US firm White & Case has landed a 10-partner project finance team from Herbert Smith Freehills (HSF), led by the firm’s Asia head of finance Brendan Quinn, in one of the largest legal moves ever in the Asian market. Continue reading “White & Case pulls off £20m team hire with HSF Asia project finance group”
Case study: Freshfields Bruckhaus Deringer
By some margin the strongest-performing Magic Circle firm for the 2015/16 year, Freshfields Bruckhaus Deringer posted 7% revenue growth from £1.245bn to £1.327bn and an 8% profit per equity partner (PEP) hike to £1.47m from £1.37m.
This performance is particularly impressive after a year of investment. The firm pushed hard on the development of its legal services hub in 2015, gaining the lease to its Manchester office in July last year. Rapidly scaled up, Freshfields’ Manchester staff will move into new premises double the size of the current office from early 2017, accommodating legal services staff as well as human resources, IT, marketing and business development, office management, document specialists and change management. Plans are already underway to open a second legal services hub in either the US or Canada to offer a 24-hour service to clients. Continue reading “Case study: Freshfields Bruckhaus Deringer”
Case study: Berwin Leighton Paisner
Had merger talks earlier this year with Miami-based Global 100 firm, Greenberg Traurig, been successful, Berwin Leighton Paisner (BLP) would now be part of a £1.1bn firm and a £5m fall in revenue would look like a drop in the ocean. As it is, BLP’s strategy is under scrutiny again with its recent revival looking short-lived.
Revenue fell 2% at BLP in 2015/16 to £254m, while profit per equity partner (PEP) was more positive with 4% growth to £687,000. This is in sharp contrast to the rapid growth of the previous financial year, when revenue rose 5% to hit a record £259m and PEP surged 22% to £661,000. Continue reading “Case study: Berwin Leighton Paisner”
Case study: Mishcon de Reya
The standout performer from this year’s second 25 is once again Mishcon de Reya which, along with Macfarlanes, has been the pace setter in this peer group over the last five years. The firm has come a long way since it first made its debut into the top 50 four years ago in 2012. Over five years, revenue has climbed more than 100% from £65m.
Mishcon revealed robust profits for the 2015/16 financial year, with profit per equity partner (PEP) up 11% to £1m as global revenue grew to £132.7m from £116.7m, an increase of 14%. The firm did, however, this year downsize its Manhattan practice to focus on IP. As such, New York revenue came in at £4.8m, a considerable drop given the business in recent years generated upwards of £13m.
Case study: TLT
‘We want to be a top 50 law firm. We have the trappings, but we’re not quite there yet.’ So said TLT managing partner David Pester to Legal Business three years ago. This year that ambition has been realised, with the Bristol-based law firm entering the top 50 for the first time.
TLT continued its strong growth trajectory in 2015/16, posting a 15% increase in turnover to £71.6m while profit per equity partner (PEP) was up 10% to £253,000. Overall, the firm has grown in turnover 65% from £43.3m over the last five years, particularly impressive considering the firm’s place in the squeezed national mid-market.
Case study: Bond Dickinson
National player Bond Dickinson had a disappointing year financially, with turnover down 3% to £104m, while profit per equity partner (PEP) has also dropped 3% to £275,000, a stark contrast to the firm’s performance in last year’s Legal Business 100, where PEP soared 26% to £284,000 and turnover climbed 8% to £107m. Blaming the results on a harder mid-market and significant IT investment, managing partner Jonathan Blair says that despite the tougher conditions, real estate, private client and transport all performed particularly well.
‘Real estate was strong for us – on the operational property side, on the investor side, on the house building side,’ he says. ‘Private wealth has always been an area for us that has been very reliable. It seems to be able to withstand the vagaries you get in litigation, which tends to be counter cyclical, or M&A activity or any transactional activity. Private wealth is always pretty strong – we have grown that and worked hard on it.’
Going long: a ten-year view of the LB100
While headline figures for revenue, profit and headcount in this year’s LB100 confirm another year of subdued trading, a look at how the top 100 UK-based firms by revenue have performed overall since the halcyon, pre-credit crisis days of 2006 makes interesting viewing. Not least as they are testament to the inherent strength of the industry, despite the hurdles it has seemingly faced in ten years. We also look at 2011 as a five-year mid-point, the stage when the global financial crisis had started to ebb. Continue reading “Going long: a ten-year view of the LB100”
Redundancy update: DLA to cut 180 jobs in UK as consultation closes
DLA Piper is to cut 180 business support roles in the UK, following a consultation that was launched in May this year to move those roles to a Warsaw hub. Continue reading “Redundancy update: DLA to cut 180 jobs in UK as consultation closes”
SABMiller legal team faces autumn redundancies as £79bn AB InBev deal closes
As brewing giant SABMiller’s global general counsel (GC) John Davidson prepares to stand down in 2017, up to 35 staff in the UK-based legal team are to be made redundant.
Continue reading “SABMiller legal team faces autumn redundancies as £79bn AB InBev deal closes”
The eagle strikes: Cadwalader taps Bird & Bird for disputes head Baker
New York-headquartered Cadwalader, Wickersham & Taft has hired Bird & Bird dispute resolution co-head Steven Baker to its London office.
Continue reading “The eagle strikes: Cadwalader taps Bird & Bird for disputes head Baker”
Freshfields acts for Apple as tech giant looks to appeal €13bn EU tax ruling
Apple has turned to Freshfields Bruckhaus Deringer as it looks to appeal the European Commission’s ruling it must pay €13bn in back taxes to Ireland.
Continue reading “Freshfields acts for Apple as tech giant looks to appeal €13bn EU tax ruling”
Dentons European partners to stump up €7m for capital injection
The European arm of Dentons has made a capital call to raise an additional €6m to €7m in a move European chief executive Tomasz Dabrowski calls ‘good financial prudence’.
Continue reading “Dentons European partners to stump up €7m for capital injection”
‘Huge opportunities’: CMS launches in Hong Kong in Asia arbitration play
International law firm grouping CMS has today (1 September) opened in Hong Kong through its German arm CMS Hasche Sigle, strengthening its presence in Asia to three offices.
Continue reading “‘Huge opportunities’: CMS launches in Hong Kong in Asia arbitration play”
Tamara Box takes the reins of Reed Smith’s European practice in management restructure
Reed Smith has carved up Roger Parker’s role as managing partner for Europe, the Middle East and Asia, with London finance star Tamara Box stepping up to become managing partner for Europe and the Middle East.
The changing talent economy in sub-saharan Africa
Since the turn of the millennium, Africa has been a hotbed for foreign investment activity. As China’s ‘Go Out’ investment policy hit full stride and western investors sought new, potential high-return ventures in which to place their capital, the prominence of Africa as an investment destination has burgeoned.
Continue reading “The changing talent economy in sub-saharan Africa”
Zurich trailblazers
GC Magazine was excited to host the second in its cutting-edge events series, Trailblazers, in Zurich on 8 June 2016. Once again, we were working with Tom Sager, the innovative former general counsel of DuPont.
Act like a leader, think like a leader
So you keep hearing from people like us that you need to function more like a leader in your legal role. The problem is, you’re too busy dealing with all the other requirements that your role keeps throwing at you, to even get a moment to think about how to develop like a leader. Continue reading “Act like a leader, think like a leader”
In-house life: James Ratcliffe, art loss register
James Ratcliffe has a curious job – one in which art, argument and puzzle-solving come together across global jurisdictions to meet at the crux of the international luxury art market. Ratcliffe, who has a background in archaeology and commercial litigation, is general counsel and director of recovery at the Art Loss Register (ALR), a London-based private company that holds the world’s largest private database of lost and stolen art. Mired in criminality, old money, loss and recovery, this is a job made for the movies. Continue reading “In-house life: James Ratcliffe, art loss register”
GC Powerlist: Italy
Since the advent of the global financial crisis back in 2008, the emphasis in Europe has been on repairing those economies worst hit. During this period, some states have felt the impact of the economic crisis worse than others and the priority for those has been initiating reforms designed to stimulate their domestic economies, while putting the single market back on the path to prosperity.
Tracking change for in-house legal departments
‘Corporate law departments are under enormous pressure to change. The business has higher expectations than it once did, and law departments must manage more and riskier legal and compliance work,’ explains Jason Heinrich, partner at Bain & Company’s Chicago office and a leader in both performance improvement and legal and compliance operations.
Continue reading “Tracking change for in-house legal departments”