Posted on

‘Every senior partner is asking themselves how their firm fits into this new picture’: sizing up Hogan Lovells Cadwalader

If more evidence was needed that the market for law firm mergers is hotter than ever, last week’s news of the Hogan Lovells and Cadwalader combination provided it.

Coming less than a week after the announcement of Taylor Wessing’s tie-up with Winston & Strawn, and a month after Ashurst Perkins Coie, the latest deal is the biggest of all, creating Hogan Lovells Cadwalader, a 3,100-lawyer firm with projected revenues of more than $3.6bn.

Cadwalader is known as the oldest law firm on Wall Street, with a long-established pedigree in New York’s financial markets. However, following a run of recent partner departures, talk had begun to circulate about a potential merger, with firms including Alston & Bird named as possible partners.

Despite the uncertainty around the firm, revenues rose 15.7% to a record $638m in 2024, and in Hogan Lovells, Cadwalader has now found a partner that provides a full-service international platform covering the Americas, EMEA and APAC.

Hogan Lovells has in recent years been driving towards the $3bn revenue mark, with a 10.5% increase during 2024 taking it to $2.96bn.

The firm is no stranger to large-scale mergers, having been created by the 2010 combination of Washington DC heavyweight Hogan & Hartson and London firm Lovells. In recent years, it has been looking to build up its New York credentials, taking a large team from Stroock & Stroock & Lavan in 2023 and also that year holding talks with Shearman & Sterling, prior to that firm’s subsequent merger with Allen & Overy.

‘It might be as good as you can get there without taking on the top firms in their backyard’

After discussions with Cadwalader which began in November last year, the firms have now agreed a deal which is expected to complete in June 2026, subject to partnership vote in the spring.

So in the context of both firms’ history of merger talks, what does the market make of the deal?

Many observers note how beneficial the combination appears to be for both firms, with one senior partner in London describing it as ‘the most logical of the recent mergers’.

‘Cadwalader provides a piece of the New York puzzle for Hogan Lovells – it might be as good as you can get there without taking on the top firms in their backyard,’ the partner said. ‘They are two super strong and credible brands, and because Hogan Lovells already has a significant US presence it feels like less of a step into the dark. It’s a natural fit that takes both firms further down their own paths.’

Others agree, including one former Hogan Lovells partner. ‘The New York market is a difficult nut to crack, and Hogan Lovells has been looking for some time to get it right,’ the partner said. ‘It is more of a finance play, but it’s not a bad strategy. You crawl a little before you can walk.’

On the Cadwalader side, one partner said: ‘There was some urgency within the firm about trying to get something done, to shore the firm up after some departures, combined with the sense that the firm is too small.’

‘Cadwalader still has some great practice areas. It has been a great year and the firm is still profitable, but I think they want to make people feel comfortable and give the firm some more firepower to make hires.’

‘It was a question of needing to merge, not wanting to’

However, others characterise the merger as more of a necessity than a choice. One London managing partner said: ‘Cadwalader had no choice, so it’s good that they found somebody. It’s a similar situation to what happened at Shearman – they’d lost a lot of good people, and they were going to start losing revenue.’

Freddie Lawson, partner search lead at legal recruiter Montresor, concurred on the motivations for Cadwalader: ‘Firms that are too niche can’t survive, and it is sad that an old institution like Cadwalader has had to put itself up for auction. Post-financial crisis, Cadwalader was always in trouble. It was a question of needing to merge, not wanting to.’

Despite this, Cadwalader’s strength in key markets such as structured finance, combined with its Wall Street bona fides, are a clear draw for a firm such as Hogan Lovells.

Robert Conrad, managing director of partner recruitment at Major Lindsey & Africa in New York, points to Hogan Lovells’ decision to go with Cadwalader after opting against a Shearman merger. ‘Think about it from Hogan’s perspective: they were kicking the tires at Shearman, and they decided to walk away from that. But they decided to go ahead with Cadwalader. That may say something about Cadwalader’s strengths.’ 

One former Hogan Lovells partner agreed, adding: ‘It’s not that Hogan Lovells are merging defensively. Hogan Lovells needed something big in New York, with strength in finance.’

For others, the merger underlines the new norm, as firms at the top of the global legal market continue to seek increased scale.

One partner who heads a finance practice in London described it as the beginning of ‘a further round of transformation in big law’, while another City partner suggested it will push more peers to follow suit, saying: ‘This will put more pressure on international firms that don’t have a substantial US presence – we will start to see a separation of those that do and don’t have that.’

A senior partner at a global firm concluded: ‘Tectonic plates are shifting and there is a new generation of games that are being played – every senior partner is asking themselves how their firm fits into this new picture, which really defines around 20 firms. There are parts of the market in which everyone will be open to a conversation about merging.’

Additional reporting from Will Lewallen, Eliza Winter and Alex Ryan.

Posted on

Addleshaws explores plans to boost rewards for star partners in performance drive

Addleshaw Goddard is exploring how to better reward star partners for their contributions in a bid to better drive and recognise individual performance, the firm’s managing partner Andrew Johnston told Legal Business.

Johnston said the firm needs to be better prepared to ‘disproportionately recognise and reward’ those partners who are outperforming and increase compensation accordingly.

Possible changes being explored include enhancing bonuses for high achievers, with Johnston also keen to increase transparency around pay and performance across the partnership more broadly.

The firm is not planning to make any changes to its standard partner remuneration structure, which Johnston described as a ‘modified lockstep with movement up and down based on performance’.

A key part of any plans will be measuring and tracking performance in order to better reward those that outperform. 

‘We’re not going to become a firm with a formulaic, spreadsheet-based compensation system. But equally, understanding where partner performance lies is important,’ Johnston told LB. ‘We’re going to get crisper in terms of understanding and analysing how the business is performing and how we share that data.’

‘We want to continue to incentivize and drive that collaborative culture across the business but, at the same time, we want people to be in the market, taking more market share and being really focused on driving client revenue,’ he added.

One former partner said that the firm’s partner bonuses were generally awarded in increments of five equity points, rising to 20. The person suggested increasing the flexibility and transparency of this system would be one way to better reward performance.

When Johnston took over as managing partner in May 2024 the firm’s profit per equity partner stood at £984,000, with revenue at £496m. At his first partner conference he set out targets to double revenue to £1bn by 2030.

Johnston succeeded John Joyce who led the firm for a decade from 2014 during which time he shored up the firm’s financials, taking Addleshaws from a cash deficit to more than healthy reserves of £146m by the end of the 22/23 financial year.

In the last 10 years, Addleshaw’s revenue has increased 186% from £192.5m to £550.9m, a trajectory that Johnston wants to build on.

One key metric Johnston has singled out as needing improvement is the firm’s revenue per lawyer figure which is currently £345,000.

‘It’s certainly trending upwards and we are much happier with the direction,’ he said, ‘but that speaks to the fact there is more to do around performance.’

[email protected]

Posted on

‘This is going to happen’ – Hogan Lovells and Cadwalader leaders on creating the biggest law firm merger ever

‘Cadwalader approached this the way our clients approach a sophisticated M&A deal. They hired a pre-eminent M&A shop in Davis Polk and engaged in a competitive process, so I was delighted when I got the call saying ‘we want your vision,’ says Hogan Lovells’ CEO Miguel Zaldivar of the firm’s planned merger with Cadwalader.

For Zaldivar, yesterday’s announcement (18 December) that the firm is in discussions to combine with Wall Street’s Cadwalader as early as next summer marks the end of a long hunt for a New York merger partner for the transatlantic firm. The firm previously walked away from talks with legacy Shearman & Sterling in March 2023, before it ultimately combined with Allen & Overy.

Speaking to Legal Business immediately after briefing partners on the Cadwalader plans, Zaldivar acknowledged that it also marks the end of a protracted process that saw the pair start speaking in November last year, before conversations stalled around March, accelerating again only in recent weeks.

With Cadwalader running an almost auction-style process that saw a number of other firms coming under consideration, including Alston & Bird, it’s fair to say that Hogan Lovells’ selection as preferred merger partner did not always look guaranteed.

‘It was the most professional process you can imagine. We didn’t take issue with the fact that things weren’t always going our way,’ maintains Zaldivar, who says the determining factor for selection was Hogan Lovells’ vision for what the combined firm would look like. ‘They wanted validation and to reach a conviction that this was going to work. It took time to get to alignment, but this is going to be a marriage made in heaven.’

Partners at both firms are expected to vote on the deal in spring next year and, assuming it gets the go-ahead, the pair will combine as Hogan Lovells Cadwalader as early as 30 June 2026. This will put Zaldivar at the helm of a roughly 3,100 lawyer firm with combined revenues of roughly $3.6bn – making it the largest-ever law firm merger, based on revenues at the time of announcement.

‘The market is consolidating,’ says Zaldivar as the legal market prepares for the launch of three new transatlantic tie-ups within the next year in Hogan Lovells Cadwalader, Winston Taylor and Ashurst Perkins Coie. ‘There are winners and losers – the people that are diversifying, becoming global and who share the commitment to quality that Hogan Lovells and Cadwalader share are going to win.’

Cadwalader’s current co-managing partners Pat Quinn and Wes Misson, who will both take on international management roles in the merged firm, are equally excited.

Having set up a committee to consider options including diversifying the finance-driven firm’s practice without a merger, the pair spent much of 2025 bringing the New York firm’s partnership together behind the idea of a combination, before selecting Hogan Lovells as the preferred match.

‘We’ve been approached by a lot of firms over the years, but never one that made as much sense as this,’ says Quinn. ‘This is a compelling opportunity for our firm. You take a global law firm that practises at an elite level, across the Americas, across London, EMEA and APAC, and then you add the oldest law firm on Wall Street – and one that is a pioneer in finance.’

‘We cannot be more excited about this combination; it just makes so much sense,’ adds Misson. ‘Cadwalader and Hogan Lovells coming together is like the missing puzzle piece. It gives us everything we need to take our practice global and provide our clients with that global reach. The sky is going to be the limit with this new platform.’

According to its leaders, the combined firm will represent all 20 of the 20 largest financial institutions in the US, and 18 of the top 20 global financial institutions, with the finance piece particularly important for Hogan Lovells, which already has a strong client base with multinational corporates operating in highly regulated sectors and financial institutions.

‘With the [practice] balance we already have, our brand, more than $3bn in revenue and our ambition to really make it in New York, to have a Wall Street firm with a high quality, but limited, offering is music to my partners’ ears,’ says Zaldivar. He also stressed the appeal of Cadwalader’s Charlotte practice, pointing to the city as the second-largest banking market in the US,  before insisting of the deal: ‘This is going to happen.’

‘The headline here is that this is two firms coming together to create a firm that there is nothing else like in terms of completeness of coverage and excellence of the practices across the globe,’ adds Quinn, who led the initial discussions with Hogan Lovells.

Misson is equally bullish: ‘In so many different ways, we complete each other. We complete Hogan Lovells by adding that finance and Wall Street brand and practice, and they complete us by giving us the global firepower and the global platform for our clients.’

[email protected]

Posted on

A merger or a takeover? Winston Taylor by the numbers

This year’s rush of mergers is showing no signs of slowing as Christmas approaches, with Hogan Lovells and Cadwalader the latest firms to reveal they plan to combine, following the recent announcements of the Ashurst Perkins Coie and Winston Taylor deals.

If it goes ahead, the latter will see Taylor Wessing‘s UK business break away from its French and German arms to merge with Chicago-based Winston & Strawn. Here, we dive into the data to explore what the combination would mean for each firm.

A merger or an acquisition?

Winston is by far the bigger of the two firms, with 2024 revenues of $1.27bn (£946m) placing it just outside the top 50 in the Global 100 revenue rankings. By contrast, Taylor Wessing posted UK turnover of £284m for the 2024-25 financial year, meaning it will represent around a quarter of the combined firm.

The two firms also have a wide gap in profits per equity partner, with Winston posting PEP of $3.5m (£2.6m) for 2024, more than double Taylor Wessing’s UK PEP of £1.1m.

Revenue PEP Partners Lawyers
Winston & Strawn $1.27bn $3.5m 463 932
Taylor Wessing UK £284m £1.1m 135 450

France and Germany are home to more than half of Taylor Wessing’s top-tier practices

To secure the merger, Taylor Wessing will split from its French and German arms, and while a cooperation relationship is set to be put in place, the move will mean a substantial part of the firm – which was formed by the Anglo-German merger of Taylor Joynson Garrett and Wessing & Berenberg-Gossler in 2002 – will break away and operate independently.

Germany and France account for more than half (16 of 29) of Taylor Wessing’s top-tier L500 rankings, and 60 of its overall total of 162.

Region Taylor Wessing rankings (top-tier)
UK 50 (11)
Germany 45 (14)
France 15 (2)
Rest of world 52 (2)
Total 162 (29)

Shared strengths – IP and PE stand out

The two firms have no overlap among their top-tier Legal 500 rankings, but extending the comparison to the top two tiers does reveal synergies. Taylor Wessing has two tier 1 rankings for London intellectual property: patents (contentious and non-contentious) and trade marks, copyright and design, which play well with Winston’s tier 2 Legal 500 US ranking for patent litigation.

The two firms also share complementary rankings in mid-market private equity, with Taylor Wessing in the top tier for deals up to £500m in the UK, while Winston & Strawn has a tier 2 US ranking for deals up to $500m.

The firms aren’t standing on each other’s toes

The pair have very distinct geographical footprints, with overlap in only four locations around the world: London, Brussels, New York and San Francisco, where there is minimal crossover.

Both firms have small bases in Brussels, while in the US, Taylor Wessing has had a presence in San Francisco and New York since 2014. In London, Winston has a relatively low headcount relative to most US firms, with just 26 lawyers.

London Brussels New York San Francisco
Winston & Strawn 26 2 223 29
Taylor Wessing 450 8 1 17

What the clients think – the areas where both firms are rated

In addition to rankings, Legal 500 data also offers insight into how both firm’s London clients regard the service they get from the firm. Taylor Wessing is top-rated on a number of metrics in practice areas where the firm has a well-established reputation, including venture capital and reputation management, while Winston’s commercial litigation team scores highly.

Taylor Wessing: top-scoring client service metrics

  • Venture capital – industry/commercial knowledge of the sector
  • Reputation management – communication and case/matter management
  • Financial services: non-contentious/regulatory – quality of associates

Winston: top-scoring client service metrics

  • Commercial litigation: premium – partner availability and engagement

[email protected]

Posted on

Revolving Doors: Willkie hires from Kirkland in Germany, while Slaughters London partner surfaces at Simmons

Willkie Farr & Gallagher has become the latest firm to hire a partner from Kirkland & Ellis, bringing over corporate partner Sebastian Häfele in Munich, in the third exit from the Chicago-headquartered firm this week.

Häfele, who specialises in corporate M&A and private equity, spent nine years at Kirkland, where he made partner in 2021.

Previously, he has worked with clients such as Nordic Capital, co-leading on its acquisition of a majority share in medical technology company corpuls in 2023, and as an associate advised PE firm Yucaipa Companies on its investment in SIGNA Sports United, valued at $3.2bn.

The move marks Willkie’s continued investment in its German operations, where it now houses three offices in Frankfurt, Munich and the new Hamburg site, which opened in July of this year.

On his move, Häfele said: ‘Willkie has a top-ranked global private equity and transactional platform that is known for its collaborative, client-focused approach and well-established reputation in the German market. I am delighted to join this growing team of exceptional lawyers in Germany.’

Häfele’s departure follows PE partner Aprajita Dhundia and tax partner Ian Ferreira, who left Kirkland’s London office for Sullivan & Cromwell earlier this week.

Over in London, former head of Slaughter and May’s derivatives practice Oliver Wicker has found a home at Simmons & Simmons.

CONTINUE FROM HERE!

Wicker has acted for several high-profile clients, including advising Aviva on its disposal of a portfolio of equity release mortgages, Deutsche Bank AG on multiple loan portfolio sales, and Goldman Sachs as it arranged three sets of notes valued at $613m.

Michael Lorraine, head of Simmons’ financial markets and real estate practice and the UK structured finance and derivatives group, commented: ‘Oliver is a leading practitioner in structured finance and derivatives, with a track record advising on some of the most technically demanding transactions in the market. His arrival is a huge boost for our practice.’

She added: ‘His reputation for handling complex, bespoke work and his experience across the full range of structured finance and derivatives transactions will be invaluable as we continue to expand our offering.’

Wicker’s departure from Slaughters, where he began his legal career nearly two decades ago, was announced in the summer of this year. He will join the Simmons structured finance and derivatives team as partner on 2 January 2026.

Slaughters said in a statement: ‘We thank Oliver for his contribution to the firm and wish him well for the future.’

Elsewhere in the City, Mishcon de Reya has expanded its commercial real estate practice with the arrival of consultant Felicity Jones, who will co-chair the firm’s hotels group.

Jones will move from Watson Farley & Williams, where she spent 16 years as partner between 2009-2025, before she became a consultant in May this year. She has experience advising hotel owners on acquisitions, disposals and portfolio transactions in the UK, Europe and the Middle East.

Chair of Mishcon’s real estate practice Stephen Hughes commented: ‘[Jones’] arrival strengthens our sophisticated, multi-disciplined team, which includes a market-leading disputes practice serving a wide range of institutions and individuals. Felicity’s experience will help us continue to deliver exceptional results for our clients as we build on our reputation for bold, creative, and commercially focused advice.’

Finally Ropes & Gray has welcomed finance counsel Niccolò Vernillo from Italian firm Chiomenti. Qualified in Italy and England and Wales, Vernillo joins Ropes’ Italian finance team . His practice focuses on acquisition and leverage finance across European markets.

Vernillo has worked in Chiomenti’s London office for the past five years, where he became a counsel in May this year.

[email protected]

Posted on

Trading places: Paul Weiss signs up five NY partners as Latham, Kirkland, A&O also make moves

Paul Weiss has added five partners to its New York finance group with a series of hires from Sidley, Kirkland & Ellis and White & Case.

Three of the partners join from Sidley, including leveraged finance co-head Nicholas Schwartz (pictured top, right). He will start at Paul Weiss before the end of the year, alongside fellow finance partners Mark Adler and Julie Ann Lamm (pictured top, left and centre).

Paul Weiss chair Brad Karp said in a statement: ‘Nick, Mark and Julie Ann are a truly stellar team of finance advisers, and we’re thrilled to welcome them to our firm. Their multifaceted debt financing skillset will amplify our market-leading capabilities at a time when we’re seeing increasing demand by our clients for sharp, solutions-oriented financing for their most consequential transactions.’

Corporate department chair Scott Barshay added: ‘I have known and worked with Nick and his team for over a decade, and I am thrilled to have them join us.’

Schwartz has extensive experience advising corporate and private equity borrowers in a range of leveraged finance matters. Adler has experience advising PE sponsors, portfolio companies, public companies, and alternative capital providers, while Lamm’s clients include corporate borrowers, PE sponsors, and portfolio companies.

Major clients the group has worked with include Clearlake Capital, with Schwartz and Lamm both involved in the Sidley team that advised the Santa Monica-headquartered PE firm on its $7.7bn take-private of data and analytics provider Dun & Bradstreet Holdings earlier this year. All three also previously worked at Kirkland.

The other two hires for Paul Weiss are project finance specialists Kelann Brook Stirling and Jamie Franklin, who join from Kirkland and White & Case respectively.

Karp said: ‘Kelann and Jamie are spectacular project finance lawyers, with deep experience in handling landmark energy and infrastructure deals. As investment in energy and infrastructure, in particular digital infrastructure, continues to surge, Kelann’s and Jamie’s expertise will enable us to advise our clients on the most ambitious, transformative projects in the market.’

Both lawyers have experience advising clients including PE sponsors, corporate borrowers, and institutional investors on a range of energy and infrastructure finance and development transactions.

Franklin joined White & Case as a partner from Latham & Watkins in 2020. He first served in the firm’s Singapore office, relocated to Houston in 2022, and makes the move to New York to join Paul Weiss. Meanwhile, Stirling joined Kirkland as a partner in 2018 from Latham, where he was an associate.

Also in New York, Gibson Dunn has hired Fried Frank partner Duncan McKay to lead its fund finance practice.

McKay brings experience across a range of fund finance and structured capital transactions for domestic and overseas clients including alternative asset managers, investment fund sponsors, and direct lenders.

He moved to Fried Frank in 2022 from Kirkland, where he made partner in 2018.

Gibson Dunn investment funds practice group chair Shukie Grossman said: ‘As the investment funds landscape continues to evolve and the demand for liquidity solutions and fund finance products steadily increases, Duncan’s innovative capabilities and best-in-class deal execution will be invaluable to our clients and will further strengthen the firm’s premier global platform.’

The firm has been steadily building its funds capabilities over the course of the year, with hires including DLA Piper global funds co-chair James O’Donnell in London in March, as well as Morgan Lewis partner Carolyn Abram in Dubai in June.

Also hiring from Fried Frank in New York is A&O Shearman, which has brought Jan Sysel into its fund finance practice.

A Fried Frank lifer, Sysel has spent more than two decades at the firm, and made partner there in 2015. He has experience in structuring and executing a range of complex fund finance transactions, in particular in fund formation.

On the West Coast, Kirkland has hired Latham’s global hospitality sector co-lead Meghan Cocci, bringing her into its Los Angeles office as a partner.

Cocci spent nearly six years at Latham, and has experience advising clients including private equity funds, real estate investment trusts (REITs), real estate developers, and family offices, on major transactions in the US and around the world.

Last March she advised private real estate firm Cain International on management and branding documentation relating to its $2bn construction financing to support its development of mixed-use urban project One Beverly Hills. She has advised US-based REIT Sunston Hotel Investors on its $265m acquisition of the Montage Healdsburg Resort in April 2021, as well as its acquisition of the Four Seasons Resort and Residencies Napa Valley that December, valued at $177.5m.

She has also advised on real estate matters in relation to larger transactions, including advising Realty Income Corporation’s $63bn merger with Spirit Realty Capital in October 2023.

‘Meghan is widely known as one of the top hospitality lawyers in the market,’ Kirkland executive committee chair Jon Ballis said in a statement. ‘Her arrival strengthens our leading real assets platform and bolsters our rapidly growing entertainment, sports and media experience. We’re thrilled to welcome her to Kirkland.’

Cocci added: ‘Kirkland is well poised to take advantage of any and all opportunities within the hospitality industry, and I can’t wait to start working with the team to help further grow and strengthen our relationships with clients in their most complex and exciting hospitality-related transactions.’

For its part, Latham has also made a hire from Kirkland, bringing private equity and M&A partner Chris Heasley into its Houston office.

Heasley made partner at Kirkland in 2018 after joining from Baker Botts, and has experience advising on the development, acquisition, and divestiture of energy, infrastructure, and technology-related projects and assets.

‘We are thrilled to welcome Chris to Latham and to continue to expand our preeminent energy M&A and private equity practice in Texas and globally,’ said Nick Dhesi, Houston office managing partner at Latham. ‘He is widely regarded as one of the top energy lawyers in Texas, and his impressive track record and experience, breadth of practice and industry relationships will do what we value most — serve our clients well.’

[email protected]

Posted on

‘History in the making’ – Hogan Lovells set for record $3.6bn merger with Cadwalader

Hogan Lovells and Cadwalader are in merger talks that, if successful, will create a firm on the fringes of the world’s top five, with revenue of $3.6bn.

Partners were briefed on the planned combination earlier today (18 December), after the two firms signed a memorandum of understanding in London earlier this week.

If the deal goes through, the 3,100-lawyer firm will be called Hogan Lovells Cadwalader, and will have extensive operations across the Americas, EMEA and APAC.

Their combined revenues of $3.6bn would place the merged firm in sixth place in the Global 100, above Gibson Dunn & Crutcher and just below A&O Shearman. Hogan Lovells posted a 10.5% revenue hike to $2.96bn for 2024, and Cadwalader also saw double-digit growth, with turnover up 15.7% to $638m.

Both firms also posted double-digit profit hikes for 2024, with Cadwalader’s profit per equity partner up 33.5% to $3.71m and Hogan Lovells up 12% to $3.07m.

Confirmation of the discussions ends months of speculation about Cadwalader’s future, with the New York firm’s brand recently linked with peers including Alston & Bird, in addition to Hogan Lovells.

Hogan Lovells has been open about its desire to bulk up in New York for years. Its merger talks with Cadwalader started in November 2024, cooled off in March this year, before resuming at pace in recent weeks.

Hogan Lovells CEO Miguel Zaldivar, who will serve as CEO of the combined firm, told Legal Business that both partnerships will vote on the deal in the spring, with the financially integrated union set to take place as soon as 30 June 2026.

Should it go ahead, the combination will bring together Hogan Lovells’ strengths in highly regulated sectors across G20 markets with Cadwalader, Wall Street’s oldest law firm, which counts many of the world’s leading financial institutions and private capital companies among its client base.

Cadwalader’s current co-managing partners Pat Quinn and Wes Misson will both take on international management roles, with Quinn becoming global managing partner for client and practice integration, and Misson becoming global managing partner for the finance practice.

The merged firm will have more than 370 lawyers in New York, with Cadwalader’s strength in finance and real estate finance adding depth to Hogan Lovells’ existing New York offering, which spans practices including M&A, sports, commercial litigation and real estate, where the firm added a team from legacy Stroock & Stroock & Lavan two years ago.

The deal will also gift Hogan Lovells a presence in Charlotte, the second biggest banking centre in the US, with more than 100 Cadwalader lawyers operating across fund finance, bank lending, securitisation and structured finance, real estate finance and commercial mortgage-backed securities.

Zaldivar told LB the deal was ‘history in the making’. He added: ‘Our partners are extremely excited. We have a shared ambition to be the greatest and most elite law firm out there.’

Misson said: ‘The sky is going to be the limit with this new platform. You’ve got two firms that are having record years. We’re having our second best year in our illustrious history, and we’re very much in growth mode right now.’

Quinn added: ‘The headline here is that this is two firms coming together to create a firm that there is nothing else like in terms of completeness of coverage and excellence of the practices across the globe.’

Over the past decade, Cadwalader’s revenue has grown by just a third, dipping from $481m in 2015 to $459m in 2020 before returning to growth, rising to $638m for 2024. Hogan Lovells – itself the result of the 2010 combination of Hogan & Hartson and the UK’s Lovells – has grown more quickly over the same period, with turnover up 67% from $1.78bn in 2015 to almost $3bn.

Cadwalader has turned to Davis Polk for legal advice throughout the merger process, with Hogan Lovells relying on its own M&A lawyers.

Davis Polk’s team has been led by chair and managing partner Neil Barr and M&A partner Lee Hochbaum, working with fellow New York partners Jennifer Conway (executive compensation), Michael Mollerus (tax) and civil litigation partner Michael Flynn, alongside Howard Shelanski (antitrust) in Washington DC.

[email protected]

Posted on

Government plans to reverse PACCAR signal end to ‘turbulent time’ for litigation funding

The Ministry of Justice has today (17 December) announced plans to regulate the litigation funding sector, bringing an end to more than two years of uncertainty following the 2023 Supreme Court judgment in PACCAR – but uncertainties over the nature of the reforms remain.

The plans will see the government legislate to allow funding agreements that offer returns as a percentage of damages,  amid a raft of other measures that the government says will aim to make funding ‘fair and transparent’ for claimants and help maintain the competitiveness of English and Welsh courts.

The moves will undo the decision in PACCAR, in which the Supreme Court found that third-party litigation funding agreements (LFAs) that allowed funders to recover a percentage of damages were prohibited under the damages-based agreements (DBA) regulations, and therefore unenforceable.

Justice minister Sarah Sackman said in a statement: ‘this government intends to take action to mitigate the impact of the 2023 Supreme Court judgment in PACCAR and implement proportionate regulation of third-party LFAs.’

The government proposal has two limbs. First, ‘to legislate to clarify that LFAs are not damages based agreements, with prospective effect.’ And second, to ‘introduce proportionate regulation of LFAs.’

The PACCAR judgment saw funders race to renegotiate their agreements as multiples-based agreements, in which funders agree returns as multiples of their investment, rather than as a percentage of the eventual damages awarded.

While this process was largely smooth, some have since noted that the experience left the litigation funding market chilled, as well as providing opportunities for ‘bad actors’ to contest their LFAs – as in Bugsby Property’s failed attempt to use PACCAR to invalidate an agreement it held with Therium Litigation Funding.

‘The very fact that this government has now committed, which it had not done before, is very welcome to see,’ said Susan Dunn, co-founder of Harbour Litigation Funding and chair of industry body the Association of Litigation Funders (ALF).

‘I don’t remember a more turbulent time than the last couple of years for funders’

Funders were frustrated after earlier plans to overturn the ruling put together by the previous Conservative government were shelved ahead of the 2024 general election, and not picked up by Labour after.

Earlier this year, the Civil Justice Council (CJC) published its review of litigation funding, which recommended the government take action.

Dunn pointed to the ongoing effects of PACCAR, in particular on activity in the Competition Appeals Tribunal (CAT): ‘The statistics have clearly shown that the number of claims issued in the CAT has fallen off a cliff since PACCAR. There was a clear, evidence-based, negative impact from this ruling. It wasn’t just funders having a moan – the stats speak for themselves.’

Richard Swallow, head of the disputes and investigations group at Slaughter and May, said that the main concern looking ahead is the nature of the proposed regulations.

‘The key issue for businesses will be the proposed safeguards and regulation around the use of funding to avoid speculative litigation that rewards funders (not consumers) and deters investment,’ he told Legal Business.

Addleshaw Goddard disputes partner Richard Wise took a middle position. ‘A reversal of PACCAR would provide welcome certainty and would be a recognition of the important role funding can play as one of the options available to claimants,’ he said.

He continued: ‘It will be interesting to see which of the CJC’s proposals the Government envisages should form part of its intended “new framework.”‘

Still, despite the uncertainties, funders welcome the announcement.

‘I’ve been funding for 23 years, and I don’t remember a more turbulent time than the last couple of years for funders,’ said Dunn. ‘Removing one of the big factors driving that instability is only a good thing.’

Additional reporting by Eliza Winter.

[email protected]

Posted on

Global 100 2025: elite tier set the pace as powerhouse firms pull away

All of the world’s 100 largest law firms saw revenues increase during the last financial year, as a thriving market also helped push average profit per equity partner (PEP) through the $3m milestone for the first time.

The performance marks the first time in three years that the entirety of the Global 100 have boosted revenues, while almost half (46%) posted double-digit growth, up from a quarter (26%) last year.

Combined revenues rose by 12% to hit $177bn, after reaching the $150bn mark last year.

Average revenue growth for the group was 10.5%, with the strongest performers including elite US trio Paul Weiss (32%), Davis Polk (25%) and Simpson Thacher & Bartlett (24%).

Paul Weiss, which now has total turnover of $2.63bn following a sustained period of international expansion, jumped eight spots in the revenue rankings from 27th to 19th. Davis Polk moved up five spots to 21st with turnover of $2.54bn, while Simpson Thacher rose from 18th to 15th with $2.9bn.

The top 10 fastest growers also included the world’s two largest firms, Latham & Watkins (23.1%) and Kirkland & Ellis (22.1%), which between them generated almost $16bn in revenues – more than the next four firms combined.

Latham and Kirkland were also among 15 of the top 25 firms to post double-digit growth for both revenue and PEP, as an elite tier of firms continues to pull away from the pack.

Thirty Global 100 firms now have revenue per lawyer of $1.5m or more, with seven above $2m – Wachtell, Lipton, Rosen & Katz ($4.48m), Sullivan & Cromwell ($2.33m), Ropes & Gray ($2.33m), Kirkland ($2.28m), Cravath ($2.26m), Skadden ($2.06m) and Davis Polk ($2.02m).

Another significant climber this year was A&O Shearman, which recently confirmed post-merger revenues of £2.86bn ($3.65bn) for its first year as a combined firm.

The figures, detailed in the firm’s first LLP accounts, mean it now sits in 5th place, up from last year’s placings of 12th and 75th for Allen & Overy and Shearman & Sterling respectively.

Freshfields also recently published its LLP accounts for 2024-25, revealing that revenue rose by 6% to £2.25bn ($2.87bn) during the year, placing the firm in 17th.

New entries

UK representation among the group was boosted this year by the new entry of Addleshaw Goddard, which was among the firms enjoying double-digit growth, posting a 14% increase to break through the $700m mark.

The firm has eschewed the merger strategies of many of its contemporaries to notch double-digit revenue increases for each of the last five years.

Addleshaws is now the 19th LB100 firm in the Global 100, with the next largest, Taylor Wessing, in line to join the group next year when it merges with Winston & Strawn to form Winston Taylor.

AG managing partner Andrew Johnston (pictured) put the firm’s success down to ‘the combination of a strong focus on domestic markets and clients, coupled with international growth.’

‘Bringing those two things together has been really powerful for us,’ he said. ‘We’ve seen great traction across our European platform, but that’s come off the back of a really strong focus on growth in the UK, staying very close to our clients, and being very consistent, with quality right across the platform.’

There were four other new entrants this year, all which are national US firms – Husch Blackwell, Taft, Jackson Lewis, and Gordon Rees Scully Mansukhani.

PEP and purpose

Average PEP across the Global 100 grew even more sharply than revenue over the past year, rising nearly 13% to $3.18m on the back of last year’s 11% increase to $2.8m.

Eight Global 100 firms now have PEP of more than $7m, led by Kirkland & Ellis ($9.25m), Wachtell Lipton Rosen & Katz ($9.04m) and Quinn Emanuel Urquhart & Sullivan ($8.64m).

Hogan Lovells was one of 37 firms to achieve double-digit growth for both revenue and PEP, with revenue up 10.6% to $2.97bn and PEP up 12.1% to $3.07m.

CEO Miguel Zaldivar (pictured) described it as a ‘special year for the firm’, coming 15 years after the transatlantic merger of Hogan & Hartson and Lovells.

‘We are seeing tremendous momentum in the market,’ he said. ‘Our approach has been that if we achieve a good profit margin then the wider economic benefits will follow, without compromising our client base, style of practice or culture. We have accomplished three consecutive years of record growth, and very low attrition.’

[email protected]

 

Posted on

Global 100 2025: main table

The Global 100 table provides key financial metrics for the 100 largest law firms in the world by revenue. For more, see Global 100 2025: global elite continue to pull away from the chasing pack.

wdt_ID wdt_created_by wdt_created_at wdt_last_edited_by wdt_last_edited_at 2025 ranking 2024 ranking Firm Total revenue ($m) YOY revenue change % Profit margin RPL PPL PEP % change PEP Lawyers 2025 Total partners 2025 Equity partners 2025
2 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 1 1 Kirkland & Ellis 8802 22.1% 60 2,276 1,370 9,253 16.3% 3,868.0 1,676 573
4 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 2 2 Latham & Watkins 7000 23.1% 57 1,953 1,116 7,140 29.4% 3,584.2 957 553
6 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 3 3 DLA Piper* 4170 10.7% 27 864 237 3,403 9.0% 4,827.0 1,370 336
8 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 02:26 PM 4 5 Skadden 3669 12.2% 58 2,059 1,195 6,049 12.0% 1,782.2 352 352
10 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 02:26 PM 5 12 A&O Shearman**1 3650 n/a 38 1,149 442 2,552 n/a 3,178.0 776 776
12 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 6 7 Gibson Dunn 3558 15.7% 61 1,615 977 7,175 28.4% 2,203.0 587 300
14 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 7 6 Sidley 3440 10.9% 42 1,690 707 5,157 12.3% 2,035.0 662 279
16 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 8 8 Ropes & Gray 3416 14.1% 44 2,330 1,015 4,989 10.5% 1,466.0 298 298
18 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 9 4 Baker McKenzie 3400 3.4% 38 740 283 2,100 6.0% 4,594.6 1,432 601
20 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 10 9 White & Case 3317 12.5% 51 1,238 633 4,007 27.0% 2,679.0 689 349
22 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 11 10 Morgan Lewis 3099 6.9% 56 1,527 860 2,118 7.7% 2,029.0 824 824
24 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 12 11 Clifford Chance**2 3063 6.3% 39 1,094 430 2,693 5.3% 2,800.0 660 0
26 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 13 14 Hogan Lovells* 2967 10.6% 34 1,098 369 3,074 12.1% 2,703.0 812 325
28 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 02:33 PM 14 17 Linklaters**3 2961 12.5% 47 919 428 2,807 17.9% 3,220.0 565 0
30 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 02:27 PM 15 18 Simpson Thacher 2896 24.0% 54 1,944 1,050 7,664 19.1% 1,489.8 315 204
32 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 02:28 PM 16 15 Jones Day 2880 8.0% 49 1,189 583 1,599 2.0% 2,422.1 883 883
34 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 02:29 PM 17 16 Freshfields 4 2869 7.8% 51 1,025 521 3,061 2.6% 2,800.0 477 477
36 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 18 13 Dentons**** 2750 1.1% 30 458 137 906 n/a 6,010.0 2,145 0
38 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 19 27 Paul Weiss 2634 31.6% 57 1,967 1,113 7,539 14.7% 1,339.5 217 198
40 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 20 19 Greenberg Traurig 2619 13.7% 33 985 329 2,632 9.7% 2,659.0 1,312 332
42 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 21 26 Davis Polk 2540 25.1% 55 2,021 1,114 7,800 25.8% 1,257.0 186 186
44 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 22 24 Quinn Emanuel Urquhart & Sullivan 2457 18.2% 63 1,988 1,245 8,643 18.9% 1,236.0 294 178
46 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 23 21 Goodwin 2449 9.1% 46 1,402 650 3,621 11.7% 1,746.2 609 313
48 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 24 20 Norton Rose Fulbright†† 2436 7.8% 35 663 231 1,620 15.7% 3,676.6 1,087 523
50 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 25 22 King & Spalding 2373 11.0% 49 1,782 880 5,932 11.3% 1,331.3 522 198
52 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 26 23 CMS* 2244 6.0% 32 426 134 931 1.0% 5,268.0 1,318 762
54 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 27 33 Paul Hastings 2236 23.2% 51 1,903 970 6,715 24.5% 1,175.0 332 170
56 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 28 28 McDermott Will & Emery 2231 16.1% 43 1,670 722 4,578 21.7% 1,335.9 633 211
58 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 29 25 Cooley 2152 5.8% 40 1,632 656 3,867 9.4% 1,318.4 384 224
60 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 30 30 Sullivan & Cromwell 2051 10.0% 57 2,333 1,327 6,740 7.8% 879.0 178 178
62 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 31 31 Holland & Knight 2044 10.5% 32 1,141 371 2,291 4.8% 1,791.4 877 290
64 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 32 32 Weil 2025 10.7% 46 1,543 709 5,371 15.6% 1,312.0 285 173
66 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 33 29 Mayer Brown 1983 3.8% 32 1,123 362 2,791 14.3% 1,765.8 651 229
68 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 34 36 Milbank 1859 22.8% 62 1,913 1,190 6,812 33.2% 971.8 212 170
70 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 35 37 Willkie Farr & Gallagher 1775 18.3% 55 1,500 823 4,540 17.5% 1,183.0 355 215
72 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 36 35 Covington 1747 12.8% 49 1,383 674 2,671 15.3% 1,263.0 319 319
74 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 37 34 Herbert Smith Freehills**5 1733 5.9% 36 636 228 1,822 10.6% 2,726.0 513 341
76 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 38 39 Cleary Gottlieb 1700 14.0% 59 1,453 853 5,223 15.8% 1,170.0 191 191
78 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 39 40 Eversheds Sutherland 6 1630 10.1% 0 482 0 1,788 18.2% 3,382.0 899 250
80 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 40 45 Debevoise & Plimpton 1623 19.7% 50 1,741 863 5,336 32.0% 932.0 151 151
82 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 41 38 WilmerHale 1602 6.9% 52 1,614 839 3,271 5.3% 992.7 255 255
84 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 42 41 Orrick 1593 8.8% 30 1,513 447 3,632 16.7% 1,053.0 381 130
86 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 43 48 Dechert 1511 16.8% 49 1,707 835 4,868 35.7% 884.8 303 152
88 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 44 42 Reed Smith 1500 4.9% 33 938 314 1,820 13.8% 1,599.4 627 260
90 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 45 44 Akin 1490 8.8% 43 1,616 687 3,885 23.5% 922.3 320 163
92 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 46 43 Wilson Sonsini 1432 4.1% 38 1,392 525 3,085 2.8% 1,028.5 283 175
94 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 47 47 Yingke 1419 8.5% 7 74 5 538 n/a 19,104.0 4,962 1,938
96 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 48 46 Morrison Foerster 1410 5.0% 38 1,340 506 3,052 11.4% 1,052.2 348 174
98 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 49 51 Proskauer 1392 13.1% 46 1,805 839 4,460 23.7% 771.0 235 145
100 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 50 50 Squire Patton Boggs 1361 9.6% 22 934 204 2,344 15.2% 1,458.0 458 127
102 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 51 57 Alston & Bird 1331 15.8% 48 1,424 684 4,086 25.6% 934.9 401 157
104 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 52 49 K&L Gates 1328 3.5% 19 767 149 1,511 7.3% 1,732.0 827 171
106 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 53 53 Ashurst**†† 1319 9.6% 35 617 219 1,774 6.0% 2,137.0 516 264
108 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 54 56 Foley & Lardner 1276 9.2% 26 1,189 306 2,298 10.9% 1,072.9 501 143
110 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 55 55 Winston & Strawn 1270 6.7% 32 1,363 440 3,521 9.4% 932.1 346 117
112 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 56 52 Perkins Coie 1259 4.0% 25 1,184 292 1,895 15.9% 1,063.6 467 164
114 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 57 54 King & Wood Mallesons 1250 4.2% 20 440 88 357 24.0% 2,841.0 701 701
116 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 58 61 Slaughter and May** 1244 11.2% 48 1,307 630 5,551 10.8% 952.0 116 108
118 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 59 60 Sheppard Mullin 1213 8.2% 35 1,258 435 2,434 4.7% 964.4 411 172
120 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 60 62 Cravath, Swaine & Moore 1200 9.1% 51 2,256 1,159 6,850 13.2% 532.0 116 90
122 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 61 59 Wachtell, Lipton, Rosen & Katz 1195 5.6% 65 4,476 2,910 9,036 6.2% 267.0 86 86
124 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 62 58 Arnold & Porter 1194 4.8% 43 1,244 532 1,636 1.6% 959.4 312 312
126 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 63 63 Troutman Pepper 1178 9.9% 40 1,089 440 1,918 18.0% 1,081.4 471 248
128 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 64 66 Fried Frank 1136 12.6% 50 1,583 790 5,180 18.9% 718.0 184 109
130 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 65 65 McGuireWoods 1114 9.2% 43 1,208 514 2,297 11.8% 921.8 405 206
132 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 66 68 Kim & Chang 1100 10.6% 10 775 77 468 8.1% 1,420.0 235 235
134 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 67 64 Clyde & Co** 1085 2.5% 21 393 82 989 6.8% 2,760.0 509 229
136 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 68 70 O'Melveny 1071 8.4% 46 1,408 649 3,049 10.9% 760.8 227 162
138 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 69 69 Faegre Drinker 1062 7.1% 40 1,001 401 1,276 12.7% 1,060.0 500 333
140 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 70 71 Baker & Hostetler 1053 8.4% 25 1,059 266 2,229 22.6% 994.1 429 119
142 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 71 67 Vinson & Elkins 1050 4.6% 45 1,542 696 4,016 10.1% 681.0 194 118
144 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 72 74 Polsinelli 964 12.6% 28 939 264 2,502 31.2% 1,027.0 582 108
146 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 73 80 Nelson Mullins 935 18.0% 39 957 377 2,219 32.7% 976.8 545 166
148 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 74 73 Seyfarth Shaw 933 6.0% 39 1,043 405 1,655 11.5% 894.3 446 219
150 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 75 94 Littler 916 n/a 37 696 255 802 n/a 1,316.0 519 424
152 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 76 72 Fragomen 900 1.1% 18 1,049 192 2,457 9.9% 858.0 156 67
154 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 77 77 Hunton Andrews Kurth 874 5.1% 31 1,182 361 2,090 22.0% 739.3 292 128
156 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 78 78 Pinsent Masons** 868 6.6% 29 429 123 1,017 3.8% 2,024.0 492 201
158 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 79 81 Katten 861 10.2% 37 1,287 478 2,667 20.2% 669.0 324 120
160 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 80 79 Venable 858 5.7% 32 1,089 343 1,364 1.9% 788.3 410 198
162 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 81 76 Bryan Cave Leighton Paisner* 857 2.6% 22 717 157 923 -2.8% 1,194.6 438 182
164 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 82 85 Baker Botts 820 11.8% 35 1,302 449 2,889 17.6% 630.2 249 98
166 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 83 82 Fenwick & West 793 3.0% 46 1,750 803 3,773 2.1% 453.1 138 97
168 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 84 83 Pillsbury 793 4.4% 30 1,218 371 2,415 1.9% 651.0 276 100
170 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 85 87 Simmons & Simmons** 785 9.1% 35 621 217 1,439 6.5% 1,264.0 346 191
172 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 86 89 Fox Rothschild 773 11.3% 33 828 271 1,109 25.0% 934.0 342 228
174 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 87 0 Gordon Rees Scully Mansukhani 760 24.0% 15 570 85 2,035 n/a 1,334.0 661 56
176 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 88 86 Lewis Brisbois 760 5.5% 23 484 111 1,230 7.7% 1,569.0 950 142
178 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 89 88 Gowling WLG** 752 4.7% 0 515 0 0 n/a 1,460.6 627 385
180 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 90 91 Barnes & Thornburg 747 8.1% 45 970 433 1,274 2.7% 770.0 481 261
182 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 91 100 Blank Rome 743 18.7% 38 1,127 433 1,686 14.9% 659.1 356 169
184 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 92 93 Bird & Bird**† 741 8.5% 20 448 90 916 1.1% 1,655.0 405 162
186 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 93 96 Ogletree Deakins 719 10.5% 29 720 212 1,060 13.6% 998.0 428 199
188 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 94 90 Blake Cassels & Graydon 717 3.6% 39 1,043 406 1,010 2.4% 688.0 277 277
190 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 95 95 Cozen O'Connor 708 8.4% 33 905 295 1,170 2.7% 782.0 407 197
192 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 96 0 Husch 708 15.6% 25 754 192 1,006 20.8% 939.0 401 179
194 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 97 0 Addleshaw Goddard** 703 14.1% 27 440 118 1,276 4.3% 1,599.0 435 148
196 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 98 0 Taft 701 17.2% 42 851 358 1,171 19.0% 824.0 470 252
198 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 99 98 Mintz Levin 700 8.5% 40 1,304 523 2,570 22.2% 537.0 265 89
200 andrew.mckenzie1 17/12/2025 12:30 PM andrew.mckenzie1 17/12/2025 12:30 PM 100 0 Jackson Lewis 697 11.7% 37 680 253 851 9.0% 1,024.6 463 304
2025 ranking 2024 ranking Firm Total revenue ($m) YOY revenue change % Profit margin RPL PPL PEP % change PEP Lawyers 2025 Total partners 2025 Equity partners 2025

*Financials reported in pound sterling and converted to US$ with average exchange rate of 1.2787 for 2024 calendar year
**Financials reported in pound sterling and converted to US$ with average exchange rate of 1.2761 for year ending March 2025
***Firm provided no information, £ estimates converted into US$
****Firm did not provide financial information, figures are estimated
† Firm declined to provide equity/non-equity split, equity partner numbers is estimated.
†† Net income and profit margin estimated
1 Firm did not disclose net income, profit before tax used instead. The merger of A&O and Shearman went live on 1 May 2024 so YOY revenue and PEP comparisons have been omitted as a result.
2 Firm did not disclose net income, partnership profit used instead. Lawyer numbers estimated
3 Firm did not disclose net income, pre-tax profit used instead
4 Firm did not provide financials, numbers with the exception of revenue are estimated
5 Figures are for the last full financial year for Herbert Smith Freehills before the 1 June 2025 merger with Kramer Levin to create Herbert Smith Freehills Kramer
6 PEP is for Eversheds Sutherland (International), the firm’s business outside of the US; other figures are for the full global firm.

Posted on

‘Technology pervades everything’: Addleshaw Goddard on why it has made tech a key sector as it eyes £1bn

‘Technology pervades everything, every client from retail and consumer to financial services,’ Damon Rosamond-Lanzetta, head of Addleshaw Goddard‘s tech sector explains. ‘I’m pleased that we are reinforcing that tech is important.’

While the firm has had a technology focus for some time, AG did not formalise tech as one of its core sectors until last year.

The move is part of the firm’s AG 2030 strategy, with technology – both internal and external – a core component of the ambitious plan to double in revenue to £1bn by 2030.

‘This sector brings together existing lawyers from across the firm to pool our sector knowledge and understanding in one place,’ Rosamond-Lanzetta says. 

‘We’ve been doing lots of work in the tech space,’ Andrew Johnston, the firm’s managing partner tells Legal Business. ‘Historically we haven’t brought that together and told the market the full story about what we do and our capabilities. It’s about bringing clarity and consistency… so our partners can sell it and build relationships.’ 

Rosamond-Lanzetta’s role is ensuring there is fluid cross pollination between various parts of the team. ‘If we’re talking to a retailer, we have a vast amount of sector knowledge whether that’s on economic dynamics or the regulatory side that we can bring in,’ he explains. 

Bringing these lawyers together has created a coherent, almost one-stop-shop, to make it easier for clients to access the most appropriate talent within the firm. ‘Technology pervades and supports all business, so we need to bring that approach to business.’

As well as streamlining and improving experiences, the new sector has allowed Rosamond-Lanzetta to spot new synergies within the firm: ‘We have Equinix as a client in France, a huge provider of data centres. We’ve done data centre deals in Germany, and we have our energy team looking at energy supply. These teams hadn’t always connected that much, so the role gives me the ability to bring them all together.’ 

‘Clients generally would like the answer to be yes or no, even if there is 40 pages of legal advice behind it’

Technical solutions themselves are becoming more bespoke, Rosamond-Lanzetta said. The days of single, monolithic tech systems which solve all the clients’ problems are gone. Instead, clients are looking for a ‘multiplicity of solutions that allows organisations to identify individual processes that work efficiently and add them into a broader solution,’ Rosamond-Lanzetta explains.

The method of delivering legal advice has also been changing with the adoption of new technologies. Just as Rosamond-Lanzetta is always in dialogue to see what other sector heads are doing in the technology space, he is also engaging with Kerry Westland, the head of the firm’s innovation group, to develop novel ways of presenting legal advice.

‘Clients generally would like the answer to be yes or no, even if there is 40 pages of legal advice behind it,’ Rosamond-Lanzetta says. Whether this is through dashboards, maps or traffic light pieces, the focus is on presenting the outcome and not the workings that led there. ‘In the tech space we recognise it is not about the technology itself but rather what it allows you to do. Whether the client wants improved customer engagement or a more efficient supply chain, what you’re selling is that outcome.’

Rosamond-Lanzetta asks his team to engage with Westlake’s innovation group right from the inception of a matter. ‘There is a real integrated and symbiotic relationship that feeds into how we differentiate ourselves and sell our expertise,’ he says.

This summer AG had an opportunity to support Haylo Labs on acquiring Plessey Semiconductors, one of the UK’s leading innovators of microLED technology. ‘James Dawson, one of our corporate partners, came to me and asked if this was something we were able to do,’ Rosamond-Lanzetta recalls. ‘I was able to say, “Yes, we know that business and we’ve got great expertise.” It is great when someone has an opportunity and we can bring these people together and deliver for the client.’

Naturally, Rosamond-Lanzetta is always horizon scanning for the next thing. He has one partner who is assuring him quantum computing is where the focus needs to be. Though the Financial Conduct Authority recently provided advice on preparing for quantum computing, it’s still unclear if it is five years away, or 20 years away.

‘It’s probably not my priority for 2026,’ he says, citing more pressing areas like agentic AI. ‘But having the sector gives us that community to share knowledge which improves our ability to deliver for clients.’

[email protected]

Posted on

Sullivan & Cromwell swipes Kirkland PE and tax duo

Sullivan & Cromwell has hired two partners from Kirkland & Ellis into its London office, the firm announced today (16 December), in the next step of the City buildout it began earlier this year.

The US firm has brought over private equity partner Aprajita Dhundia and tax partner Ian Ferreira, with the duo set to start in the new year.

The move marks the latest step in what has been a notable shift away from S&C’s traditionally unhurried lateral hiring strategy towards a more aggressive buildout, first signalled in September when the firm announced its hire of former Weil City head Mike Francies and restructuring partner Kon Asimacopoulos, who also joined from Kirkland.

Dhundia had been at Kirkland for just under 12 years, making partner in 2015, and has built a broad practice advising private equity sponsors and their portfolio companies on corporate transactions, including leveraged acquisitions, disposals, consortium and joint venture arrangements, and hybrid capital solutions.

She will join the firm’s private equity and M&A practices, coming into a team that has acted for financial sponsors such as Advent, Apex, Goldman Sachs Asset Management and Silver Lake.

Also making the move is Ian Ferreira, who joins S&C’s tax group after a decade as a partner at Kirkland. Prior to that, he spent four years at Weil as an associate in the fund formation group, and earlier trained and qualified at Clifford Chance.

Ferreira brings experience advising on tax matters across the asset management industry, including M&A and restructuring, fundraising, GP liquidity solutions, and management company structuring.

The dual hire underscores S&C’s determination to deepen its private capital capabilities in London at a time when competition among US firms for elite City talent and high-value transactional work remains intense.

While London is the firm’s second-largest office globally, it lags New York in terms of scale. As of September, the City office comprised 18 partners and 90 lawyers, compared with 650 lawyers in New York, including 114 partners.

Speaking to LB in September, S&C co-chair Scott Miller emphasised the need for scale, and cited a 50% increase in headcount as a growth objective for the office.

Commenting on the latest arrivals, co-managing partners Kon Asimacopoulos and John Horsfield-Bradbury said: ‘As we continue to execute on our growth plan in London, we remain focused on attracting only the very best lawyers who will add value to our clients as key parts of our integrated global team.’

They added: ‘Both Aprajita and Ian are standout practitioners whose arrival will further strengthen our position in the European market and put us in an even stronger position to support clients in their most complex, mission critical matters.’

[email protected]

Posted on

The banking crisis, Brexit and why he prefers in-house: HSBC’s GC on a career of once-in-a-lifetime experiences

Few GCs have steered their legal teams through as many crises as Bob Hoyt.

Now chief legal officer at HSBC Holdings in London, Hoyt – a veteran of some of the world’s biggest banks and government bodies – has been at the heart of some of the toughest moments for global finance on both sides of the Atlantic, from the financial crisis, to Libor, to Brexit.

When he was GC at the US Treasury Department, Hoyt says he regularly ‘worked 24 hours a day and often slept on the couch’. Given he took up the role in December 2006 shortly before the height of the financial crisis, he isn’t exaggerating.

Taking up the post after an 18-month stint at the White House, Hoyt and his team found themselves leading the legal response to the financial meltdown. They were central to the department’s response to the crisis, working on emergency measures to stabilise the economy and the legislation for the federal rescue of Fannie Mae and Freddie Mac.

Unsurprisingly, this experience remains his proudest professional moment. ‘Treasury was at the centre of it all,’ Hoyt recalls. ‘It wasn’t the sort of excitement you look forward to, but it was fascinating. I hope it was once in a lifetime – you wouldn’t want to repeat it.’

One standout aspect of the experience for Hoyt – who was a partner at WilmerHale before joining the White House – was seeing the legal community come together to try to save the country’s financial institutions.

‘There were so many learnings. The Treasury and IRS legal team had about 2,200 lawyers and we did quite a bit of the work. But then we also had many law firms working on the more operational components – like the takeover of Fannie Mae and Freddie Mac. They stepped up and essentially did the work pro bono, to help out in a dire situation. They contributed massive hours, knowledge and experience and got paid virtually nothing for it. It was a great showing of goodwill by the legal community to help the US and global economy.’

‘It wasn’t the sort of excitement you look forward to, but it was fascinating. I hope it was once in a lifetime– you wouldn’t want to repeat it.’

For Hoyt, who had always been set on a career in law, this governmental experience at the White House and Treasury paved the way for the long career he’s enjoyed in-house since.

‘I realised I preferred the in-house dynamic to the law firm dynamic. The broad generalist view really appeals to me.’

Part of this preference is driven by being part of a single team working together to help a single company.

‘There’s one team working on all of the institution’s challenges, whatever they might be. But, when you’re at a law firm, at any given time you have a dozen different clients, all with their own problems so you find yourself stretched in many different directions. Even when you’re very busy in-house you know what the priorities are so you can balance and align everything towards one set of objectives.’

From the Treasury, Hoyt moved to Pittsburgh-based financial services company PNC in 2009, initially as chief regulatory affairs officer, before working up to GC by the time he left in 2013.

‘That was where I really learned about banking. I did not know much about banking before that job as I wasn’t a banking lawyer. I went in there knowing next to nothing about the industry so it was a tremendous learning experience for me.’

The experience paved the way for his move across the Atlantic to join Barclays in 2013.

‘If you look back at the big global banks at the time, pretty much all of them had, as general counsel, Americans who had spent some time in government. It was very common because, in that era, the biggest legal challenges facing these institutions tended to arise from their business in the US, and Barclays was in that position as well.’

‘I thought it was an exciting opportunity. Barclays had a lot of challenges and my background made me a good candidate for helping them with that.’

‘I realised I preferred the in-house dynamic to the law firm dynamic. The broad generalist view really appeals to me.’

Hoyt arrived shortly after the bank’s involvement in the Libor scandal, which saw Barclays fined £290m in 2012 for rate manipulation between 2005 and 2009.

‘There were many other industry-wide issues that Barclays also needed to resolve and put behind them. I would say I spent the better part of my tenure helping them deal with those.’

‘There was a big program of remediation and cultural change underway when I joined. The bank was very open about taking responsibility and putting these legacy issues behind them as best they could. If you look around at other financial institutions, almost every one I can think of has gone through a period like that. Nobody likes it because it distracts you from your business, your strategy and your core mission to serve customers.’

In addition to holding the top legal position at one of the UK’s largest banks, during his tenure at Barclays, Hoyt also chaired the Brexit Task Force for UK Finance and was on the board for the British Bankers Association.

He describes the task of separating the UK from the EU as like ‘untangling a bowl of spaghetti’.

‘It involved helping the government and regulators understand what the consequences of the separation were and how to avoid the undesirable ones,’ he says. ‘I thought of it as a great public-private partnership. It was something nobody had done before; a big task that was in everyone’s interests to go smoothly.’

Hoyt’s role was focused entirely on the practical aspects of the separation rather than the politics, a position aided by his comparatively recent arrival in the UK before the vote.

‘I hadn’t been in the UK all that long before the Brexit vote happened, so I don’t think I really had enough perspective to have a view of whether it was a good thing or a bad thing.’

‘There are certainly advantages and disadvantages for the financial sector but how successful it is is a story that is still to be written. Even very big, longstanding policies can change. That’s the nature of democracies and how they work. It’s always disruptive when there’s a big change. But life moves on.’

As do careers and, after seven years at Barclays, Hoyt made the switch to HSBC as chief legal officer in the middle of Covid in 2021.

Despite his long financial services career, the move represented a new chapter and new challenges for Hoyt. He was attracted to the geographic reach of HSBC – and, in particular, its significant Asia-Pacific presence.

‘The highlight has been the geographic spread of the organisation. It’s not just the number of countries we are in but our unique scale and depth in those countries. It’s very fresh and exciting,’ he says.

‘I’ve been incredibly fortunate, and I’ve enjoyed and am proud of what I’ve accomplished at every place I’ve been at’

Having led through some highly pressured situations Hoyt is clear that it takes a team to do the GC role effectively, rather than individual heroics. ‘You’re not in it alone. That’s one of my big beliefs. I rely hugely on the talented people on my team and they need to be able to rely on me and on one another.’

‘If you do the job with integrity, and you do it with a great team, taking advantage of all the resources that you have, that’s the most anyone can ask of you. You don’t win every case, you don’t succeed in everything you do but, if you approach your job from that perspective, you won’t stress about it because you’ll know you did the best you could with the resources available to you at the time.’

That said, Hoyt is the first to admit his job would not be for everyone.

‘I’d recommend my job to anybody who would enjoy it, but it wouldn’t be right for everybody. I remind my colleagues that you better really love doing this, because you’ll work very hard, you’ll sacrifice a lot of your work-life balance, and there is stress. If you really love the job, you won’t mind that stuff but, if you don’t love what you’re doing, it can burn you out.’

Certainly, even after decades in high profile GC roles, Hoyt remains energised by the work. ‘I’ve been incredibly fortunate, and I’ve enjoyed and am proud of what I’ve accomplished at every place I’ve been at.’

Career Timeline

1990-2005: Associate and partner, WilmerHale

2005-06: Special assistant and associate counsel to the president, The White House

2006-09: General counsel, US Department of the Treasury

2009-12: Deputy general counsel & chief regulatory affairs officer, PNC

2012-13: General counsel & chief regulator affairs officer, PNC

2013-2020: Group GC, Barclays

2020-21: Vice chair, Barclays

2021-present: Chief legal officer, HSBC

HSBC Holdings plc – key facts

HSBC Holdings plc, the parent company of HSBC, is headquartered in London. With assets of $3.234trn at 30 September 2025, HSBC is one of the world’s largest banking and financial services organisations, serving customers from offices in 57 countries worldwide.

Employees worldwide: 211,304

Posted on

Freshfields accounts reveal 6% revenue rise for 2024-25 as US sees fastest growth

Freshfields saw revenue grow by 6% to £2.25bn during the 2024-25 financial year, the firm’s newly filed limited liability partnership accounts have revealed.

This is the second year that the firm has not announced financial results in line with other UK peers in the summer, instead opting to hold back confirmation until its LLP filing with Companies House.

The accounts show that profit available for division amongst members dipped by 2.5% from £664.9m to £648.3m, although operating profit climbed by 3.2% to £664m. The firm does not formally announce profit per equity partner (PEP).

Net cash rose from £36.1m to £87.4m, an increase of £142%. The accounts state that the firm now has no bank loans, down from £50m last year, while committed bank facilities are up from £150m to £200m.

The US was the firm’s fastest-growing region, with revenue up 21% from £391.1m to £473.3m. Asia saw turnover increase by 5% to £133.5m, with more modest growth in Middle East and North Africa (3.5%) and Europe (2.3%).

The US now accounts for 21% of all revenues, with Europe contributing 71%.

Total salary costs rose 11% from £954.5m to £1.058bn over the year, with the average number of fee earners rising from 3,703 to 3,901. The average number of members remained steady at 296, marginally up from 294 last year.

Profit and remuneration to key management personnel – the senior partner, managing partner and heads of global practice groups – was £25.8m, down 1.5% on the previous year.

The revenue growth of 6% is slightly behind the figures announced by the firm’s peers earlier this summer. Linklaters posted 11% revenue growth to reach £2.32bn, while Clifford Chance saw revenue rise by 9% to £2.4bn.

A&O Shearman also filed its first set of accounts as a merged firm earlier this month, with revenue at the combined firm up by 33% over the year to £2.86bn, up from legacy Allen & Overy’s £2.15bn.

[email protected]

Posted on

GE Vernova’s GC on encouraging innovation, managing risk and the ‘unprecedented’ demerger from GE

Beginning his career in litigation before moving through IP, technology and e-commerce law, Jeegesh Maroli charts a professional journey shaped by creativity, regulation and innovation, and reflects on how those experiences inform his role today.

How did your career develop to where you are today?

My career has been a fascinating journey influenced by early readings such as Glanville Williams’ Learning the Law and Roscoe Pound’s Philosophy of Law. In a nutshell, the real-world application and social effects of the law and law practice.

I began as a pure-play litigation lawyer, which laid a strong foundation for my legal career. My fascination with creativity and IP led me to transition into IP law, where I became infatuated with the legalised monopoly and inherent creativity (divinely ordained rights in my language) and the P2P platforms for sharing music files. This passion prompted me to seek a career with a premier law firm specialising in media and telecommunications, where I handled startups, trademark, copyright, and IP litigation for entertainment industry clients and music publishers.

This experience was instrumental in my transition to in-house IP and e-commerce practice, first at Flipkart (Walmart) and later at Amazon. At Amazon, I had the opportunity to head the digital legal practice, overseeing IoT products, Prime Video, and Prime Music and the technology architecture.

My career at GE/GE Aerospace/GE Vernova has been a dynamic journey, requiring me to take on diverse roles such as transactional lawyer, government relations partner, privacy lead, compliance lead, ombudsman and handling defence transactions. This transition demanded a deeper understanding of complex regulatory landscapes on electricity, atomic energy, environmental clearance, customs, indirect taxation, data privacy, cybersecurity and labour laws, to quote a few.

In addition, I have been actively involved in partnering with academia on large-scale projects, bridging the gap between theoretical research and practical application, and driving innovation within the company. My career has been a blend of litigation, IP strategy, and e-commerce and technology law, perhaps shaped by the foundational principles I learned early on from great minds such as Glanville Williams and Roscoe Pound.

Can you talk us through the commercial and technical aspects of your role, alongside its legal responsibilities?

My current role within GE Vernova, and in GE Aerospace, particularly in an R&D-focused organisation, is centered on exporting engineering services through an Export Oriented Unit (EOU) or Special Economic Zone where indirect taxes can be exempt. This demands a multifaceted approach that blends legal and commercial acumen with technical expertise. The legal team is normally tasked with providing strategic advice that aligns with the core business goals, handling transactional work, and committing to proactive learning to stay ahead of industry changes.

Technically, I have had the privilege of navigating the complex language of engineers, especially in the aerospace and energy sectors, and delving into the intricacies of cutting-edge technologies such as additive manufacturing, data centres, public-private partnerships, government contracts, exports, defensive publications, IP on derivative works, and high-performance computing. From a legal standpoint, this involves translating these technical concepts into actionable legal documents. For instance, the term ‘export’ can refer to both physical assets being shipped via air, or a source code being uploaded to the cloud.

Legal responsibilities encompass compliance with regular permits and licences, export regulations, environmental compliance, protecting IP and corporate data, and managing the company’s IP portfolio to safeguard innovations and maintain a competitive edge. Essentially, the legal team acts as a strategic business partner, ensuring that all commercial and technical aspects are aligned with the company’s goals while adeptly navigating the complex regulatory landscape.

What does your involvement in R&D look like across the business?

I have been involved with the design and development of various products right from my previous organisation. Internet of Things products within research & development, encompassing devices, platforms, and services used to build and deploy connected solutions. In the GE legacy organisations, I can quote a few of the R&D processes, such as advanced engine technologies, and additive manufacturing (3D printing), sustainable aviation, partnering with the government on renewable energy initiatives, atomic energy, direct air capture technology and healthcare devices. In addition, the generation of IP from contracts with partnership from premium research institutes is a key area.

Could you tell us about the legal framework you developed with the Government of India to enable GE’s demerger?

A court-approved demerger, such as the demerger of GE Vernova in the current instance, is a lengthy process that typically involves a larger team of professionals. A critical aspect of this process from a GE legacy standpoint is the identification of R&D assets to be demerged and understanding the permits and licenses required by both the demerged entity and the remaining company/parent entity, particularly at the John F Welch Technology Centre in Bangalore. It is natural for any new entity to spend some time to obtain statutory licences and permits, which may result in potential blackout periods for the newly incorporated entity.

To avoid such blackout periods, the legal team undertook active collaboration with state and central government authorities, as well as local customs. This collaboration was particularly critical given the absence of specific legal provisions under the law on demerging of certain assets. This involved technical questions such as the financial implication of the movement of duty-free assets to a domestic tariff area upon demerger and the resulting indirect tax liabilities to the new entity. The process also required extensive consultation with the government to technically bifurcate numerous permits previously held under a single entity and seek in-principle approval to ensure no blackout periods in the absence of legal provisions touching a demerger.

This unprecedented exercise is unique in many aspects, highlighting the complexity and necessity of such detailed planning and collaboration.

What do you look for when working with external counsel?

Key among these expectations is openness and an unbiased voice, even if their opinions may conflict with those expressed in earlier situations. External counsel should be able to course-correct the general counsel without any hesitation, ensuring that the client relationship remains unaffected. This ability to provide candid feedback is crucial for maintaining the integrity and effectiveness of legal advice. Essentially, act as a business partner. The role of the GC encompasses a very broad scope that extends well beyond traditional legal responsibilities. In my expectation, this must include: stressing ethics and values, ensuring that the company operates within a framework of integrity; and undiluted and direct communications facilitating effective internal and external communications.

What’s it been like working with your New York-based team?

This is characterised by a highly collaborative approach, aimed at ensuring effective and compliant operations across jurisdictions. Key aspects of this relationship include: local subject matter expertise, risk mitigation and strategic collaboration facilitating a robust R&D ecosystem: This involves creating a supportive legal framework that encourages innovation while ensuring adherence to legal standards. More importantly, organic growth as a professional is key aspect as well.

Can you share your role in, and contribution to, establishing GE Vernova’s Bangalore campus?

September 2025 marked 25 years since the establishment of the John F Welch Technology Centre (JFWTC) by the General Electric Company in Bangalore. The demerger process presented unique challenges, particularly in establishing GE Vernova’s Bangalore campus as a new, independent R&D focused EOU model entity in the same campus as its parent.

Key contributions to the establishment of GE Vernova’s Bangalore campus included a comprehensive audit of the existing ONE-GE legal and compliance framework, ensuring that the foundations were robust and fit for purpose as the new entity took shape. This was followed by the establishment of a new EOU, alongside securing the necessary leases, licences and permits required to support operations on the ground.

A critical part of the process also involved the careful bifurcation of R&D assets, research data and IP, safeguarding their integrity and ensuring clear separation where required. In parallel, strategic planning was undertaken to enable a smooth operational launch, with particular focus on identifying and addressing any potential gaps as activities commenced. Finally, a fresh governance framework was implemented for GE Vernova, providing a clear and effective structure for overall oversight and long-term compliance.

Posted on

Revolving Doors: Latham swipes German transactions team from Freshfields as Ropes rebuilds in private equity

Frankfurt

Latham & Watkins has significantly bolstered its German PE and M&A practices with the hire of a total of four partners from Freshfields, including the firm’s global co-head of M&A.

Private equity specialists Markus Paul and recently promoted PE and M&A partner Carsten Haak will join Latham in Frankfurt, while Freshfields global co-head of M&A Wessel Heukamp and M&A and PE expert Verena Nosch are joining in Munich.

Latham already boasts a strong practice in both PE and M&A, with Legal 500 rankings in Tier 1 and Tier 2 for PE transactions: large deals (€500m+) and M&A: large deals, respectively.

Latham’s corporate department global chair, Charles Ruck commented: ‘Private equity has long been a core pillar of our global strategy and the arrival of this fantastic team of dealmakers further strengthens our practice in every major market globally.’

Burc Hesse, managing partner of Latham’s German offices, added: ‘Their arrival is a testament to the exceptional growth we have achieved in recent years and our preeminent position in the market. The team not only strengthens our practice in Germany but also reinforces our commitment to delivering outstanding results for our clients, both in Europe and worldwide.’

In London, Ropes & Gray has hired EQT’s group general counsel of M&A and investments, Paul Dali, into its private capital transactions practice, set to start at the firm in 2026.

Before his stint in-house Dali worked as an associate at Swedish commercial firm Advokatfirman Vinge KB, and before that Linklaters.

A spokesperson for the firm said: ‘Paul joins us from our client EQT, where he led significant asset management M&A as Group General Counsel of M&A and Investments.’

At the start of November, Ropes lost private equity duo Dan Oates and Angela Becker to Akin, which came off the back of further private equity departures earlier in the year.

Helen Croke moved to White & Case in June, while PE real estate partners David Seymour and Will Bryant departed the group in July for Freshfields.

In addition to Dali’s hire, Gretchen Greene has joined the firm as the first ever chief of artificial intelligence strategy. Greene joins the firm from Meta, where she has spent the last three years as AI policy senior manager. She joins the firms San Francisco offices.

Ropes chair Julie Jones commented: ‘The AI revolution demands bold leadership and innovative thinking, Ropes & Gray has been leading the legal industry, and Gretchen will help us catalyze our early action to deliver differentiated value to our clients.’

In London, Eversheds Sutherland has continued to expand its corporate department with the hire of Simon Arlington from Morrison Foerster. Foerster spent nearly eight years at MoFo, and specialises in tech M&A and PE transactions.

In the last two months, Eversheds has made a number of key hires in London. Last month, Laura Marcelli and Matt Davies joined the firm’s transactional risk insurance group from DLA Piper, and in September finance partner Martin Corrigan and corporate partner Kashif Siddiqui joined, from Latham and Pepco Group respectively.

Baker McKenzie has bolstered its real estate finance team with the addition of Luke Harber as a partner. Harber has spent the last seven and a half years in-house at Citi, first as vice president and then as a director. Before his stint at Citi, Harber was a senior associate at legacy Allen & Overy.

Trowers & Hamlins has hired Georgie Messent from Squire Patton Boggs to its environmental and regulatory practice in London.

Messent spent just over a year at Squires’ as head of environment and advises on all aspects of environmental regulatory and compliance issues, transactions and litigation. Before this Messent was at PwC handling environmental and sustainability legal advice.

Elsewhere in the UK, Brodies has launched in Leeds with the hire of construction expert Bill Barton and an eight-lawyer team.

Barton joins from his own construction boutique Barton Legal. He is ranked as a leading partner in the Legal 500 construction ranking in Yorkshire, and handles both contentious and non-contentious matters within construction.

Squire Patton Boggs has hired Deborah Brown to its restructuring and insolvency group in Birmingham from Keystone Law.

Brown has been with DLA Piper since 2007, where she began as a trainee solicitor and rose to the rank of legal director in 2020, while also leading the restructuring and insolvency team in the Midlands. She will join Squire Patton Boggs as a partner and is particularly well-versed in non-contentious corporate recovery, restructuring and turnaround.

Last up in the UK is Ward Hadaway, which has hired Weightmans private wealth team lead Louise Miller as a partner in Newcastle. Miller brings experience across estate planning, wills, trusts and probate, and joins the firm’s private client team.

Finally, in Europe, Herbert Smith Freehills Kramer has announced that Esteban de Santos Smith will join the group’s Spanish corporate practice in January 2026.

De Santos Smith has spent the last eight years at Linklaters, recently as a managing associate. He will join the firm’s Madrid office as a partner.

[email protected]

Posted on

‘A merger of complementaries’ or ‘transatlantic panic’? – the market view on Winston Taylor

‘The Ashurst tie-up seems to have kicked people into action – there’s quite a panic about transatlantic mergers.’

Whether panic or pure coincidence, the news that Taylor Wessing and Winston & Strawn are in talks to combine in May next year under the banner Winston Tayor, is the latest evidence that the market for transatlantic mergers is busier than ever. The talks, confirmed by both firms on Friday (12 December), came just weeks after the announcement of Ashurst’s deal with Perkins Coie.

The proposed combination of Taylor Wessing’s UK arm with the Chicago-headquartered Winston & Strawn, which has 10 offices across the US, would create a firm with total revenues of around £1.23bn ($1.65bn) and more than 1,400 lawyers.

If the deal goes ahead and partners agree to the union, the merger will see Taylor Wessing’s UK-led business (which has operations in the UK, Ireland, Dubai and lawyers in San Francisco) leave the existing Taylor Wessing verein to join forces with Winston & Strawn to create Winston Taylor.

The Netherlands and Belgium will also leave the Taylor Wessing verein but are expected to enter into an agreement to operate under the Winston Taylor brand. The German and French arms are expected to break away and operate independently.

Steve D’Amore, chair of Winston, who will continue as chair of the combined firm, said: ‘Once combined, we will have a London-headquartered partner that fulfills our long-held ambition to grow in the UK, while preserving the culture, agility, focus, and relentless client service that define Winston & Strawn. Winston Taylor will be positioned to lead on the most sophisticated litigation and transactions in the world’s most defining industries.’

Shane Gleghorn, managing partner of Taylor Wessing UK, who will serve as managing partner of Europe and Middle East for the merged firm and will sit on the executive committee added: ‘In Winston & Strawn, Taylor Wessing UK will have a US partner that shares our vision, our values, and culture, and absolute focus on the highest levels of client service. By combining Winston & Strawn’s strength in the major hubs across the US with our coverage of the key centers of London, Europe, and the Middle East we will have created a firm with the highest level of transatlantic capabilities in key practices and sectors.’

So as more and more firms look for partners across the pond, is this a match made in heaven – or a marriage of convenience?

In their joint press release, the firms highlighted corporate, private equity, real estate, finance, antitrust, regulatory, and private wealth. They also pointed to intellectual property as a key area of overlap, where Taylor Wessing holds tier 1 Legal 500 rankings in London in both patents (contentious and non-contentious) and trade marks, copyright and design for the tech, media and telecoms (TMT) sector.

Winston, meanwhile, holds US Legal 500 rankings in tier 2 for patents: litigation (full coverage), and tier 3 for copyright.

Taylor Wessing’s key sectors include TMT, life sciences, private wealth and real estate, while Winston has top-tier Legal 500 US rankings for mid-market M&A, renewables, sport, as well as strong credentials on the contentious front, across antitrust, white-collar and commercial disputes.

For one City corporate partner, the differing expertise of both firms could be seen as a positive. ‘It seems to be a merger of complementaries,’ the partner said. ‘They bring different things to the table – there’s no overlap.’

Scott Gibson, director at legal recruiter Edwards Gibson, strikes a more cautious tone. ‘At first glance, it’s not an obvious fit. Taylor Wessing is a tech and life science powerhouse, and although Winston & Strawn has some life sciences clients, it’s not known to be in the same space,’ he says. ‘It’ll be interesting to see what form the combination takes.’

‘There’s a finite list of suitable merger partners, and there’s a panic borne from running out of dance partners’

Winston is the much larger of the two firms, with 2024 revenues of $1.27bn (£946m) compared to Taylor Wessing’s UK revenues of £284m and firmwide turnover of £526m for 2024-25.

The US firm’s profit per equity partner of $3.5m (£2.6m) is also much higher than Taylor Wessing’s UK PEP of £1.1m, a disparity that Gibson notes will add an element of difficulty to the proposed merger.

One corporate partner at a US firm in London points to the value of increased scale for Taylor Wessing, given the potential to build out its offering for venture capital clients, another area for which the firm is top-ranked.

‘The balance for tech-focused firms is to be flexible early on for companies in the series A, B and C funding stage – but then to also be credible later on when they are ready to list,’ the partner said. ‘Without sufficient scale, they risk losing large chunks of mandates when these venture companies become bigger – they need the expertise to help them through the next stage.’

For Winston, which has a relatively small presence in London, with just under 30 lawyers in its City base, the benefits are clear, according to another City recruiter: ‘It’s a good deal – it makes a lot of sense. Winston has been desperate to do something big in London for years and they have some shared clients like Abbott.’

While there are undeniable positives, some in the market are more circumspect about the current rush of transatlantic merger interest.

‘The Ashurst-Perkins Coie tie-up seems to have kicked people into action. Economies on the European side of the Atlantic are low growth, and America is a driver over and above what we have in Europe’, notes one partner in management at a UK top 25 firm. ‘However, there’s a finite list of suitable merger partners, and there’s a panic borne from running out of dance partners. People need to make sure they’re doing it for the right reasons.’

Another managing partner at a UK top 25 firm acknowledged the heightened sense of urgency. ‘A lot of other law firms may be thinking: “crikey, do we have to go down this route?” It will definitely freak a lot of people out.’

Within Taylor Wessing itself, the news is less of a shock. One Continental Europe partner said the UK arm of the firm had been pursuing a US merger for some, saying ‘this approach is not new’, while another was even more blunt, remarking that talk of a US tie-up has been circulating at the firm ‘for the last 20 years’.

On the spinoff of France and Germany, one partner told Legal Business that the partnerships in those countries had decided ‘in their strategy decisions of 2023 and 2024’ that they did not want to be part of a US merger.

Additional reporting by Theresa Hargreaves, Will Lewallen, and Alex Ryan.

[email protected]

Posted on

Sidley London partner promotions up despite smaller global round

Sidley Austin has promoted three lawyers to the partnership in London, with a total of 29 new partners made up around the globe.

The new City partners are Florian Kamp in private equity, Jonathan Lafferty in commercial litigation and disputes, and Azeem Sulemanji in global finance.

By comparison, last year Sidley promoted only one lawyer to partner in its London office – life sciences specialist Chris Boyle.

The increase in London numbers comes despite a decline in total promotions of almost 24%, with a total of 29 lawyers making partner this year compared to 38 in 2024.

This year’s is the smallest partner promotions round since 2020, when the firm made up 28 partners, with two in London.

Most of the promotions this year are again in Sidley’s New York office, where nine lawyers made partnership. Of these, three were in the firm’s global finance team and two in private equity, with additional promotions in tax, M&A, restructuring, and commercial litigation and disputes.

Also in the US, Sidley has promoted six lawyers to partner in its Chicago office, four in Washington DC, two each in its Los Angeles and Century City offices, and one each in San Francisco and Dallas.

Meanwhile, the only other new partner made up in Europe was private equity lawyer Thomas Komanek, based in Munich.

Chair of Sidley’s management committee Yvette Ostolaza said in a statement: ‘This is an exceptional group of lawyers that have been elected to partner and promoted to counsel.’

She continued: ‘Each of them has demonstrated the attributes that are necessary to practice at the highest levels of our profession.’

The promotions will come into effect on 1 January 2026.

Also announcing new partners recently was Willkie, which made up 30 this year, including seven in London, up from 19 new partners total last year, of which one was in London.

Cooley made up a total of 23 new partners, up from 20 last year, with three new partners in London in each of the last two years.

Additionally, Mayer Brown promoted 36 new partners, with four in London, compared to 39 in total last year, with three in London.

King & Spalding promoted 27, with two in London, while Cleary‘s promotions round totalled 20, also with two in London.

Partner promotions at Weil and Vinson & Elkins were also down by one this year, as Weil made up 17 new partners compared to last year’s 18, while V&E made up ten, down from 11 last year.

In October, both White & Case and Latham & Watkins announced partner promotions, with the former promoting a total of 45 new partners, and the latter promoting 40.

Later in the month, the newly merged McDermott Will & Schulte promoted a total of 74 partners, with two in London.

Paul Weiss has also announced its promotions, with a total of 28 new partners made up firmwide, including eight in London.

The new partners promoted at Sidley are:

Europe:

  • Florian Kamp, private equity, London
  • Jonathan Lafferty, commercial litigation and disputes, London
  • Azeem Sulemanji, global finance, London
  • Thomas Komanek, private equity, Munich

United States:

  • Dustin Anderson, tax, New York
  • Rachel Fridhandler, M&A, New York
  • MK Han, private equity, New York
  • Emily Hunter, private equity, New York
  • Luke Maiman, global finance, New York
  • Michael Sweeney, global finance, New York
  • Aleana Thomas, global finance, New York
  • Jon Nuenz, commercial litigation and disputes, New York
  • Patrick Venter, restructuring, New York
  • Anika Hermann Bargfrede, M&A, Chicago
  • Katie LaVoy, SEC and corporate governance, Chicago
  • Abigail Molitor, commercial litigation and disputes, Chicago
  • Takayuki Ono, white collar defense and investigations, Chicago
  • John White, insurance, Chicago
  • Caroline Wong, securities and shareholder litigation, Chicago
  • Aaron Applebaum, global arbitration, trade and advocacy, Washington DC
  • Ameneh Bordi, restructuring, Washington DC
  • Stanley Boris, banking, payments and fintech, Washington DC
  • Erin Kauffman, securities enforcement and regulatory, Washington DC
  • Caleb Bowers, environmental health and safety, Los Angeles
  • Alexandra Ruiz, commercial ligation and disputes, Los Angeles
  • Shayona Schiely, global finance, Century City
  • Jonathan Westreich, tax, Century City
  • Lauren Freeman, antitrust and competition, San Francisco
  • Jeri Leigh Miller, restructuring, Dallas

[email protected] 

Posted on

Taylor Wessing UK in transatlantic merger talks with Winston & Strawn

Taylor Wessing‘s UK arm is in talks to combine with US firm Winston & Strawn, in a transatlantic tie-up that could create a firm with combined revenue of around £1.23bn ($1.65bn).

The proposed union is expected to see Taylor Wessing’s European verein splitting apart, with the German and French partnerships understood to be outside the merger discussions. The Netherlands, Belgium, Ireland and Middle East offices are understood to be part of the merger talks.

In a statement, the firms said: ‘Winston & Strawn and Taylor Wessing UK confirm that they are in discussions regarding a potential combination, which would build upon the complementary strengths, shared ambitions, and combined international reach of the two firms going forward.’

The firms went on to add that ‘there is nothing to formally announce at this stage’.

In its most recent financial results, Taylor Wessing reported a 15% increase in UK revenue to £283.7m, with UK profit per equity partner (PEP) up to £1.1m.

Topline turnover for Taylor Wessing’s entire business, including France and Germany, stood at £526.2m (€619m) for 2024-25, up 10% from £480.7m in the previous year’s financial results.

Winston, meanwhile, recorded revenue of $1.27bn (£946m) in 2024, with net profit of $410m and PEP of $3.5m (£2.6m). The firm has 10 US offices and a small presence in London and Paris.

Taylor Wessing has long sought to build a platform in the US, with the firm initially signing a non-exclusive relationship with West Coast tech firm Wilson Sonsini in 2019.

News of the merger plans come only weeks after Perkins Coie and Ashurst announced their own plans to combine, in a financially integrated merger that would create a firm with revenue of around $2.7bn, with roughly 3,000 lawyers worldwide.

If voted through, the merger would see the two firms unite as Ashurst Perkins Coie, a firm that would focus on tech, energy & infrastructure and financial services. Partners at both firms are expected to vote on the deal next spring and,  if successful, the merger would go live in the middle of 2026.

[email protected]