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Access your pdf edition of LB magazine – issue 321
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Limited version Continue reading “Access your pdf edition of LB magazine – issue 321”
Slaughter and May matches magic circle peers with NQ pay hike to £150k
Slaughter and May has raised pay for newly-qualified (NQ) lawyers to £150,000, bringing the firm to parity with its Magic Circle peers.
The firm was slated to review its pay rates in November, but has brought the review forward, with the new rate effective from 1 September.
The increase means that Slaughters no longer trails Herbert Smith Freehills and Hogan Lovells, which both announced raises to £135,000 for their NQs in June. Continue reading “Slaughter and May matches magic circle peers with NQ pay hike to £150k”
On sure footing – offshore leaders see reasons for optimism
In the offshore world as elsewhere, tough economic conditions made 2022-23 a rough year. ‘With uncertainty in the global markets, high inflation, and high interest rates, there was a lack of certainty in some corporate areas where companies didn’t necessarily want to deploy their capital,’ says Bedell Cristin group managing partner Tim Pearce.
Appleby group managing partner Malcolm Moller echoes this: ‘The challenges posed by rising inflation, turbulent financial markets, and supply chain disruptions in 2023 highlighted the importance of resilience, flexibility, and proactive planning in navigating the complexities of the global business environment.’ Continue reading “On sure footing – offshore leaders see reasons for optimism”
Life During Law: Freshfields’ London head Mark Sansom
I nearly drowned in a river in Wales when I was four. It had been raining a lot and the boulder my brother and I were standing on beside the river toppled into the water. I fell into the river and was held under by a waterfall. My mother, father and a passerby all dived in and managed to find me and bring me to the surface. I learnt to swim right after that and now I still swim several times a week and it’s an important part of my fitness. Continue reading “Life During Law: Freshfields’ London head Mark Sansom”
Broadfield of dreams: BDB Pitmans signs up for new Alvarez & Marsal legal venture
While the legal market is never short of speculation about the next potential merger, last month saw news of an eye-catching deal bringing two parties from very different markets together with a fresh approach. Continue reading “Broadfield of dreams: BDB Pitmans signs up for new Alvarez & Marsal legal venture”
Financial results 2023-24: early figures point to rosier picture for LB100 leaders
With results continuing to stream in, the initial picture is that the UK’s largest law firms are shrugging off the economic challenges of recent years.
Financial results season is once again in full swing, and the UK’s largest law firms have plenty of reasons to be cheerful, with healthy returns across the board. Continue reading “Financial results 2023-24: early figures point to rosier picture for LB100 leaders”
Private equity, public competition – how US firms reshaped the UK PE hierarchy
Fifteen years of Legal 500 data offers big-picture view of Stateside elite’s relentless advance into London private equity arena
Of all the London legal markets to have been upended by competition from across the pond, private equity offers perhaps the strongest evidence of how US firms have made their mark in the City. Continue reading “Private equity, public competition – how US firms reshaped the UK PE hierarchy”
Elite: The rise of the in-house lawyer in private capital
‘The industry has changed massively. When we started, we were working with single product mid-cap PE shops, and these have now developed into mega solo funds, handling tens of billions of dollars. We’re now working with listed clients and multi-product funds that not only have a PE business, but a credit and an infrastructure business,’ says Kirkland & Ellis London private equity partner David Higgins, on the huge changes in the private capital market.
As single strategy private equity funds have morphed into huge multi-asset private capital firms and alternative asset managers over the last 10-15 years, the role of the lawyers working with them has also changed beyond recognition. Continue reading “Elite: The rise of the in-house lawyer in private capital”
‘I’ve called firms and asked why someone isn’t a partner yet’ – the female GCs shaking up PE
‘No-one should be under any illusion that the hours are fewer, or the work less demanding. You don’t have the luxury of working on just one thing; you’re juggling multiple deals, multiple fund formations and perhaps litigation,’ says Carlyle partner, chief risk officer, head of EMEA and global general counsel (GC) for Investments Heather Mitchell of the reality of succeeding in the notoriously tough, deal-driven world of private capital.
If anyone should know about juggling, it’s Mitchell, who currently holds not just one role at the $425bn AUM organisation but three – splitting her time between global GC and chief risk officer for the investment business, as well as overall head of Carlyle EMEA. Continue reading “‘I’ve called firms and asked why someone isn’t a partner yet’ – the female GCs shaking up PE”
The Private Equity Elite
The Private Equity Elite: the top general counsel in PE
What does it take to run the legal team in one of the most profitable deal shops in the world? After months of discussions with private equity and leveraged finance partners at the leading law firms in London as well as a host of in-house lawyers, Legal Business has come up with the definitive list of the top London-based private equity GCs, with 24 making the grade.
Continue reading “The Private Equity Elite: the top general counsel in PE”
Rising to the challenge – tough market rewards for firms with clearest focus
‘Challenging market conditions’ – a quick search of the LB news archives finds that phrase, or some variation of it, coming up time and time again over the years.
But while the legal industry has faced many challenges since the turn of the century, from the global financial crisis to Brexit, Covid and beyond, the good times have, in the main, outweighed the bad, with resourceful firms turning adversity into opportunity. Continue reading “Rising to the challenge – tough market rewards for firms with clearest focus”
The Last Word: Private eyes
‘I’d rather have a say; I don’t want that late call on a Friday night when something has happened – I want to be in the room.’ Heather Mitchell, Carlyle
As part of our Private Equity Elite, top lawyers share their thoughts on the PE market
High achievers – private equity is changing; meet the elite GCs at the vanguard of the transformation
From dating apps to entertainment venues, airports to music collections, there’s almost no industry left untouched by the multitrillion-dollar private equity market.
And, with these secretive organisations continuing to diversify their business into new asset classes such as infrastructure and credit, it’s an industry that is not only still changing but also still growing. Continue reading “High achievers – private equity is changing; meet the elite GCs at the vanguard of the transformation”
‘A PE firm is one of the most interesting places for an in-house lawyer’ – Cinven GC Babett Carrier
Babett Carrier – General counsel, Cinven
Shearman & Sterling, 1996-2012
Arma Partners, 2013-14
Cinven, 2015-present
I come from a family of lawyers. My father was a lawyer, my uncle was a judge, so there was maybe some bias. What I like about the law is that it is very analytical and it rewards logic. You are trained to analyse any issues in a systematic way. Continue reading “‘A PE firm is one of the most interesting places for an in-house lawyer’ – Cinven GC Babett Carrier”
‘Private capital is a super creative industry’ – KKR Europe GC Susanna Berger
Susanna Berger – Managing director, general counsel for Europe, KKR & Co
Year of qualification: 2002
University of Chicago Law School, 1997-98
Simpson Thacher & Bartlett, 2000-06
Avenue Capital Management, 2006-08
Gibson, Dunn & Crutcher, 2008
KKR & Co, 2009-present
I joined KKR 15 years ago. At that point the team consisted of about 40 people focused purely on private equity. Fast forward and there’s been a huge shift – today we are an alternative asset manager; we cover multiple asset classes including infrastructure, real estate and credit. Continue reading “‘Private capital is a super creative industry’ – KKR Europe GC Susanna Berger”
‘My time on non-legal is the same as my time on legal’ – Bridgepoint GC Rachel Thompson
Rachel Thompson – Partner and group general counsel, Bridgepoint
Year of qualification: 2007
Clifford Chance, 2005-09
Bridgepoint, 2010-present
It was never really a conscious decision to go in-house; I came on secondment from Clifford Chance two years after qualification, when Bridgepoint had just hired [former Travers Smith private equity head] Charlie Barter as its first GC. It was right back at the start of PE houses getting more sophisticated in terms of their in-house legal functions. Continue reading “‘My time on non-legal is the same as my time on legal’ – Bridgepoint GC Rachel Thompson”
‘Working in private markets keeps you on your toes’ – Ontario Teachers’ Pension Plan’s Melanie Sanchez
Melanie Sanchez – Global general counsel, investments, Ontario Teachers’ Pension Plan
Clayton Utz, 2005-06
Blake, Cassels & Graydon, 2006-14
Ontario Teachers’ Pension Plan, 2014-present
I ended up working on private equity deals not by design, but rather by chance. I started out my career in Australia as a financing lawyer and when I moved to Canada I transitioned to general corporate work. Over time my practice evolved to support primarily US private equity clients investing into the mid-market in Canada. Since moving in-house I have had the opportunity to support our Ontario Teachers’ private equity team globally, as well as our other asset classes. Continue reading “‘Working in private markets keeps you on your toes’ – Ontario Teachers’ Pension Plan’s Melanie Sanchez”
‘If you like a fast pace, private equity will deliver’ – CPP Investments Europe legal chief Leigh Partridge
Leigh Partridge – Managing director, head of legal (Europe), CPP Investments
Year of qualification: 2008
Freshfields Bruckhaus Deringer, 2006-17
CPP Investments | Investissements RPC, 2017-present
I love the diversity of deals that come across my desk as a PE lawyer. The opportunity to learn about different sectors and businesses while still building deep relationships with colleagues. I am also one of those lawyers who likes the adrenaline rush of getting a deal over the line, and PE ticks that box. Continue reading “‘If you like a fast pace, private equity will deliver’ – CPP Investments Europe legal chief Leigh Partridge”