Protesters gathered outside the headquarters of City firm Mishcon de Reya today (7 July) in response to the firm’s plans to launch a legal action over the triggering of article 50 and the process of Brexit. However the City firm has also received over 1,500 emails of support of the action since the news emerged.
Freshfields rides out choppy deal market to outpace CC and A&O with £82m revenue hike
Freshfields Bruckhaus Deringer posted a revenue increase of 7% to £1.327bn for the 2015/16 financial year, clawing back from last year’s flat results when revenues rose just 1% to £1.245bn. The increase puts the firm well ahead of Magic Circle peers Clifford Chance (CC) and Allen & Overy (A&O), which posted revenue increases of 3% and 2.3% respectively.
In reverse: BLP the latest UK firm to report falling revenue as turnover drops 2% to £254m
After something of a revival in 2014/15, Berwin Leighton Paisner (BLP) went into reverse last year as revenue dropped 2% to £254m.
Comment: The lexicon of inefficiency – in-house counsel’s artisan improvisation is out of date
It is not easy to be an in-house lawyer. Thank goodness, however, because if it was why on earth would any business want to employ a lawyer? In fact, why would any lawyer go to the trouble of that expensive and gruelling training and working hours that risk burnout; then, just when they reach the point they can capitalise on their powers, decide to hop into a featherbed of routine, low-risk work that is more ‘admin’ than law?
‘Do we believe in Africa?’
As we reported in our dispute resolution Insight ‘Clause and effect’ last year, Africa has become a disputes hotspot. With a fall in commodities prices leading to abandoned projects, disputes work is becoming even more plentiful.
Discussing dispute resolution in a developing continent comprising 54 disparate jurisdictions can lead to huge generalisations, but when it comes to arbitration there seems to be a case for a pan-African focus. The UNCITRAL Model Law on International Commercial Arbitration has been implemented in a number of African countries, while the Organisation for the Harmonization of Business Law in Africa (OHADA) – covering 17 states in west and central Africa – has created a legal community with unified arbitration legislation and a common arbitration court. There has also been a proliferation of arbitration institutions throughout Africa. However, many of these institutions remain untested and do not have the support of the court system. Continue reading “‘Do we believe in Africa?’”
‘Far from satisfactory’: Chilcot highly critical of Lord Goldsmith over Iraq War
Lord Peter Goldsmith, the UK attorney general at the time of the Iraq war, has been heavily criticised in the Chilcot report. The report, which cost £10m and is more than 2.6 million words long, was released today following a seven-year inquiry into the decision making that led to the 2003 invasion of Iraq.
Continue reading “‘Far from satisfactory’: Chilcot highly critical of Lord Goldsmith over Iraq War”
Financials 2015/16: DAC Beachcroft posts 9% profit boost despite subdued turnover
As the firm continues gradual growth, DAC Beachcroft increased turnover to £202m, a 2% increase on last year’s £200m. Profit before tax was up £3m to £35m, a 9% rise on last year’s figures, with profit before tax per member rising 21% to £358,000.
Continue reading “Financials 2015/16: DAC Beachcroft posts 9% profit boost despite subdued turnover”
‘Obviously some headwinds’: Clifford Chance revenue up 3% while PEP leaps by 10%
Clifford Chance (CC) has become the second Magic Circle firm to announce its financial results for the 2015/16 year, with revenues up 3% to £1.39bn while profit per equity partner has leapt by 10% to £1.23m, the firm’s highest to date.
Continue reading “‘Obviously some headwinds’: Clifford Chance revenue up 3% while PEP leaps by 10%”
‘Building our business’: Turnover growth stalls at Shoosmiths with 4% revenue rise
Shoosmiths has seen revenue rise 4% for 2015/16 to £107m, down on the firm’s double digit growth last year of 10%. In 2014/15, the firm saw turnover recover to near pre-2008 levels, reaching £102.7m. The latest results see the firm beat its 2007/8 record for the first time, when the revenues reached £103.4m.
US firms take roles as Melrose becomes first post-Brexit acquirer with $2.81bn Nortek purchase
In a post-Brexit referendum takeover which has seen turnaround group Melrose’s shares soar, Simpson Thacher & Bartlett and Weil, Gotshal & Manges have secured advisory roles as Melrose purchases US ventilation manufacturer Nortek in a deal worth $2.81bn.
‘Not where I’d like them to be’: Ashurst disappoints again with 10% revenue tumble
Ashurst has posted its second year of falling revenues following its merger with Blake Dawson in 2013 with turnover dipping by £28m, bringing the firm’s revenues down 10% to £505m.
HSF delivers best post-merger revenue performance yet with revenues up 7% to £870m
Herbert Smith Freehills (HSF) has put in its strongest financial performance since its creation in 2012 through the merger of the UK’s Herbert Smith and Australia’s Freehills, with revenue up 7% in 2015/16 to £870m.
Clifford Chance latest to partner with tech firm Kira as major players make AI push
Clifford Chance (CC) has become the latest firm to increase its investment in technology initiatives, announcing this morning (5 July) that it has entered into partnership with artificial intelligence (AI) provider, Kira Systems.
OneSavings Bank takes Santander’s Elphick for GC role
Former Santander head of banking legal Jason Elphick has joined OneSavings Bank as group general counsel and company secretary.
Continue reading “OneSavings Bank takes Santander’s Elphick for GC role”
Another one bites the dust: KWM’s former European head of finance leaves for Cadwalader
The partner exits at King & Wood Mallesons‘ (KWM) City office keep coming, with former Europe head of finance, Jeremy Cross, set to join Cadwalader, Wickersham & Taft.
Comment: GCs are just like private practice, so ‘Trust the lawyers’ won’t cut it for them either
Are you a Capitulator? A Coaster? A Champion? Comfortably Numb perhaps? To an in-house profession used to having its qualities of leadership and innovation praised to the hilt, the recently-produced report on ethical standards among general counsel from UCL’s Centre for Ethics and Law is an awkward read. Continue reading “Comment: GCs are just like private practice, so ‘Trust the lawyers’ won’t cut it for them either”
Eastern Mediterranean expansion: Interlaw adds Rokas and Tohme to global network
Interlaw has expanded its global referral network by adding two new member firms from the eastern Mediterranean.
Continue reading “Eastern Mediterranean expansion: Interlaw adds Rokas and Tohme to global network”
IP UK
Brexit and the outlook for sports law
Sport is a multibillion-dollar global industry on a permanent growth trend. Football, that opiate of the masses, is the fastest growing sector of all. The European football market, says Deloitte, will exceed €25bn by 2017. While we may gasp at FC Barcelona’s record-breaking £120m-a-year deal with Nike, and at the fact that Sky and BT paid £5.1bn for three seasons’ worth of TV rights for the beautiful game, we know next year there will be another, bigger deal and more companies vying for opportunities to promote themselves across the world. For every sport there is a new record to be broken both on and off the field.
The future for Scottish firms
Brodies’ Bill Drummond on the way ahead for the firm
At this time of year, along with most managing partners, my focus is on financial matters. Our results are pleasing of course, reflecting the hard work of my partners and other colleagues, and the support of our expanding list of clients. However, profitability only tells part of the story and, as far as Brodies is concerned, is simply surface evidence of that hard work for clients.
Quinn acts on biggest UK lawsuit ever as MasterCard hit by £19bn claim
MasterCard has become the first big victim of new UK laws allowing US-style class actions, with litigation powerhouse Quinn Emanuel Urquhart & Sullivan bringing a £19bn claim against the financial services giant on behalf of British debit and credit card users hit with ‘illegal’ charges.
Continue reading “Quinn acts on biggest UK lawsuit ever as MasterCard hit by £19bn claim”