew widespread attention, but now that Emmanuel Macron is safely installed in the Élysée Palace, will it make any difference to businesses and their law firms? ‘It’s a great relief for the whole business community,’ says Stéphane Puel, managing partner of Gide Loyrette Nouel, France’s largest independent full-service law firm with 503 lawyers. ‘It’s difficult to tell whether this will have a huge impact generally, but it will have a huge impact on the confidence of business players in France.’
Simmons amends partnership deed following A&O departures
While Herbert Smith Freehills became embroiled in a very public court battle over a team defection to White & Case in Australia earlier this year, Simmons & Simmons has quietly amended its partnership deed following a group exit to Allen & Overy (A&O) in 2016.
In the space of four months from last summer, Simmons lost four intellectual property (IP) partners to A&O, including highly-regarded patent specialist Marjan Noor in June, followed by London IP head Marc Döring in August, and Mark Heaney and David Stone in September.
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Simmons amends partnership deed following A&O departures
While Herbert Smith Freehills became embroiled in a very public court battle over a team defection to White & Case in Australia earlier this year, Simmons & Simmons has quietly amended its partnership deed following a group exit to Allen & Overy (A&O) in 2016.
In the space of four months from last summer, Simmons lost four intellectual property (IP) partners to A&O, including highly-regarded patent specialist Marjan Noor in June, followed by London IP head Marc Döring in August, and Mark Heaney and David Stone in September.
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Market report: Iberia – Out of the storm
Dominant in their home markets, law firms from Spain and Portugal have weathered the tempest by heading for far-flung locations
Last year, Spain endured a period of political turbulence. In the space of 12 months, it blundered through two elections and the fear of not being able to produce a budget for 2017, narrowly avoiding EU sanctions for overshooting its deficit target. Despite this unease, the economy has now seen two consecutive years of 3% growth, fuelled by an accelerated industrial output. As a result, Spain has become one of Europe’s fastest-growing economies and unemployment is at its lowest level since 2009.
Market report: Central and Eastern Europe – Here to stay
Increased stability and diversified investment is keeping independent law firms in the CEE region busy
Despite the impact of recent political tension in western Europe triggered by Brexit and several high-stakes leadership elections, according to management at some of the strongest firms in the CEE region, there are patches of growth and they are there for the long haul.
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Market report: Switzerland – Feeling lucky
2017 is shaping up to be another strong year for the leading Swiss firms, particularly on the back of a frothy M&A market
‘Compared to other European jurisdictions, Switzerland has been doing well,’ says Benjamin Borsodi, managing partner of Schellenberg Wittmer. ‘2016 was a very good year for many Swiss firms, especially the major ones. It was our best year ever and it looks positive for 2017 as well.’ His sentiment is echoed by Daniel Daeniker, managing partner of Homburger: ‘I was expecting the end of the M&A cycle: it’s simply not happened. Our first quarter numbers in 2017 are well above last year.’
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Market report: Ireland – Quiet tiger
A slowdown in domestic transactional activity has hit the leading Irish independents, but they remain bullish about the landscape post-Brexit
Despite the possibility of seeing an increase in work and clients post-Brexit, domestic transactional activity has slowed in the Irish market, affecting the top domestic firms.
GCs take on corporate sustainability briefs as plcs strive to protect brands
Angry shareholders, rising demands for transparency, tougher regulation, declining trust in business and the need to access new markets. Just some of the reasons why a growing number of plcs are moving to improve their focus on long-term performance and ethical standards… and calling in their general counsel (GCs) to help.
As part of an Insight report on sustainability, Legal Business gathered responses from more than 250 senior in-house counsel to gauge the extent that such initiatives are impacting on the day jobs of plc law chiefs.
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Market report: Baltics – Still waters
Following a raft of consolidation, the biggest players in the Baltics are experiencing a much more settled market
Baltic firms have experienced their fair share of consolidation over the past couple of years, creating a clear breakaway of four significantly sized firms for a relatively small legal market: Sorainen, Cobalt, Ellex and the recently rebranded TGS Baltic (previously Tark Grunte Sutkiene), following its merger with Varul Estonia.
GC for National Grid spin-off to overhaul adviser roster this year
Following National Grid’s £13.8bn separation of its gas distribution business to create Cadent, general counsel Mark Cooper will hold a panel review later this year.
Since its spin-off, a roster of 12 firms that previously acted for National Grid continues to advise Cadent. The firms are Addleshaw Goddard, CMS Cameron McKenna, DLA Piper, Eversheds Sutherland, Herbert Smith Freehills, Linklaters, Berwin Leighton Paisner, Bircham Dyson Bell, Dentons, Irwin Mitchell, Norton Rose Fulbright and Shakespeare Martineau.
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Market report: Southern Europe – A long recovery
While Turkish firms have dropped out of The Euro Elite this year, recession continues to plague firms in Greece
The financial crisis in Greece continues to affect the legal market and reduce volumes of work, following the unsettling negotiations between the Greek government and its international creditors, and the six-month anti-austerity strike by Greece’s lawyers last year. However, some argue a modest rebound is in sight.
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‘Fiddling around the edges’: CC votes for more lockstep reform to keep pace
Partnership votes to raise compensation levels two years after last shake-up
In its most recent bid to compete with high-paying US rivals, Clifford Chance (CC) last month voted through another round of changes to its remuneration structure, two years after last introducing more flexibility to its system.
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End of the carrot and stick? Litigators react to legal privilege implications in SFO case
Last month the High Court ruled that documents prepared by mining giant Eurasian Natural Resources Corporation (ENRC) relating to a Serious Fraud Office (SFO) investigation were not protected by legal professional privilege.
The SFO began investigating ENRC in 2013 over allegations of fraud, bribery and corruption. As part of its investigation, the agency requested relevant documents from ENRC. ENRC refused on the basis that the documents were privileged. But Mrs Justice Andrews ruled that the SFO was warranted in its request to see the documents, stating that there is a ‘recognised public interest in the SFO being able to go about its business’.
Market report: Nordics – Over a barrel
Following a turbulent period of falling oil prices, independent firms in the Nordics are finding profitable new markets
Crude oil prices may still be hovering between $45 and $50 a barrel but the Nordic economies and the independent law firms based in these markets are suffering less than in previous years.
Market report: Benelux – Neighbourhood watch
Benelux firms have to contend with global competitors as geopolitical uncertainty hangs over the region
The Benelux countries have experienced mixed fortunes over the last year, with Belgium and Luxembourg recovering from Brexit-related instability to begin economic acceleration. In the Netherlands, a fragmented political landscape threatens such recovery, although the economy is noticeably stronger than this time last year.
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