Posted on

The arms race – City rivals ramp up AI tech for the battles ahead

After a 2016 inflection point for automation, which City players are going beyond the hype and pushing ahead in the use of AI?

It is like 1999 all over again. That year, the legal tech bubble reached bursting point as law firms fell over themselves to demonstrate their commitment to cutting-edge tech. And things started to feel familiar in 2016 as the Magic Circle took its first substantive steps into the sphere of artificial intelligence (AI). But while the investment and hype has expanded, so has the scepticism. Will this be the start of the long-anticipated automation revolution or another false dawn?

Continue reading “The arms race – City rivals ramp up AI tech for the battles ahead”

Posted on

Client profile: Alice Marsden, Thomas Cook Group

The travel group’s GC discusses why helping to save holidaymakers is more satisfying than dealmaking

Many in-house counsel will say that the attraction of the job comes from having greater influence on their business and this is also true for Alice Marsden, group general counsel (GC) of Thomas Cook Group. However, the real draw for her comes from sometimes getting to have an altogether more personal impact.

Continue reading “Client profile: Alice Marsden, Thomas Cook Group”

Posted on

Myths and monsters – how KWM got swallowed by its own culture

King & Wood Mallesons Shattered

Hearing that Legal Business was gearing up for an in-depth look at the collapse of the European arm of King & Wood Mallesons (KWM), a well-informed contact noted that this story could not be told without going back to the Stanley Berwin days. True, the old SJ Berwin had a maverick spirit that mesmerised its own partners but, having twice presided over lengthy pieces about the firm, I had no stomach to dwell once more on its legend.

Continue reading “Myths and monsters – how KWM got swallowed by its own culture”

Posted on

NRF’s New York merger – the trade-offs of federalism

Barely into 2017 and it has already been an eventful year for verein-based law firms, with King & Wood Mallesons meeting a painful end in Europe while, in happy contrast, Norton Rose Fulbright (NRF) has just secured its second substantive US merger in the shape of Chadbourne & Parke.

The deal hands NRF 300 lawyers and a major upgrade to its Manhattan practice, which it certainly wanted and needed. Given the federal structure of NRF, the deal is primarily a merger within its US business, marrying the legacy Fulbright & Jaworski to a firm with complementary strengths across energy, projects and finance, nicely combining Fulbright’s Texas heartlands with Chadbourne’s New York base.

Continue reading “NRF’s New York merger – the trade-offs of federalism”

Posted on

Hot private equity money is remaking Europe’s legal market

What are we to make of the most aggressive raid between top ten City firms since Allen & Overy helped itself to the bulk of Norton Rose’s leveraged finance team back in 2002? In some ways, news this month that Freshfields Bruckhaus Deringer is to ship in a productive five-partner buyout group from Ashurst seems even more notable.

For Freshfields, which has shied away from lateral recruitment in its European heartlands, to make such a huge commitment is striking and speaks to the doubled-down bet the Magic Circle firm has made in private equity and related finance.

Continue reading “Hot private equity money is remaking Europe’s legal market”

Posted on

The Finance View – repositioning DLA’s finance team for the firm’s global ambitions

It has already been a headline-grabbing start to the year for DLA Piper’s finance team. The firm turned heads with the decision to bring in serial entrepreneur Maurice Allen as a consultant, swiftly followed with a leadership change, as it was announced Leeds managing partner Sarah Day will head up the UK finance practice, with Martin Bartlam (pictured) promoted to international head of finance and projects.

While historically known for mid-market deal finance and classic volume work for retail banking clients, in recent years DLA has striven to push the practice up the value chain, particularly in the structured debt arena. The practice, which currently makes up 17% of UK turnover, including projects, has been a target for investment for years.

Continue reading “The Finance View – repositioning DLA’s finance team for the firm’s global ambitions”

Posted on

Deus ex machina: Linklaters signs up Lloyds and RBS to ring-fencing software as firm develops brace of AI products

Linklaters has launched a pair of artificial intelligence (AI) products in the latest innovation push for the Magic Circle firm, including a tool to navigate ring-fencing reforms for core banking clients.

Both Lloyds Banking Group and The Royal Bank of Scotland (RBS) have used the firm’s LinkRFI software, which is used to classify thousands of customer names in a fraction of the time it would take a human to complete. The classifications are needed to help ensure separation between banks’ retail and investment arms, to comply with ring-fencing reforms introduced by the Bank of England.

Continue reading “Deus ex machina: Linklaters signs up Lloyds and RBS to ring-fencing software as firm develops brace of AI products”

Posted on

New DLA finance head to push collaboration pay incentives

DLA Piper’s finance partners are being encouraged to participate in cross-office and cross-practice collaboration within a new framework called Project Connect, led by Martin Bartlam, who takes over as the firm’s international finance head on 1 May.

Collaboration, which will be measured through statistics as well as the behaviours of individual partners, will be part of the firm’s existing remuneration structure, not isolated in the sense of a bonus pot. Partners outside the finance and projects practice are not part of the programme.

Continue reading “New DLA finance head to push collaboration pay incentives”

Posted on

Burness Paull faces full trial after legacy firm conflict breach

Lawyers involved to face professional complaint

A $210m claim against Burness Paull will go to a full Scottish civil trial after Edinburgh’s Court of Session found last month that legacy firm Paull & Williamsons had acted in breach of conflict of interest rules. While the court found that the firm did not act fraudulently, the case is now likely to move to a full hearing in early 2018.

Continue reading “Burness Paull faces full trial after legacy firm conflict breach”

Posted on

US financials: Milbank leads with 11% rise in turnover as Reed Smith and Cadwalader stall

Madeleine Farman looks at the front runners and non-starters as reporting season kicks off

As the US financial reporting season begins in earnest, Milbank, Tweed, Hadley & McCloy leads the pack for turnover growth, while Reed Smith and Cadwalader, Wickersham & Taft both suffered a drop in revenues.

Continue reading “US financials: Milbank leads with 11% rise in turnover as Reed Smith and Cadwalader stall”

Posted on

Breaking the mould: Slaughters bolsters pensions practice with first-ever London lateral

HSF’s Schaffer to join Magic Circle firm later this year

After first breaking its duck three years ago in Hong Kong with the hire of Morrison & Foerster’s co-head of China capital markets John Moore, last month Slaughter and May caught the eye by making its first-ever lateral hire in London.

Continue reading “Breaking the mould: Slaughters bolsters pensions practice with first-ever London lateral”

Posted on

‘Hands on’: Professionalising support services key for Travers as Hale begins final term as senior partner

An ambition to improve business services at Travers Smith has seen senior partner Chris Hale re-elected, after completing his first term of four years.

Hale, who in 2013 amended the firm’s partnership deed to restrict his own term in the job, will retire from the senior partner post in 2019 after a further two-year stint. In the past, senior partners had a three-year term, but there was no limit to the number of terms one could complete.

Continue reading “‘Hands on’: Professionalising support services key for Travers as Hale begins final term as senior partner”

Posted on

‘Unclear how it works’: BLP launches challenge as business rates look set to top £1bn a year

Changes could mean a one-third increase for City offices

With bank debt and real estate costs two of the most common causes of law firm distress, increases in business rates were met with concern by real estate professionals and lawyers in the Square Mile last month.

Continue reading “‘Unclear how it works’: BLP launches challenge as business rates look set to top £1bn a year”

Posted on

Q&A: RPC’s new managing partner talks strategy, international expansion and tech

James Miller

With long-term managing partner Jonathan Watmough stepping down in December last year, insurance head James Miller has taken over the reins at RPC. Legal Business caught up with him to discuss the priorities for the new leader.

What is your immediate strategy for RPC?

So far it has been business as usual. I’m very lucky to come in on the back of 11.5% turnover growth over five years. Insurance has been one of our core strengths and we will continue to invest there, but my focus now is on the whole firm. Really we try to invest in people: if we felt we were under strength we would hire, but I am quite happy with our strategic balance.

Continue reading “Q&A: RPC’s new managing partner talks strategy, international expansion and tech”

Posted on

Ashurst Paris corporate team chooses Freshfields as Magic Circle firm reinvigorates offering

Madeleine Farman on a rare team move between London-based international players

In one of the most significant team hires between major City players for some time, a group of five Paris corporate partners – collectively responsible for a book of business worth £8m – is moving from Ashurst to Freshfields Bruckhaus Deringer. Continue reading “Ashurst Paris corporate team chooses Freshfields as Magic Circle firm reinvigorates offering”

Posted on

‘Sign of things to come’: Shell leads on sale of own North Sea assets

Shell’s in-house legal team recently took the lead on the sale of $3.8bn worth of its own North Sea oil and gas assets, with help from panel firm Clifford Chance (CC), as part of a debt reduction push following its takeover of BG Group.

The deal sees British investment firm Chrysaor Holdings pay an initial sum of $3bn plus an additional payment of up to $600m, subject to commodity prices, and $180m for future discoveries. A Shell spokesperson said: ‘This approach to legal delivery, with a Shell team in the lead and backed up by limited external legal support, is typical for us. It allows our in-house business lawyers to work on the most complex, high-value projects, drawing on the expertise of a wide network of internal legal experts, and delivering value to the business at competitive cost and appropriate risk profile.’

Continue reading “‘Sign of things to come’: Shell leads on sale of own North Sea assets”

Posted on

Linklaters alumni line up opposite former firm in Reckitt’s $16bn takeover of Mead Johnson

In the first transatlantic merger to make headlines so far in 2017, Kirkland & Ellis partners David Holdsworth and Paula Riedel have lined up opposite their old firm Linklaters on Reckitt Benckiser (RB)’s $16.7bn takeover of Mead Johnson & Company.

Kirkland fielded a transatlantic team to advise US-based Mead Johnson, the baby formula manufacturer, which had sales of $3.7bn in 2016. Mead and RB confirmed the deal on 10 February, which should complete in the third quarter of 2017.

Continue reading “Linklaters alumni line up opposite former firm in Reckitt’s $16bn takeover of Mead Johnson”

Posted on

East side story: NRF adds Manhattan credibility with projects-driven Chadbourne tie-up

Norton Rose Fulbright (NRF) has pulled off its second US merger, this time with New York-based Chadbourne & Parke, giving the Global 100 firm much-needed bench strength in Manhattan and project finance for what will be a $2bn-revenue firm.

The move will add considerable east coast capability to NRF, which the firm has lacked since its combination with Texas firm Fulbright & Jaworski in 2013, and is due to go live in the second quarter of 2017. The majority of Chadbourne lawyers will join NRF’s US business, while London partners are expected to join the Norton Rose Fulbright LLP within the Swiss Verein, which comprises the legacy Norton Rose business.

Continue reading “East side story: NRF adds Manhattan credibility with projects-driven Chadbourne tie-up”

Posted on

Clyde & Co continues rapid US expansion after opening Washington and Chicago offices

Office launches follow team hire from Troutman earlier this year

Clyde & Co continues to look for opportunities to expand in the US following the opening of new Chicago and Washington DC offices, after taking on a team of ten lawyers from Global 100 firm Troutman Sanders at the end of January.

Continue reading “Clyde & Co continues rapid US expansion after opening Washington and Chicago offices”