Legal 500 Hall of Famer Satnam Tumani, previously head of the SFO’s anti-corruption and bribery unit and a longstanding partner at Kirkland & Ellis, recently moved to boutique firm Edmonds Marshall McMahon. He spoke to LB about his brief to build a new practice, the contrasts between Big Law and boutique law, and his nostalgia for the days of letter-writing
In another blow for Travers Smith, respected corporate M&A and ECM partner Richard Spedding has left to join Linklaters, on the back of the departure of a private equity duo to Goodwin late last month.
A Legal 500 Hall of Famer for small to mid-cap equity capital markets, Spedding was at Travers or 25 years. Experienced in public M&A and the UK Takeover Code, Spedding recently co-led the firm’s team advising key private equity client Inflexion on its £342m takeover of DWF.
Norton Rose has reported an 8.7% increase in global revenue, marking a turnaround from two years of declining revenue.
Profit per equity partner (PEP) jumped almost 33% from $1.05m to $1.4m in 2023, as the number of equity partners declined by 21% from 644 to 506.
Continue reading “Norton Rose and DLA post rising revenues as global footprint drives growth”
Freshfields Bruckhaus Deringer has broken ranks from its Magic Circle peers on associate salaries, increasing newly-qualified (NQ) pay from £125,000 to a new high of £150,000.
The move puts clear water between the firm and Slaughter and May, Linklaters, A&O Shearman, and Clifford Chance, all which pay their NQ lawyers £125,000.
As environmental, social, and governance (ESG) considerations become central to corporate decision-making, legal professionals are navigating an increasingly complex regulatory landscape. Far from being a passing trend, ESG compliance and implementation represent a fundamental shift in how businesses operate, driving changes in governance structures, risk management strategies, and stakeholder engagement.
For general counsel (GCs) and compliance leaders, the challenges are multifaceted. As governments and regulatory bodies introduce new ESG frameworks, companies must not only interpret and comply with evolving laws but also integrate sustainability principles into their operations. Legal teams play a crucial role in advising on regulatory risks, ensuring corporate policies align with international standards, and mitigating potential liabilities. Beyond compliance, they are instrumental in shaping ESG strategy—balancing legal obligations with broader business objectives and ethical considerations.
To explore these challenges and the evolving role of legal professionals in ESG, GC Magazine spoke with Aslihan Evcimen, a seasoned legal and compliance expert. With extensive experience across corporate and private practice settings, Evcimen shares her insights on the regulatory landscape, best practices for ESG integration, and the critical role of legal teams in driving sustainable business transformation.
GC: Can you provide an overview of you and your professional background?
Aslihan Evcimen: I have extensive legal and compliance experience in both corporate and private practice settings. I hold a Law degree from Marmara University in Istanbul, Turkey, and a Business Administration and Management degree from UC Berkeley, USA. I am also an attorney at law, registered with the Istanbul Bar in Turkey.
Over the years, I’ve developed deep expertise in legal risk management, compliance, and regulatory frameworks across various industries. As a member of management teams, I lead efforts to ensure organisational adherence to legal standards, mitigate risks, and align legal strategy with business objectives.
I see myself as a trusted business advisor, responsible for managing legal issues, overseeing compliance programs, and providing strategic guidance to senior leadership.
GC: Do you have any quote that represents you that you want to share?
AE: Yes, I do have one: “Sometimes, it is what it is, but how you choose to handle it is everything.” This quote represents my approach to challenges—focusing on what I can control and navigating obstacles with a positive and solution-oriented mindset.
GC: How do you think a Legal Director should integrate ESG considerations into their legal department’s strategy and operations?
AE: In my view, to integrate ESG considerations into the legal department’s strategy and operations, the Legal Director should take a two-fold approach, combining both strategic oversight and hands-on implementation.
First, it’s about aligning ESG with the company’s overall business strategy. As part of the management team, working closely with senior leadership to ensure that ESG goals are incorporated into broader business objectives is essential. This involves acting as a business advisor to provide guidance on how legal frameworks should reflect the company’s commitment to sustainability, social responsibility, and good governance.
On the operational side, it’s crucial to have clear, actionable ESG policies in place—such as reducing environmental impact, ethical sourcing, and promoting diversity. This can only be done through collaboration with other departments to ensure everyone is on the same page, making ESG an integral part of the company’s day-to-day operations.
Regulatory compliance is another critical area. ESG regulations are rapidly evolving, so staying ahead of changes is key. The company needs to be fully compliant with both local and international ESG reporting requirements. This approach helps mitigate risks tied to non-compliance, which could have serious legal and reputational consequences.
When it comes to risks, part of the role is identifying any ESG-related risks—whether environmental, governance, or social—and integrating these into the broader risk management strategy. This ensures we’re always prepared and can take proactive steps to manage and mitigate those risks.
Additionally, the legal team needs to be well-trained and up-to-date on ESG regulations and best practices. This helps ensure they are equipped to provide sound advice and support on these important matters.
It’s also important to establish clear metrics to measure ESG performance and ensure transparent, reliable reporting. Engaging stakeholders—including investors, customers, and the wider community—on ESG goals and progress is key for building trust.
Finally, fostering a culture of compliance and responsibility around ESG is essential. It’s not just a checkbox but a core value that influences internal operations and how we communicate with stakeholders. ESG should be embedded into long-term business goals, incentivised at all levels, and integrated into both our operations and reputation.
GC: In general, what challenges do you anticipate in aligning a company’s ESG goals with international standards and best practices?
AE: Aligning a company’s ESG goals with international standards and best practices can present a few challenges, but I believe one can always find ways to work through them.
One challenge is staying on top of the ever-changing regulatory landscape. ESG standards vary widely across different regions and evolve constantly, so it’s essential to have a system in place to track updates and ensure compliance. The key here is being proactive and adaptable, relying on strong legal and regulatory networks to stay informed.
Another potential challenge is ensuring the ESG strategy is flexible enough to fit the specific needs of the different markets we operate in. Cultural, economic, regulatory and operational differences mean that one-size-fits-all approaches won’t always work. But with ongoing collaboration with local teams, we can ensure our approach remains aligned with global best practices while being relevant to each market.
Balancing long-term ESG objectives with short-term business needs can also be tricky. At times, business priorities might seem to conflict with sustainability goals. However, clear communication and coordination across departments can ensure we’re integrating ESG into the business strategy without losing sight of immediate business priorities.
In the end, these challenges are just part of the process. With the right mindset, resources, and flexibility, we can tackle them and keep moving forward with our ESG goals.
GC: How can the effectiveness of a company’s ESG initiatives be measured and evaluated from a legal perspective?
AE: From a legal standpoint, measuring the effectiveness of a company’s ESG initiatives really boils down to a few key factors: regulatory compliance, risk management, and transparency in reporting.
First, regulatory compliance is a big one. We’d measure how well the company is following local and international ESG regulations, which can change frequently. Regular audits and reviews of ESG reports are crucial to make sure the company is staying compliant with all applicable laws, including those around environmental impact, governance, and social practices. If we’re on top of these regulations, we’re less likely to face legal risks or penalties.
Next is risk management. We need to evaluate how well the company is identifying and addressing ESG-related risks—whether it’s environmental liabilities, governance issues, or supply chain concerns. It’s about making sure we have strong processes in place to manage these risks, and that they align with legal and industry standards.
Finally, transparency is key. We’ll look at how clearly and accurately the company is disclosing its ESG activities, especially when it comes to reporting to stakeholders like investors, regulators, and the public. A legal team needs to ensure these reports are not only compliant but also trustworthy and thorough, so we maintain credibility and avoid any legal challenges down the line.
In short, from a legal perspective, evaluating ESG initiatives is about ensuring we’re compliant with the law, managing risks effectively, and being transparent with stakeholders. Regular checks and clear reporting are the best way to keep track of our progress.
GC: How do you foresee ESG considerations shaping the broader legal landscape in the coming years, both domestically and internationally?
AE: ESG considerations in Turkey have started to play a more significant role at both the corporate and regulatory levels. Although the regulatory framework is still in its early stages, the trend is certainly gaining momentum. The Turkish government and regulatory bodies are taking important steps to integrate ESG practices into business operations.
For instance, the Capital Markets Board (CMB) of Turkey has introduced mandatory ESG disclosures for publicly traded companies. This requirement not only encourages companies to report on their sustainability practices but also aligns them with international standards, enhancing transparency for investors and stakeholders alike.
In addition, the Turkish Sustainability Reporting Standards (TSRS) have been developed to help companies report their ESG activities consistently and transparently. These standards provide a valuable tool for assessing corporate sustainability performance in Turkey, as the regulatory framework continues to evolve.
While formal regulation surrounding ESG is still developing in Turkey, there are already useful resources available for gathering data on corporate sustainability. These include reporting frameworks, sustainability indices, and voluntary standards that businesses can adopt to track and improve their ESG practices. Companies can also look to international ESG frameworks for guidance as they work to align with global best practices.
Looking ahead, I believe ESG considerations will become even more deeply embedded in business strategies and regulations in Turkey. As the legal landscape matures, businesses will need to stay proactive in adopting ESG policies, ensuring compliance, and leveraging ESG as a competitive advantage in the marketplace. Overall, I believe that ESG will become deeply embedded in the legal framework, and businesses will need to be agile in adapting to these changes. Legal departments will play a pivotal role in ensuring compliance, mitigating risks, and helping companies seize opportunities for innovation while promoting sustainability and social responsibility.
GC: Lastly, anything you want to add about sustainable futures?
AE: From a legal standpoint, ESG is becoming crucial for long-term business success. As global challenges like climate change and social inequality intensify, businesses must adopt sustainable practices not only for compliance but also to stay competitive. Legal professionals play a key role in guiding companies through evolving regulations, ensuring alignment with international standards, and helping mitigate risks. In the future, prioritising ESG will be essential for maintaining investor confidence, protecting reputations, and creating sustainable value.
Thank you so much again for this wonderful interview, I must add these views reflect my personal perspective and are not necessarily aligned with the positions or policies of any specific company.
Against a backdrop of global stressors from conflict to trade friction and drivers for change such as global warming and the emergence of AI, Latin America presents a complex socio-political mosaic, currently, impacting both investor confidence and legal service provision.
From Argentina to Venezuela, the region has rarely seen so many elections or so much change. Here Legal 500 Latin America editor Tim Girven and Brazil editor Daniela Costa take a look at the politics framing the region’s legal markets.
They say that Brazil comes to a halt on three occasions: Carnival, the World Cup and elections. It is no surprise therefore that the combined weight of these events in 2022 made for an unusual start to the year that followed.
A fraught election in October 2022 saw Workers’ Party leader Luiz Inácio Lula da Silva return to the presidency 13 years after he left office, ousting former president Jair Bolsonaro. Decided by the narrowest margin in decades, Lula’s inauguration was marred by an attempted insurrection when a sea of yellow and green-clad bolsonaristas stormed federal government buildings in Brasília.
Eric Knai, Eversheds Sutherland: If you look back at 2023, we have had a very depressed M&A market other than in the energy sector. If you think about the two geopolitical events that have dominated 2023, the Ukraine war and the conflict in the Middle East towards the end of the year, those are both conflicts which are in oil and gas regions and which have impacted not only production but also supply chain.
Why does that impact M&A, transactional work and projects in general? It has driven up interest rates as a result of the inflation that those crises have created. But my view is that the issues with the M&A market in 2023 do not have much to do with the level of interest rates. Most of us around this table are old enough to remember doing deals at 6%, 7%, 8% or 9%.
Continue reading “The energy and renewables debate: Power shifts”
More than 150 of the City’s leading M&A partners, in-house counsel and representatives from corporates and financial institutions came together in mid-March to discuss the latest trends in M&A at the 2024 Legal Business Corporate and M&A Summit.
The event, held at the Queen Elizabeth II Conference Centre in Westminster and sponsored by Gibson Dunn, Datasite, Gate One, Jones Day, Moneypenny, Shieldpay, Stevens & Bolton and Slaughter and May, saw delegates talk through the life cycle of an M&A deal over the course of a single day.
Continue reading “Legal Business Corporate and M&A Summit 2024”
When I was 18 I left Vancouver to play ice hockey in university in Japan. That got me off on kind of an adventurous track. I grew up dreaming of nothing more than becoming a hockey player. When you try to do that in Canada, you work your way up through the junior leagues. And the junior leagues are tough. You leave home and you go live in a small town, and the hockey team is sort of the centre of life in those towns. You become a minor celebrity. But it’s tough. Not many people make it. There are three levels of junior hockey in Canada, and when you get to the very top level you can be classed as a professional, which means you’re ineligible for university scholarships. I got up close to that level and I had a good look at it and I wasn’t convinced that I was going to make it. I didn’t want to take the risk of dedicating my life to that. So I decided to go for a university education, to at least get something out of all that time playing hockey.
I decided to become a lawyer so I would have more control over my working life than I would have had if I had gone into foreign relations. I did politics as an undergraduate in London. I came to the UK in 1994. As far as I got down the politics line was interning for the Member of the European Parliament who was the special rapporteur for EU-Japan economic relations. I got to spend some time in the circus that is the EU, moving that circus back and forth between Brussels and Strasbourg. It was interesting, certainly. But I just didn’t feel that I could make an impact in that world.
What inspired you to pursue a career in law, and how did you develop an interest in becoming an in-house lawyer?
There are a lot of different elements that came together. One is that I was always interested in mediating when someone was arguing or helping out if I felt like people were not heard or being treated unfairly. What I realised is that I like to create win-win situations, not someone winning and someone losing, but really finding ways that everyone can benefit from the situation. Continue reading “The Client Profile: Christian Keim, Adobe”
Lateral hiring saw a notable pickup during the first quarter of 2024, with partner moves across sectors from litigation to corporate, finance, and restructuring, to ESG, energy and competition.
Global London firms were especially busy during this period, often to the detriment of their Magic Circle peers. While Paul Weiss has been making headline-grabbing hires, Skadden, McDermott, Kirkland & Ellis, and Paul Hastings have also seen considerable movement over the last two months.
Continue reading “Moves of the month: recruitment market picks up as leading firms think laterally”
Dominic Griffiths is London managing partner at Mayer Brown and author and consulting editor of European Securitisation: A Practitioner’s Guide to Principles and Jurisdictions (published by Globe Law and Business)
‘Whilst we’re very much plugged into the global firm and there’s lots of synergies and certainly a very clear industry focus, we have a strong domestic client base.’ Ajay Pathak, Goodwin
As part of our annual Global London report, management at US firms in London give their views on today’s market challenges
Can you elaborate on the role of government agencies and oversight bodies in enforcing labour laws and social security regulations in Mexico?
Agencies charged with enforcing labour and social security laws, are the Ministry of Labour (STPS), the Mexican Social Security Institute (IMSS), and the National Workers’ Housing Fund Institute (INFONAVIT), through information requests, labour inspections and specific social security audits. Continue reading “Key developments in employment law in Mexico”
While there is no shortage of fast-growing US firms in London, Paul Hastings is a notable standout, increasing London lawyer headcount by 68% over the past five years with a steady stream of eye-catching hires.
However, this rapid growth has also come with departures as the firm repositions itself in the City, and yesterday (2 May) it was announced that highly regarded former global finance co-head Luke McDougall is leaving to join Davis Polk. Continue reading “Paul Hastings finance partner leaves for Davis Polk as London churn continues”
The easy narrative is that the party is over. After years of rapid expansion by international law firms in London, 2023 saw lawyer headcount at Global London firms inch up by just 1.8% – a figure which appears to provide confirmation that the City interlopers are finally starting to apply the brakes in London as deal volumes dry up.
And that narrative does bear up to scrutiny – to an extent. Last year more than half of the 50 Global London firms saw headcount in the capital flatline or decrease, and across the largest ten, combined headcount fell by 1%, with big firms such as White & Case, Baker McKenzie and Reed Smith all seeing London lawyer count dip. Continue reading “After the party – market slowdown pushes US leaders to take stock in London”
Clandestine conversations, a recruitment strategy on steroids, eye-watering salaries and internal politics galore, the Paul Weiss/Kirkland story has enough drama in it to keep the attention of even those outside the legal market.
For City partners, the interest in what’s going on has been off the scale. Continue reading “Talk of the town: Why Kirkland/Paul Weiss underlines the value of controlling the management message”
With worldwide M&A activity down 17% last year, hitting a decade low, according to data from Refinitiv, 2023 was always going to be a more challenging year for US firms in London. And across the board, growth slowed as firms bucked the ‘stack ‘em high’ trend of recent years, exercising an increasingly cautious approach to investment and recruitment in the capital.
During 2023, total London lawyer headcount across the Global London group (see main table) increased by a mere 1.8%, a significant decrease from last year’s equivalent figure of 9% and far below the pre-pandemic era, which saw 15% growth at Global London firms between 2017 and 2018. Continue reading “When the going gets tough – Global London firms dig in as market reality bites”
