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”
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%”
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.
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.
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.
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 (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.
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”
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.
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”
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”
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.
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.
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”
The first of the Magic Circle to report financials this year, Allen & Overy (A&O) posted another year of growth with revenue rising by a modest 2.3% to £1.31bn. Last year turnover had risen by 4% to £1.28m.
Continue reading “‘Very well-balanced’: Allen & Overy posts modest growth with revenue up by 2.3%”
Ashurst has continued to hire into its banking practice, appointing King & Wood Mallesons (KWM) partner Robert Andrews to its London office. Continue reading “Ashurst extends banking practice with KWM funds finance hire”
KPMG’s UK general counsel (GC) Jeremy Barton is leading a transformation of its legal team, while also reviewing the broad range of relationships that KPMG has with law firm suppliers.
Following the pattern of other mid-tier firms, which have seen slower growth this year compared to the financial year 2014/15, Addleshaw Goddard has surpassed the £200m mark for 2015/16, with revenues up 5% to £201.8m.
Clyde & Co has posted an impressive 13% increase in turnover, topping last year’s 9% revenue boost amid a year of slow growth for many LB100 firms.
Continue reading “Financials 2015/16: Clyde & Co posts double-digit revenue growth and record PEP”
Mishcon de Reya is preparing to launch a legal action over the triggering of article 50 and the process of Brexit, for a group of unnamed clients.
Continue reading “Brexit challenged: Mishcon takes on article 50 action for mystery clients”
