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Prepare for a bumpy Brexit ride and to be ignored

For months I’ve refrained from adding to the reams of pointless Brexit commentary given that until developments develop, not much can reasonably be said. But now article 50 has been triggered, there is a little more to work with.

Actually, I could have taken a break from banging on about King & Wood Mallesons a little earlier since by January it was clear that the UK government was tilting towards a hard Brexit and the UK losing access to the single market.

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Swoop to conquer – a turbulent year for US firms in London but no retreat

Legal Business‘s 15th annual Global London survey assesses the impact of a seismic year on the City’s leading US and foreign practices

The vultures have been circling. Partner hires hit new heights among the 50 firms that comprise our Global London table this year, but overall the City’s US shops have remained steady after a period that saw the UK economy rocked by last year’s Brexit vote and the legal market witness its largest European firm collapse.

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Life during law: Ray Berg, Osborne Clarke

My dad was a cab driver and my mum a factory worker. She was also a photographer’s assistant and met my dad at a wedding. After that she vowed to never drink again because she met my dad.

I went to a local state school in Wembley. I got into Oxford. There weren’t many people who went to university from that school. It was a very varied background; English wasn’t the first language for probably half of the kids at home. But it was a good school and I had teachers that cared.

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Global London: Has the City reached the end of its curious post-Lehman boom?

Will this year’s Global London report chronicle the high watermark for the Square Mile as a global hub for foreign law firms? The possibility has to be considered with the article 50 notice about to be delivered as I type these words, representing the biggest threat to London’s position since the 1990s’ run-up to the launch of the euro.

As it stands, foreign advisers continued to aggressively invest in London through 2016. The number of London-based lawyers employed at the 50 largest foreign firms, now numbers 6,033, an increase of 22% over the last two years despite a generally subdued UK legal services market. The elimination of King & Wood Mallesons (KWM) from our tables this year understates the growth through the last 12 months but in underlying terms, headcount probably grew at least 4% even allowing for the re-allocation of legacy SJ Berwin lawyers to US rivals. Given the KWM implosion, it was unsurprisingly a record year for partner recruitment, with nearly 200 laterals within the group. The overall pace of growth, however, slowed somewhat on 2015.

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Freshfields gives power to associates to pitch for fintech clients

While other Legal Business 100 firms such as Slaughter and May and Simmons & Simmons are giving free legal advice to win over fintech clients, Freshfields Bruckhaus Deringer associates have been given the opportunity to pitch and win client relationships as part of a growing bid to win new clients in this area.

Around 25 associates across Freshfields are part of the initiative, which began when a client invited associate Adam Ryan to pitch alongside another associate, Claire Harrop. The pair now lead the fintech associate initiative.

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City elite dominates again as Deutsche Bank nears conclusion of panel review

Panel firms resist attempts to remove junior lawyer fees from pricing

While more than a dozen firms – including the entire Magic Circle – have made it onto Deutsche Bank’s latest global legal panel, an attempt by the bank to remove fees for junior lawyers has proved controversial.

The review process, which is understood to be mostly complete, stemmed from a request for proposal sent out to help Deutsche analyse its current policies and processes for external legal counsel. The process, dubbed ‘Project Eagle’, was led by global chief operating officer of legal and compliance Rose Battaglia, with appointments expected to last two years.

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Consolidation continues as Browne Jacobson targets top 50 through Beale & Co talks

Midlands-based Browne Jacobson is in late-stage merger talks with London-based construction and insurance specialist Beale & Co to create a firm with eight offices and a turnover of £82m – putting the combined firm in the top 50 of the Legal Business 100.

In a joint statement, Iain Blatherwick, managing partner at Browne Jacobson, and Antony Smith, senior partner at Beale, said the combination, which would have over 1,000 staff and 137 partners, could offer clear strategic benefits.

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‘Reputation is catching up with reality’: White & Case and Bakers enjoy City revenues gains as rivals stall

London turnover down at Akin Gump, Debevoise and Reed Smith

The London outposts of leading international firms reported mixed results for 2016, with White & Case and Baker McKenzie reporting income growth while Reed Smith and Debevoise & Plimpton both struggled.

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Focus on quality and cost in government panel review sees Magic Circle take reduced roles

Roster reduced from 48 to 18 firms following Crown Commercial Services review

Eighteen firms have been appointed to the Crown Commercial Service (CCS)’s general legal advice panel in a two-year, £400m contract. The process, which splits firms between two tiers, had a significant focus on both cost and quality.

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‘We won’t stop’: A&O management team on building out in the US and breaking lockstep

Allen & Overy (A&O)’s management is bullish about the Magic Circle firm’s US expansion plans, having broken lockstep twice in 12 months to bring in two finance teams from major US firms.

In February it emerged A&O used its bonus pool to hire a three-partner Paul Hastings team. The US firm’s leveraged finance head Bill Schwitter joined A&O’s New York office as the firm’s global co-head of high-yield alongside partner Michael Chernick and capital markets partner Jeffrey Pellegrino.

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‘An industry-wide issue’: City reacts as Australian judge rules HSF partners can join White & Case

Leavers’ provisions in war for talent come under scrutiny

While the first round of a case that saw Herbert Smith Freehills (HSF) pursue an action against eight partners who quit to join White & Case in Australia has concluded, the dispute has highlighted the ongoing war over talent between UK firms and their US rivals.

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Freshfields wins mandate on Standard Life/Aberdeen Asset Management £11bn merger

Magic Circle firm acts alongside Slaughters and Maclays

With the asset management market tipped for further consolidation, Freshfields Bruckhaus Deringer scored a role alongside Slaughter and May and Maclay Murray & Spens on Standard Life and Aberdeen Asset Management’s £11bn merger in March.

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Magic Circle duo land £2.2bn energy deal as antitrust concerns surface

Linklaters and Slaughter and May have taken lead roles as UK energy services giant Wood Group is to acquire its struggling rival Amec Foster Wheeler for £2.2bn amid market competition concerns.

The deal was announced in March and is expected to close in the second half of 2017. Under the terms, Scottish company Wood Group is offering £5.64 per Amec share, for 56% ownership of the combined group.

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Going Dutch: Dentons sets out new European integration strategy after Boekel merger

Dentons is set to combine with Dutch firm Boekel, completing its third phase of European expansion, which has seen the global giant launch in Italy and Luxembourg.

The deal gives the firm a new Amsterdam office that expands its European presence to 26 offices in 18 countries. Boekel adds 70 lawyers to the global firm and 16 partners, with a focus on real estate, corporate and litigation.

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Going Dutch: Dentons sets out new European integration strategy after Boekel merger

Dentons is set to combine with Dutch firm Boekel, completing its third phase of European expansion, which has seen the global giant launch in Italy and Luxembourg.

The deal gives the firm a new Amsterdam office that expands its European presence to 26 offices in 18 countries. Boekel adds 70 lawyers to the global firm and 16 partners, with a focus on real estate, corporate and litigation.

Continue reading “Going Dutch: Dentons sets out new European integration strategy after Boekel merger”