I haven’t the faintest idea why I became a lawyer. I’d signed up to be a management consultant after university and hated it. My brother said: ‘Why don’t you become a lawyer?’ I thought: ‘Oh, alright.’ Got as far as A in the directory and got work experience at Ashurst.
Continue reading “Life during law: Stephen Lloyd, Allen & Overy”
‘The idea that regulation is all from Brussels and the UK is deregulatory is a fantasy. That is just rubbish.’
James Palmer, Herbert Smith Freehills
In the wake of the shock 23 June referendum result on EU membership of the UK, we asked leading lawyers for their thoughts
Relationship counselling
‘The important thing we need to remember is that this vote doesn’t only change the UK’s relationship with the EU, it changes its relationship with the rest of the world as a lot of our trade deals are through the EU.
On a human level, we have a number of lawyers and business services people in the UK who will want to know what their position will be. I said: “You’re an important part of Linklaters, so don’t worry about it.”‘
Gideon Moore, managing partner, Linklaters
Cyber attacks, corporate scandals, environmental disaster… just some of the threats businesses face as they go global. Legal Business asks leading GCs how to handle – and avoid – a crisis.
‘I’ve dealt with many crises… government investigations, data privacy breaches, pollution… they’re all nauseating. Your gut churns when you get that call and know the next few weeks or even years are going to be tough.’
Bjarne Tellmann, general counsel, Pearson
‘What happened to Lehman Brothers? And to Bear Stearns? I’m not sure even the people at Lehman or Bear Stearns could tell you. The only certainty is the fourth and fifth largest investment banks in the US are no longer. And that it happened with breathtaking speed.’
Peter Beshar, general counsel, Marsh & McLennan
Continue reading “Keep calm and… The GC guide to handling a crisis”
While 2015’s Global 100 showed signs of regained momentum, the intervening year saw some contenders come to a shuddering halt. Legal Business looks at the few setting the pace and those faltering in the global race.
In the early hours of 24 June, the unthinkable happened. The UK had voted to leave the European Union by the narrowest of margins, sending stocks plummeting when the London Stock Exchange began trading. Sterling fell to its lowest level against the dollar since 1985. And while the panic had dissipated after several chaotic days, around the world shockwaves were being keenly felt.
‘The UK has embraced technology and alternative legal services faster than the US with some innovative and imaginative thinking.’
Kim Koopersmith, Akin Gump Strauss Hauer & Feld
From downturn fears to investing for the future, law firm leaders give their perspective on the challenges facing elite global firms.
Big issue
‘How the global market evolves is the million-dollar question because we have got some key things lurking in the background and also in the foreground at the minute which would change things dramatically. There is very little organic growth, so you have this continuous battle for both clients and a share of the purse with clients.’
Bryan Hughes, chief executive, Eversheds
Since merging with King & Wood Mallesons, legacy SJ Berwin has lurched from one disaster to the next. Can the firm recover?
A dire 2015 brought matters to a head at the firm now known as King & Wood Mallesons (KWM). On a wet and windy evening on 22 March, 24 partners from legacy SJ Berwin were hauled in front of global managing partner Stuart Fuller and European and Middle East senior partner Stephen Kon to be told that they were to depart.
Continue reading “Global 100: Branded – Inside the troubled takeover of SJ Berwin”
Merger talks, management reshuffles and structural changes – here is our recap of the stories that defined the global legal market during the past 12 months.
August
Despite slowdown in China’s economy, Global 100 firms’ interest in Asia shows no sign of winding down with significant moves following another active year.
China’s slowdown has been a focal point of international headlines across the past 12 months as its tumultuous 2015 spilled into 2016. For Dentons, which took on 4,000 China lawyers at the start of 2015 through its landmark combination with Dacheng Law Offices, China’s faltering couldn’t have been more ill-timed. However, Dentons’ exposure in Asia is shared by many Global 100 firms and the attitude is certainly that it is a marathon not a sprint – growth for many firms in the world’s second-largest economy and across Asia shows no signs of abating. Anyway, a slowdown in China is a relative term, with many law firms still expanding.
The firms that appear in the 2016 Global 100 are the largest 100 law firms in the world ranked by revenue.
Continue reading “Global 100 2016: Methodology and end notes”
Revenue at Linklaters has crossed £1.3bn for the first time, up 3% in 2015/16 to £1.31bn, as profits per equity partner hit a new high of £1.403m.
Results season has proved something of a mixed bag for Simmons & Simmons, with turnover up 2% in 2015/16 to hit a record £295.1m but partners suffered a sharp fall in profits as its cost base soared.
Continue reading “A mixed bag for Simmons & Simmons as firm posts record turnover but tumbling PEP”
Eversheds has reported revenue growth of 7% to £405.5m for 2015/16. The increase follows a year of flat turnover for the firm after last year it posted £380.7m in revenue, up less than 1%.
Continue reading “Eversheds records 7% revenue bump but PEP stays flat”
The Royal Bank of Scotland (RBS) has kicked off a review of its 400-strong legal team to control costs and drive efficiencies, a move that could potentially lead to staff redundancies.
Leading set Fountain Court Chambers has boosted its commercial offering and with the recruit of two silks and five junior barristers.
Continue reading “Big Bar boost: Fountain Court makes seven strong team hire, including two silks”
City firm Berwin Leighton Paisner (BLP) has become the first law firm to freeze pay for UK staff following the British referendum that saw the country vote to leave the European Union.
King & Wood Mallesons‘ (KWM) European and Middle East business is mulling a cash call months after increasing its loan facility with Barclays from £20m to £25m, as the firm strives to recover from a torrid 18 months.
Continue reading “KWM mulls cash call after increasing Barclays facility to £25m”
Bird & Bird has reported another year of solid growth, with revenue up 6% to €343.8m from €325.5m for the 2015/16 financial year.
Continue reading “Maintaining growth: Bird & Bird keeps pace with 6% revenue hike”
