More than 10,000 civilians have been killed in Ukraine since Russia first invaded in February 2022 according to the UN. And, as highlighted by this week’s airstrike on Kyiv, in which more than 40 people lost their lives, the war is far from over.
But despite the ongoing conflict, law firms in the country remain very much open to business. Continue reading “Working in a warzone”
Legacy Allen & Overy saw revenue nudge up 3.4% in the last financial year before its transatlantic merger, against a surge in profits that took average PEP to £2.2m.
Linklaters has become the first magic circle firm to announce its 2023-24 financial results, breaking through the £2bn mark for the first time after a double digit increase in revenue.
Jonathan Bower, partner, planning and infrastructure team leader and partner lead for net zero by 2030 strategy at Womble Bond Dickinson, sets out the case for a clear ESG vision with a focus on inspiring behavioural change
Historical events have often led to transformative changes. The Industrial Revolution was one such moment and, today, we’re on the brink of another significant shift – an environmental, social and governance revolution. Although centuries apart, there are clear parallels between the two, not least the considerable cultural and social change needed to create a revolution. Continue reading “ESG: Evolution or revolution?”
A trio of Pinsent Masons international arbitration partners are set to leave the firm for Greenberg Traurig, Legal Business can reveal.
Continue reading “Greenberg makes triple Pinsents partner hire in international arbitration push”
On the eve of a general election that looks set to promise a wipeout for the Conservative Party and the first Labour government in 14 years, LB checked in with a range of City partners across a variety of practice area to gauge the temperature of the UK legal industry, find out what they think will change, what won’t, and what to watch out for.
HFW has posted double-digit growth to break through the £250m revenue mark for the first time, with all key metrics rising as the firm sticks to its sector-focused strategy.
A&O Shearman banking heavyweight Philip Bowden, the former co-head of legacy A&O’s global banking practice, has left the newly merged firm to join Proskauer as part of a four-partner raid by the US firm.
As UK financial reporting season kicks off, Osborne Clarke (OC) has today (2 July) posted a robust 19% revenue boost, passing the firm’s target of €500m to reach €525m.
The increase in international revenues – up from €442m last year – comes after the firm last September launched its third US office in Miami, marking its 26th international location.
Meanwhile, UK revenues jumped 11% from £217.3m to £240.5m, while net profit of £84.8m marks a 14% increase on last years’ £74.7m figure. Profit per equity partner (PEP) saw a parallel 11% increase, climbing from £687,000 to £771,000.
This revenue growth surpasses last year’s performance when the firm navigated weaker global economic conditions and a stagnant deals market to achieve a 9% increase in both international and UK revenues. However, the current PEP still falls short of the 2021-22 figure of £796,000.
Speaking with Legal Business, UK managing partner Conrad Davies expressed satisfaction with the strong results. ‘Given the market conditions we’ve experienced over the past 12 months, I believe we have maximised our top line and overall business performance,’ adding that the 2021-22 results should be viewed as ‘exceptional’ due to post-Covid market conditions.
Reflecting on this year’s growth, international chief executive Omar Al-Nuaimi (pictured) said: ‘We’re really pleased with the outcome; it’s been great across the board. A feature of the previous year was a flat transactional market. However, the past 12 months have been more consistent for us on the transactional side. Coupled with strong growth in advisory areas like ESG and energy, it’s meant that all parts of the business are firing at the same time.’
Davies added: ‘The service line growth in the UK mirrors our international performance. We observed modest growth in transactions compared to the previous year, which was relatively flat, but saw double-digit growth across all other practice groups.’
OC’s priority UK sectors – life sciences & healthcare, retail and consumer, and mobility and infrastructure – saw growth rates of 60%, 33%, and 26% respectively, while energy & utilities grew by 15%.
‘We have focused on areas with potential for profitable growth, investing in and concentrating our efforts on these sectors, which has paid off this year,’ Davies explained.
The year also saw a record promotion round, with 11 partners made up in May, complemented by the addition of 13 partner hires over the year. Notable laterals included Charles Russell Speechlys construction disputes partner Rupa Lakha and Stephenson Harwood restructuring specialist Nick Axup.
‘We’ve been identifying areas where we need to promote internal partners or bring in lateral hires to ensure we fill all gaps in our network,’ Al-Nuaimi noted.
In recognition of the firm’s strong performance, all UK staff this June received a 5% profit share bonus based on annual salaries. Additionally, August will mark the launch of a long-term incentive plan, with the firm set to reward high performers with bonuses of up to 40%, paid over three years.
‘This is the largest distribution we’ve provided to our people to date,’ Conrad commented. ‘Our philosophy is that when we succeed as a business and enhance profitability, we must reinvest in the business, while also rewarding our people.’
Looking ahead, after achieving the firm’s €500m target a year ahead of schedule, Al-Nuaimi characterised 2024-25 as a ‘free hit’, without specific new targets.
‘While I would be surprised if we achieve the same level of growth as last year, which was exceptional, we remain ambitious. The transactional market, in particular, feels very healthy compared to the past two years, and there are promising signs across all levels. I would be disappointed if this isn’t another successful year,’ he explained.
The legal landscape for general counsel (GCs) in the United Kingdom is undergoing significant challenges and transformations in 2024. A comprehensive survey conducted by Wakefield Research and commissioned by Axiom provides crucial insights into the current state of in-house legal departments, shedding light on budget constraints, talent management issues, and the quest for innovative solutions.
Continue reading “The state of UK general counsel in 2024: Key insights and challenges”
Gen Z – including its lawyers – are often characterised as being overly concerned about the social and political issues that come under the ESG umbrella. It’s an issue that was discussed at Legal Business’s April Enterprise GC event in a panel called: ‘The ideal employer for an idealistic lawyer’, during which one audience member dismissed concerns in the somewhat facetious terms: ‘Everybody’s gone woke!’
The truth is – as always – more nuanced. While Gen Z lawyers do care about ESG issues, this does not mean there is a cultural clash between the generations, even if they are more vocal about their expectations than older generations may have been. Continue reading “What Gen Z lawyers really want from their careers”
‘In the old days, it was about having a nice brochure with some green pictures, but then getting on with the serious matter of running our business. We’ve moved way beyond that now – it’s a business fundamental now.’
Norton Rose Fulbright head of environment, health and safety, Europe, Middle East and Asia, Caroline May neatly sums up the transformative shift in attitudes in recent years, with law firms now more attuned than ever to the importance of ESG, both in their capacity as commercial advisers and in terms of their reputation as progressive employers. Continue reading “Beyond ‘nice to have’ – ESG goes business fundamental”
‘I don’t believe there is such a thing as an ESG lawyer’ – the words of one environmental, social and governance (ESG) practice head in an interview for this month’s lead feature aptly sums up one of the key challenges for firms trying to establish themselves at the top of this much-hyped market.
That individual is not alone in this view; it has also been a repeated refrain in the research interviews for the Legal 500’s first UK ESG rankings, which will be published later this year. And it’s not a stretch to see why this opinion persists, given the myriad practice areas that fall under the ESG umbrella – from greenwashing disputes to sustainable finance, and regulatory matters to ESG transactions; not to mention the traditional environment and governance work that make up two letters of the acronym. Continue reading “Making an ESG lawyer – law firms search for the magic formula”
‘Flexible working is something I hope to see the legal profession increasingly support. I’m a single parent of two five-year-old girls. I couldn’t do this job unless I was more often than not taking them to school.’ Lisa O’Neill, Milbank
As part of our annual ESG report, management at top law firms give their views on ESG’s importance to both lawyers and clients
Associate pay reaches eye-watering heights as the war for talent at the top of the market goes further into the salary stratosphere
With all eyes on the upcoming election to see what a potential new government might do about the cost of living crisis, this May saw things get a little easier for the notoriously hard-done-by Magic Circle associate demographic, as their salaries reached new heights. Continue reading “The new £150k benchmark for Magic Circle associates – ‘rewarding the best’, or ‘slightly alarming’?”
On 29-30 April, more than 200 senior in-house counsel gathered at the Hilton London Wembley for the seventh annual Enterprise GC event.
The event – which was sponsored by Walker Morris, Luminance, Lex Mundi, SSQ, EY, Taylor Wessing, Trowers & Hamlins, Cilex, Flex Legal, Winston & Strawn, Thomson Reuters and LexisNexis – saw two packed days of dynamic sessions, panel discussions and networking, bringing together top in-house professionals and speakers from broader business and academic communities to discuss the evolving role of GCs. Continue reading “Enterprise winners”
‘Saudi Arabia is trying to put itself on the map and establish itself as a place where international businesses want to make significant inward investments,’ says Clyde & Co’s Susie Abdel-Nabi, of the busiest Middle Eastern legal market today.
Abdel-Nabi, who is based in Dubai, leads the international firm’s dispute resolution group across the Middle East, where she has been based since 2002. Continue reading “MENA focus: Middle Eastern dreams”
McDermott Will & Emery partner Ranajoy Basu, recently named Environmental/Sustainability: Private Practice Champion of the Year at the Legal 500 ESG Awards, discusses how he learned to leverage his structured finance expertise to support ESG causes in emerging economies
The Legal 500 United States 2024 rankings have arrived, and with it a bevy of new numbers to crunch.
Leading Individual rankings rose by 14% – an increase of 246 lawyers on last year’s rankings. More lawyers than ever are being nominated, and with the market active in many areas, attorneys have a greater body of work to put forward for consideration – with clients increasingly willing to sing their praises. Continue reading “Legal 500 US: Latham tops the charts in new US rankings”
Lebanon finds itself trapped in a profound political, economic, financial, and social crisis, the effects of which have echoed across its public services and societal fabric for half a decade. This multifaceted crisis has created a stark escalation in poverty levels, marking a troubling descent in the standard of living for almost half the population. Concurrently, the efficacy of public sector institutions has faded, with service provision faltering under the strain of fiscal constraints and administrative inefficiencies.
At the heart of this turmoil lies a relentless inflationary spiral, driving up prices and eroding the purchasing power of ordinary citizens. However, in the first quarter of 2024, inflation showed signs of slowing down while the exodus of skilled workers from the public sector, lured by more promising prospects in the private sector or abroad, continues.
The situation is further aggravated by ongoing conflicts, notably the war along Lebanon’s Southern border in conjunction with the war in Gaza. This ongoing conflict has taken a heavy toll on the country’s physical infrastructure, destroying houses, roads, and agricultural lands with extensive forest fires and the destruction of thousands of acres of farmland, and soil damage due to the use of white phosphorus bombs. Moreover, since 8 October 2024, over 90,000 people have been displaced from southern Lebanon, further exacerbating the humanitarian crisis, and highlighting the severe impact of the regional instability on civilian lives.
Lebanon hosts more than two million Syrian refugees who have fled their homes in search of safety due to the civil war, marking the highest per capita globally. This influx has placed a severe strain on Lebanon’s resources and infrastructure. Syrian refugees often work without permits, do not pay taxes, and do not pay for electricity. Even before the Syrian refugee crisis began in 2011, Lebanon faced a shortage in electricity production relative to consumption. Over the past five years, the number of refugees has increased significantly, leading to a surge in electricity consumption. This has exacerbated the strain on Lebanon’s already struggling power grid, leading to more frequent and prolonged power outages. Additionally, a large number of refugees are involved in criminal activities, and more than half lack residency status, exacerbating social tensions and straining the country’s infrastructure. The burden is particularly evident in public services. There is an overload on healthcare services, schools are operating in two shifts to accommodate the influx of refugee children, and roads and other infrastructure are under significant pressure.
Furthermore, the security services are weakened due to inadequate wages and resources, making them less effective in dealing with ordinary crime. The proportion of Syrian detainees compared to the overall prison population is higher than that of Lebanese detainees. Despite efforts by Lebanese authorities, the international response, particularly from Europe and the United States, has been inadequate, ignoring the calls for facilitating the refugees’ return to safe zones
in Syria.
‘Lebanon faces an uphill battle to salvage its economic vitality and restore normalcy for its population amid these challenges.’
Since May 2020, Lebanon has been in negotiations with the International Monetary Fund (IMF) for a rescue package that would help stop the deterioration of its macroeconomic outlook. An initial Staff Level Agreement (SLA) was signed between Lebanon and the IMF in April 2022 for a four-year extended fund facility that envisioned restructuring the financial sector, undertaking fiscal reforms, and strengthening governance. However, progress in implementing the actions mandated by the 2022 agreement has been extremely slow. In such a scenario of limited progress, the IMF has warned that continued inaction and weak willingness for reform could lead to a ‘never-ending crisis’.
The World Bank has initiated several projects to support Lebanon’s recovery. One major initiative is the US$34m Fiscal Management Project in February 2024, aimed at restoring core fiscal management functions to support revenue mobilisation and ensure the accountable use of public resources. This project focuses on stabilising revenue administration, enhancing tax compliance, and upgrading ICT systems for tax and customs functions. It also seeks to restore fiscal controls, improve budget preparation and fiscal reporting, and strengthen oversight and accountability mechanisms.
Despite the challenging environment, the Lebanese pound (LP) maintained a stability against the US dollar on the parallel FX market due to:
Lebanon faces an uphill battle to salvage its economic vitality and restore normalcy for its population amid these challenges. Continued efforts towards fiscal reforms, international support, and effective governance will be crucial for its recovery.
Law Offices of Naoum Farah as a law firm deeply invested in Lebanon’s future, we are committed to supporting legal reforms that promote transparency, accountability, and sustainable development. We believe that through strategic legal interventions and robust policy frameworks, Lebanon can overcome its current challenges and build a more stable and prosperous future.
Law Offices of Naoum Farah
Farrania Building, Said Freyha Street, Hazmieh
Po Box 16 7055
Achrafieh, 1100-2180 Beirut
Lebanon
T: 961 5 957 600
E: [email protected]
