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DLA Piper and Proskauer lead on BrewDog’s sale to US cannabis and drinks manufacturer

DLA Piper is acting for administrators of long-beleaguered craft beer brewer BrewDog on the sale of some of its UK and Irish assets to US cannabis and drinks company Tilray Brands for £33m, with Tilray represented by Proskauer.

Earlier today (2 March), Clare Kennedy, Ian Partridge and Ben Browne of distressed business advisory AlixPartners were appointed joint administrators to the brewer, with Tilray Brands then agreeing a rescue deal for some of the business.

Tilray is set to acquire BrewDog’s brand, UK brewing and distribution operations, IP and ’11 strategic brewpubs in the United Kingdom and Ireland,’ according to a statement from Tilray.

BrewDog’s 38 remaining bars across England and Scotland will close with immediate effect, leading to 484 redundancies.

AlixPartners is being advised by a team from DLA Piper led by UK head of restructuring Rob Russell in Manchester and restructuring partner Sarah Letson, who leads the firm’s Scotland restructuring practice from its Edinburgh office.

DLA is  a long-time adviser to the embattled brewing company, acting for it on the 2017 acquisition of a 22.3% stake by private equity firm TSG Consumer Partners, in a deal that promised the PE house an 18% compound return on its £213m investment in the event of an exit.

DLA also acted for the brewer in its joint venture with Budweiser in 2023, a move that saw it expand into China under the Budweiser brand.

For Tilray Brands, investment bank Jefferies acted as financial adviser, with Proskauer acting as external legal counsel.

AlixPartners said in a statement: ‘No offer was made at any stage of the sales process, from any prospective bidder, which would have preserved BrewDog in its entirety.’

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Revolving Doors: City hires at Goodwin, Ropes as Willkie brings in former CC antitrust head

Willkie Farr & Gallagher has hired Clifford Chance’s former UK competition head as a partner in London.

Greg Olsen will join after stepping down as an ordinary member of the Competition Appeal Tribunal. Before that, he spent 17 years at Clifford Chance, where he served as the firm’s UK competition leader until 2024. He previously held the same role at Jones Day, where he spent six years before moving to Clifford Chance.

Olsen’s practice focuses on UK and EU competition matters, including mergers, joint ventures, market investigations, cartels and antitrust.

Willkie’s chairman Matthew Feldman commented: ‘[Olsen’s] arrival is the latest demonstration of our continued investment in our global antitrust & competition practice. His varied experience, including representing some of the world’s leading corporate, private equity, and financial institutions, will benefit our clients as they continue to navigate a changing regulatory landscape.’

Ropes & Gray has also looked to Clifford Chance for a recent London hire, bringing in private equity specialist Lavinia Ralli in London.

Ralli joins as a partner following a year as counsel at Clifford Chance. Prior to this she served as global head of investment legal at Partners Group, a private equity firm and long-standing client of Ropes & Gray.

Her arrival follows a series of senior transactional hires in Europe this year. These include private equity and M&A partners Paul Dali, the former GC of key client EQT, and Alessandro Capogrosso, who joined from PedersoliGattai in Milan.

In late January, the firm also added funds partner Edouard Chapellier and tax partner Jonathan Abensour, alongside eight associates, from Linklaters in Paris.

Also in the City, Cohen & Gresser has hired private equity partner Olga Ponomarenko from Latham & Watkins.

Ponomarenko advises clients including PE sponsors, sovereign wealth funds, and financial institutions on a wide range of M&A transactions. She previously spent 18 years at Latham, making partner in 2018, and she joins alongside associate Irina Bratishkina, from Cleary.

Elsewhere, Goodwin has hired City venture and growth equity funds partner Ed Kingsbury.

He joins from CMS, where he spent seven years as a funds partner, after three years as a senior associate in Dechert’s financial services group.

In Australia, White & Case has hired private capital and M&A partner Alex Elser from King & Wood Mallesons in Sydney, where she served seven years on its private equity team.

Elser’s practice spans all aspects of transactional work for private equity sponsors, including Blackstone, KKR, Apollo and EQT.

In Europe, Simmons & Simmons has added two private equity partners to its bench.

In Frankfurt, Hans Peter Leube joins following a two-year stint at Morgan Lewis. Prior to this he served just under ten years at Bird & Bird, where he was co-head of the firm-wide private equity group.

In Amsterdam, the firm has hired Vincent Dogan, who joins from A&O Shearman where he was senior associate.

Back in the UK, Eversheds Sutherland has appointed a new general counsel.

Andrew Cheung joins from Pinsent Masons, where he spent three years as GC. Prior to this he served 13 years as general counsel and then partner at Dentons in Dubai, leading the firm’s Middle East compliance and regulatory investigations practice and the Dubai commercial disputes and arbitration practice between 2020 and 2023.

Also making operational moves was Kennedys, as the insurance specialist firm has hired Milan Devani as its global chief information officer.

Devani joins from Baker McKenzie, where he was most recently the director of global infrastructure. He spent more than 26 years at the firm, first joining as a European support specialist in 1998 and returning in 2000 after ten months at then-Nabarro Nathanson.

Womble Bond Dickinson has hired real estate lawyer Andrew Yates as head of living capital in London. He joins from DLA Piper where he spent three years as coordinator of international living capital.

Greenberg Traurig made two hires into its London office recently, bringing in both real estate partner Simon Elliott from Herbert Smith Freehills Kramer and media and entertainment partner Robert Turner from Bird & Bird, who is recognised as a Legal 500 next-generation partner for sport.

Kingsley Napley has hired tax partner Kelly Grieg, who joins from Blick Rothenberg, an accounting, tax and advisory firm where she was a private client partner servicing high net-worth individuals.

She is joined by Abbie West-Kelsey as a tax manager, who also, until August 2025, worked at Blick Rothernberg, as an assistant tax manager.

Freeths has hired seven lawyers into its employment and pensions team, including one partner in London and one in Bristol, as well as one managing associate and four associates.

Melanie Stancliffe joins following six years at Cripps Pemberton Greenish as an employment partner in London, while James Dean joins as pensions partner and head of the pensions team in Bristol. Prior to this, he served eight at Simmons & Simmons.

Squire Patton Boggs has hired Gemma Hanley, who was previously head of Pensions at Eversheds Sutherland in Leeds, as well as Matthew Harris, who joined the intellectual property and technology practice in Birmingham from Gowling WLG.

Finally, Brodies has hired Levy & McRae partner Neil Hay. A Legal 500 leading partner for crime in Scotland, Hay moves to Brodies alongside a legal director and a solicitor.

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Sullivan & Cromwell continues London finance build with another hire from Weil

Sullivan & Cromwell has hired another partner from Weil into its growing City office, marking its fourth lateral hire from Weil in just six months.

Banking and finance partner Jenny Choi, who made partner at Weil last January, will join S&C as its ninth new partner hire in London since last September.

S&C co-chairs Robert Giuffra and Scott Miller said: ‘Jenny is an exceptional finance and private equity lawyer, and we’re delighted to welcome her to S&C as a partner,’

They added: ‘Her extensive experience in the private capital markets complements the strength of our London team and reinforces our commitment to delivering market-leading advice to clients in this space.’

Choi’s move marks the latest step in an aggressive City buildout that the historically conservative New York firm has pursued since it boosted its London office last autumn with the headline hires of former Weil London head Mike Francies and Kirkland & Ellis restructuring partner Kon Asimacopoulos.

Speaking with LB around the time of the moves, S&C’s Miller expressed the firm’s desire to grow in the UK, saying: ‘I think London should be 50% bigger than it is.‘

Since then, the firm has continued to hire from Weil, bringing over finance partners Chris McLaughlin and Alastair McVeigh earlier this year.

Other notable hires include private equity partner Aprajita Dhundia and tax partner Ian Ferreira, who both joined from Kirkland in December, and derivatives and structured finance specialist Patrick Clancy, a former partner at legacy Shearman & Sterling who joined S&C in January after more than a year as a consultant for Peerpoint, A&O Shearman’s flexible resourcing business.

More recently, S&C also hired a pair of practice heads from Paul Hastings, bringing over European restructuring practice chair Will Needham and high-yield practice chair Patrick Bright.

Asimacopoulos and co-managing partner John Horsfield-Bradbury said of Choi’s addition: ‘Jenny is an incredible addition to our top-tier acquisition finance and sponsor focused practice, building on the recent high profile additions of Chris McLaughlin, Alastair McVeigh and Patrick Bright.’

They added: ‘Together with our continued investment in acquisition finance, private equity, specialty lending, and restructuring, her arrival enhances our London team’s ability to advise on the market’s most complex financing transactions.’

For its part, Weil has also made additions to its European offering, as it hired Wilkie, Farr & Gallagher’s co-managing partner in Frankfurt, Kamyar Abrar.

In London last year, the firm also made notable hires including A&O Shearman funds partner Phil Baynes and Ropes & Gray PE secondaries partner Simon Saitowitz.

[email protected]

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‘Growth is the magic word’ – how the UK’s competition watchdog is shaping the deal landscape

2025 was the year of the megadeal, with total global M&A values reaching $4.8trn – the second-strongest year on record – as a wave of blockbuster transactions helped to keep market confidence buoyant.

Competition authorities around the world played their part in this, with merger enforcement easing in the US and the UK Competition and Markets Authority (CMA) blocking no deals last year, according to a report by Simpson Thacher & Bartlett.

Hogan Lovells partner Angus Coulter (pictured), the former head of the firm’s London competition team, describes the CMA’s current stance as ‘radically different’ to its historic approach.

‘You can get a green light for a deal in two or three weeks, which is great for our clients,’ he says.

Another senior competition partner at a global firm agrees, saying that ‘growth is the magic word’ for the CMA right now.

The organisation has faced scrutiny in recent years after it blocked Microsoft’s $69bn acquisition of US video game company Activision Blizzard, a decision which was later reversed amid criticism that the move risked discouraging investment in the UK.

The episode, described as ’embarrassing for the CMA’ by one senior partner, drew the authority into the spotlight and prompted a shift towards a more business-positive focus.

And further change is on the horizon, with the organisation currently consulting on reforming its panel system for Phase 2 investigations – the final stage of its merger review process before a decision is reached.

Proposed changes could see the panel of independent experts who review mergers replaced with a committee of individuals appointed by the board – a suggestion which has proved controversial among partners amid concerns that decisions could be exposed to lobbying efforts and government influence.

Other proposed reforms include extending the first phase of investigations to allow parties more time to resolve competition concerns; shortening the three-year market review process; and increasing its capacity to investigate algorithms as it continues to grapple with big tech.

So with megadeals still front and centre, including the upcoming merger of Warner Bros Discovery and Paramount, how will the CMA position itself for the future?

‘Political influence is much more overt than it was before’

The mood music from CMA CEO Sarah Cardell – who stepped into her role in late 2022 – has been ‘to focus on the deals that relate to the UK only and stop being the global policeman that goes after global deals,’ according to one partner.

Linklaters competition partner Jonathan Ford concurs, saying that in response to criticism, the CMA has aimed to demonstrate that it could ‘move fast and be more proportionate, particularly in response to their interventions in global transactions.’

Ford’s view is that this has been a positive move, particularly for clients. ‘The CMA appearing to evolve its approach over the last couple of years has actually made more clients ask questions as to whether there are deals that could be done, that may have been difficult in the past, and whether there are more opportunities in the UK.’

But not all partners are so positive, with some citing undue influence from government. One competition partner at an international firm says the CMA has become ‘an unpredictable organisation to deal with for clients.’

‘Political influence is much more overt than it was before,’ according to the partner. ‘These changes are making businesses and partners uneasy, because they are not based on competition law – the CMA is being told what to do by the government.’

Checks and balances

Alongside suggestions of government interference, the proposed reforms to the panel system are also providing cause for concern.

Linklaters’ Ford says the panel system serves as an important check on CMA leadership.

‘The concern with placing more responsibility in CMA leadership and the organisation without the independent panel is that you may lose that fresh pair of eyes. It is hoped that the new committee structure will take shape in a manner which helps mitigate these concerns,’ he notes.

He continues: ‘The independent panel was one of the few checks and balances we could point to in the UK, and losing it with no access to file, and a high hurdle of judicial review, makes it one of the regimes with the fewest checks and balances internationally against its peer groups.’

Coulter also has questions about the proposed reforms. ‘I don’t think that the decisions being taken at Phase 2 were wrong, or that they weren’t being taken efficiently.’

‘There is a nervousness amongst lawyers – what exactly will it be replaced with? Will it be a rigorous, independent decision-maker? Because we don’t know what the answer is yet.’

The CMA’s consultation on reforms is expected to close at the end of March this year.

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The long view: which LB100 firms have performed best over the last ten years?

Seven LB100 firms have more than tripled their revenues over the last decade, according to an analysis of ten years of financial data, with just two firms tripling partner profits over the same period.

Total revenue for the LB100 broke through the £40bn mark last year – almost double the £20.6bn recorded in 2014-15 – fuelled by a decade of mergers, sustained international expansion and steady performance gains among the UK’s top law firms.

So which firms have seen the highest growth rates for turnover, profits and headcount over that period? And what are the factors behind that performance?

Profit per equity partner

One common thread links the top three performers for profit per equity partner growth over the past decade – transatlantic mergers.

Hogan Lovells is the top firm on this metric, with PEP increasing by 225% from 2015 to 2025, rising from £739,000 to £2.4m.

In 2015, the firm was five years into the merger of the UK’s Lovells with US firm Hogan & Hartson, and in the years since has consistently increased its profitability, including a particularly steep hike between 2019-20 and 2021-22, when PEP jumped by more than 50% from £1.18m to £1.81m.

Norton Rose Fulbright is second for PEP growth over the decade, with a 222% increase from £394,000 in 2015 to £1.3m in 2025.

That decade saw Norton Rose Fulbright combine with US firm Chadbourne & Parke in 2017, just four years after the transatlantic combination of Norton Rose with Houston’s Fulbright & Jaworski.

In third is transatlantic pioneer DLA Piper, whose transformative three-way US merger took place much further back, in 2005. While it has not quite tripled PEP over the decade, it is very close – up 195% to just above £2.6m.

Hogan Lovells PEP, 2015-25

 

Turnover

The firms that have seen the sharpest revenue growth over past decade unsurprisingly include a number that have gone through major mergers since 2015.

Womble Bond Dickinson tops the table for ten-year growth, with turnover increasing by 352% from 2015 to 2025.

This hike is primarily due to the 2017 merger of UK firm Bond Dickinson with US firm Womble Carlyle Sandridge & Rice, a deal which saw it go from a £105m UK firm to a £358.3m transatlantic player.

While the firm has continued to grow, it has done so at a more modest rate, with a 30% increase in revenue from 2020 to 2025, now sitting at £484.1m.

Other firms to have undertaken major mergers over the past decade include Gowling WLG, another strong ten-year performer, with its 227% growth largely down to the 2016 combination of UK firm Wragge Lawrence Graham & Co and Canada’s Gowlings.

Similarly, Eversheds Sutherland has notched a 235% revenue increase over ten years, with the 2017 merger of UK firm Eversheds and US firm Sutherland Asbill & Brennan adding $300m to legacy Eversheds’ £400m revenues. The firm now sits in 10th place in the LB100, with total global revenues of £1.275bn.

Notably, East Anglian firm Birketts is the second-fastest grower for revenues over the past decade, with a 246% increase over the last ten years from £34.9m to £120.7m placing just outside the top 50 in the 2025 table.

The firm has achieved this with consistent strong performance in corporate and real estate, and a steady string of expansions that saw the firm launch in London through its 2020 merger with insurance boutique EC3 Legal, expand into the South East through a merger with Kent and London-based Batchelors in 2023, and expand its Bristol hub into a full-service office in 2024.

Meanwhile, other strong-performing UK nationals include TLT, which has increased its revenue by 199% to £187m over the past decade, and Nottingham’s Freeths, which hit £166.8m last year – an increase of 198% since 2015.

Other UK-heritage firms that have grown on the back of sustained international expansion include Kennedys, up 230% to £429m, Osborne Clarke, up 205% to £460.9m, and Addleshaw Goddard, up 186% to £550.9m.

Womble Bond Dickinson turnover, 2015-25

Headcount

Birketts is also the fastest growing firm for headcount over the past 10 years, with an increase of 183% since 2015, followed by Fieldfisher, which has increased its total lawyer headcount by 153% over the last decade.

Fieldfisher, also ranks third for turnover growth, with fee income up 240% from £113m in 2015 to £385m in 2025.

The decade of growth came after the firm adopted a new strategy in 2016, dubbed ‘‘Our Future Refocused’, centred around technology, energy and natural resources, and finance and financial services.

Since then, it has pursued a range of mergers both in the UK and overseas, including with Birmingham’s Hill Hofstetter, Italian firm Studio Associato Servizi Professionali Integrati, and Chinese boutique JS Partners, all in 2016.

The firm expanded across Europe in 2018, launching in Madrid and Barcelona through a merger with Spanish firm JAUSAS, and also opening offices in Frankfurt and Luxembourg, as well as Belfast.

It followed up with a 2019 merger with Irish firm McDowell Purcell, and opened an office in Berlin in 2022 for its ‘Fieldfisher X’ mass litigation and operations arm.

Fieldfisher total lawyer headcount, 2015-25

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The LB100’s stars and stragglers: breaking down the numbers

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Top US antitrust and white-collar lawyers in the spotlight in latest Legal 500 US Elite rankings

Over 1,300 lawyers are featured in the latest Legal 500 US Elite rankings, including new rankings for antitrust and white-collar in Washington DC and New York.

The latest release includes a total of 1,364 lawyers from 420 unique firms, over half of which have not previously been ranked by Legal 500.

The US Elite recognises the top lawyers at firms outside of the global elite in different markets across the United States, with specific rankings for key practice areas.

Launched in February last year, the US Elite now comprises a wide range of geographic and sector coverage across the United States. The first release highlighted key practices in Washington DC, New York and Chicago. Rankings covering Boston, Miami and Charlotte were released last April, followed by key practices in Philadelphia, Atlanta and Ohio in June, and Texas and the Midwest in October.

Most recently, Legal 500 released its rankings covering the West Coast, Salt Lake City and Detroit last month.

This latest release sees new rankings added for New York, Washington DC, Boston and Philadelphia, as well as additions to existing rankings in each of those cities.

On top of this, the latest release also includes two new regions, ranking key lawyers in the state of Connecticut and the region of New England, which includes lawyers from Rhode Island, Vermont, New Hampshire, and Maine.

New rankings:

Additions to existing rankings:

Washington DC and New York: antitrust and white-collar crime

Litigation boutique Rule Garza Howley was the top performer for antitrust in the capital, with five lawyers ranked, including two in tier 1.

The DC firm was founded in 2022 by former Paul Weiss antitrust co-chair Rick Rule and Daniel Howley, who was a counsel at Paul Weiss, and co-chair of global competition at Covington & Burling, Deborah Garza.

Also performing well was another boutique firm established by former Paul Weiss partners: Dunn Isaacson Rhee, which was founded last May by litigation department co-chair Karen Dunn and partners Bill Isaacson, Jessica Phillips, and Jeannie Rhee, after Paul Weiss in March became the first law firm to strike a deal with the Trump administration to provide $40m in pro bono work to causes the administration supports.

After less than a year of operation, the firm has been recognised with two tier 1 rankings, as well as an additional ranking in tier 3.

Meanwhile, in the city’s white-collar crime ranking, the New York headquartered MoloLamken and DC boutique Schertler Onorato Mead & Sears both achieved three rankings each, including two each in tier 1.

In New York, New Jersey-founded Lowenstein Sandler was the strongest performer in the white-collar crime ranking, with three lawyers recognised, all in tier 1.

Another high achiever was New York-based full-service firm Meister, Seelig & Fein, which also saw three lawyers ranked, including two in tier 1.

Connecticut and New England

In the Connecticut rankings, the highest performing firm was New Haven-headquartered Wiggin and Dana, which saw 11 of its lawyers recognised across commercial disputes, corporate and M&A, and white-collar crime, with three lawyers in tier 1.

Also making a splash is Stamford-based Finn, Dixon & Herling, which saw seven lawyers recognised across all three of the state’s rankings, five of which were in tier 1.

Meanwhile in the New England rankings, Adler Pollock & Sheehan was the top performer, with a total of ten rankings.

The Providence-headquartered firm, which also has offices in Newport and Manchester, New Hampshire, as well as Boston and New York, saw four of its lawyers ranked in tier 1.

Elsewhere in the region, Portland, Maine-headquartered Pierce Atwood received nine rankings, and both Sheehan Phinney Bass & Green, based in Manchester, and Drummond Woodsum, also based in Portland, achieved eight rankings.

Legal 500 is continuing to build out its US Elite coverage, with rankings covering key markets across the country. Check the US Elite page to learn more.

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Top performing firms by ranking (new rankings only)

 

Location Practice Firm Rankings
Connecticut All Wiggin & Dana 11 (2 commercial disputes, 5 corporate and M&A, 4 white-collar)
New England Commercial disputes Adler Pollock & Sheehan 5
Corporate and M&A Sheehan Phinney Bass & Green 5
Real estate Perkins Thompson 4
Washington DC Antitrust Rule Garza Howley 5
Cybersecurity ZwillGen 7
Intellectual property Bookoff McAndrews 4 (3 tier 1)
White-collar crime MoloLamken 3 (2 tier 1)
White-collar crime Schertler Onorato Mead & Sears 3 (2 tier 1)
New York Banking and finance (including restructuring) Stradley Ronon Stevens & Young 4
Cybersecurity and data protection BakerHostetler 4
Intellectual property Pryor Cashman 5
Real estate Federman Steifman 4
Real estate Goldfarb & Fleece 4
Real estate Harter, Secrest & Emery 4
Real estate Hirschen Singer & Epstein 4
Real estate Hodgson Russ 4
White-collar crime Lowenstein Sandler 3 (all tier 1)
Philadelphia Banking and finance (including restructuring) Duane Morris 4 (1 tier 1)
Intellectual property Flaster Greenberg 3 (all tier 1)
Real estate Duane Morris 5
White-collar crime Ballard Spahr 4
Boston Banking and finance (including restructuring) Brown Rudnick 5
Intellectual property Choate, Hall & Stewart 6 (1 tier 1)
Life sciences: regulatory Manatt, Phelps & Phillips 4
White-collar crime Nutter, McClennen & Fish 4

Leading lawyers across LA, San Francisco, Seattle and more, unveiled in biggest Legal 500 US Elite rankings yet

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‘Shame on them’ – how political views are making GCs think twice about law firms

Political considerations are rising up the agenda for GCs when selecting which external law firms to work with, with concerns over values increasingly impacting relationships with outside counsel.

The Association of Corporate Counsel’s annual Chief Legal Officers Survey, which surveyed more than a thousand chief legal officers and legal executives around the world, found that 13% had changed their approach to evaluating and selecting outside counsel based on political developments in the US.

Of that group, almost half (41%) said that they had added new risk categories to their outside counsel evaluation criteria, including vetting a firm’s political affiliations, public statements or client roster.

More than a third (37%) said they had gone even further and stopped working with specific law firms due to concerns about their political associations, their stances on specific policies and public profile.

Legal Business spoke with a number of GCs to get their thoughts on how these factors are influencing relationships with law firms.

‘It makes me think twice about the loyalty they’d have for us as clients’

One GC did not mince his words, commenting: ‘If the biggest and most powerful law firms in the world are going to let themselves be bullied and not stand up for the rule of law, separation of powers, and, frankly, not stand up for groups of people that aren’t as well equipped to defend themselves, then shame on them.’

‘It also makes me think twice about the loyalty they’d have for us as clients and their staying power in defending those clients who choose to stand up to bullying behaviour. At some point, money and profit can’t be everything.’

One GC at a company with a prominent presence in North America said they were surprised that the proportion of legal heads factoring political considerations into their choice of law firms was not even higher.

The survey did provide evidence of stronger views in other Western economies, with 18% of respondents from European companies saying that they had altered their stance, above the US at 15% and Canada at 14%.

In contrast, just 7% of respondents from Asia, Australia and the Middle East said these factors had changed the way they evaluate law firms.

‘Some suppliers and customers are very, very red, and others are very, very blue’

For some senior in-house lawyers, the response from some law firms to US President Donald Trump’s accusations of ‘illegal DEI discrimination’ has served as a line in the sand.

Many firms opted to cut deals with Trump, offering millions of dollars in pro bono and other legal work in exchange for protection from his threats, although others did opt to challenge the President in court, with some success.

One GC cited the increasingly polarised nature of US politics as a serious issue when doing business in the States – particularly given the legal considerations relating to positive discrimination.

‘In the US, it’s illegal to have positive discrimination against or for any employees based on characteristics other than social mobility. You’ve got to go through your entire stakeholder map and understand how your own organization is viewed, particularly in the US,’ they said.

Referring to the Republican/Democrat divide in the US, the GC elaborated: ‘We have some suppliers and customers who are very, very red, and some who are very, very blue – we have to change our narrative in terms of what our company position is. For certain sectors, it’s really important.’

A number of major companies, including GSK, Boeing and Disney, made headlines at the start of last year for cutting DEI targets and modifying their outside messaging after Trump’s executive orders were issued.

While for some companies, political developments in the US are an unavoidable issue, for others, they are not seen as business critical.

One GC was very clear that the quality of service a firm provides remains the key driver: ‘Politics is not a primary consideration for me. My focus remains on core factors like quality of work, responsiveness, judgement, and the firm’s ability to support the business effectively.’

Another GC reiterated this point: ‘We always evaluate our panel firms based on a lot of different criteria. What’s important to us is ensuring that we’re getting the best advisers with the best technical skills that are well-regarded and well-connected.’

However, the GC acknowledged that when values don’t match, in their experience, there could be problems in the working relationship further down the line, ‘if we don’t have that alignment, then there is the potential for us to be unable to work collegiately.’

‘You can’t go on any device without seeing the former chair of Paul Weiss’

While the fallout from Trump’s executive orders last year appears to have subsided, the revelations in the recent release of the Epstein files – many of which involve lawyers and law firms – have once again given GCs pause for thought on the affiliations or perceived affiliations of the firms they work with.

One GC explained their perspective on the recent headlines with specific reference to Brad Karp, who stood down as chair of Paul Weiss following revelations about his connections to Epstein.

‘You can’t go on any device without seeing the former chair of Paul Weiss,’ they said. ‘If an individual in a law firm that we engage in was directly involved, we would certainly be carefully considering what our relationship with them should be, and the capacity in which we would continue to work with them.’

They continued: ‘The criteria we have for law firm engagements and appointments includes ethical conduct and integrity – we screen all of our law firm relationships through that.’

For more, see:

Line to the top: more GCs than ever now reporting directly to their CEO, research finds

‘It’s always best to avoid death by a thousand cuts’ – what GCs think about the Brad Karp-Epstein firestorm

[email protected]

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Paul Hastings London revenue soars 25% as aggressive recruitment drives growth

Paul Hastings’ London revenue soared by 25% in 2025, making the office a standout performer in a year in which the firm’s far-reaching lateral hiring strategy helped drive global revenues up by 20% to a new high of $2.68bn.

The US firm, which has set out ambitious plans to build its presence in London, saw City revenue reach $272.4m for the financial year ending 31 January. The performance means London now contributes more than 10% of the firm’s global turnover.

New York revenues hit $1.1bn and have now doubled over the last three years.

The firm has yet to confirm profit per equity partner, but its profit per unit climbed by 21% to just over $653,000.

Firm chair Frank Lopez said: ‘2025 was a phenomenal year. We’ve been successful in all of our markets and our unit value, which is the most important financial metric for our partners, is up 117% in five years.’

Lopez highlighted London, New York and Texas as particularly strong-performing regions for the firm, with Texas now contributing 6%-7% of firmwide revenue.

By practice, he highlighted transactional practices like finance and M&A, saying: ‘All of our practices did well and 16 of our 17 practices had double-digit growth but, for the first time in five years, our transactional practices particularly drove our results last year. Finance, M&A and capital markets were all a big jump for us last year.’

Commenting on the performance in London, he said: ‘London is an anchor for us. It has been extraordinary. We’ve almost doubled our revenue in two years and our strategy is to build a premier office on the ground there.’

Paul Hastings has made 10 lateral hires in London in just six months, including this week’s hire of Slaughter and May corporate partner Mark Zerdin and last week’s addition of private capital partner Ferish Patel from Cooley.

However, the firm has also seen a number of high-profile partner exits, including high yield and restructuring partners Patrick Bright and Will Needham, who are set to depart for Sullivan & Cromwell, and a three-partner private equity team led by Anu Balasubramanian, which left for Goodwin in December.

Going forward, Lopez said the firm would look to its European offices in France, Germany and Brussels to drive growth over the next five years.

With the lateral hiring forming a key plank of its strategy, Lopez said the firm’s financial performance was crucial to its success in attracting talent: ‘We focus on our financial success because we want to be able to execute on our strategy. Reputational elevation is important.’

For more, see ‘You have to keep swinging’ – Paul Hastings leaders on building London and cracking the global elite

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Proskauer London revenue surges 45% as firmwide PEP hits record $5m

Proskauer increased its revenue by nearly 14% over the last year, with London revenue up more than 45%.

Firmwide turnover hit $1.58bn, up from $1.39bn last year, while the firm’s City office leapt forward to $226.8m, up 45% year on year and 77% over the last two years.

Meanwhile, profit per equity partner (PEP) also saw strong performance, with the firm riding a 13% increase to a total of $5.02m, crossing the $5m mark for the first time.

Revenue per lawyer (RPL) was also up, increasing just under 6% to $1.91m, while net income grew by 9.5% to $707.8m.

Proskauer achieved this increase to RPL despite a 7.5% rise in total headcount. However, PEP was boosted by a slight decline in equity partner numbers, which dropped by just under 3% to 141, as non-equity partner headcount was up 10%.

The results build on strong performance last year, when revenue increased by 13% and PEP by nearly 24%, after very slight dips to both turnover and PEP in 2023, as recorded in 2024’s Global 100 table.

The firm expanded in the US last year, including with a new office opening in Charlotte, North Carolina, launched in the autumn with the hire of a four-partner finance team from Cadwalader led by Ron Lovelace, who now leads the office, and was joined this January by litigator Jonathan Watkins.

Meanwhile in London, Proskauer has significantly boosted its finance offering since it hired A&O Shearman banking heavyweight Philip Bowden in summer 2024.

Since then, the firm has made a major play to build out the European arm of its finance offering, including with a successful push into high yield work that saw the London office go from having never advised on a high yield deal to advising on more than ten in 2025.

The firm has continued to grow in Europe into 2026, including earlier this month with a three-partner PE hire in Paris from Cadwalader’s prospective merger partner Hogan Lovells.

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Paul Hastings hires London M&A partner from Slaughter and May

Paul Hastings has added a second corporate partner within a week as the firm seeks to build out its London M&A offering. Mark Zerdin is joining the firm from Slaughter and May, where he co-led the firm’s sports practice and led the Latin American practice.

Zerdin, who spent 23 years at the elite UK firm, brings experience advising sports teams, corporates and private equity firms on public takeovers, private acquisitions and disposals, PE investment, and joint ventures.

During his time at Slaughters, Zerdin’s clients included Liverpool Football Club, TWG Motorsports and General Motors, Ladbrokes, and investors and potential investors in a range of Premier League and Championship clubs.

He was also on the team that advised the Premier League on a range of matters relating to the Associated Party Transaction rules, with a dispute with Manchester City settling last September.

The hire marks the tenth into Paul Hastings’ London office in the last six months, including most recently PE partner Ferish Patel, who joined from Cooley last week.

Earlier this month, Paul Hastings also hired funds lawyer David Richardson from Simpson Thacher, in a move that saw Richardson make partner as the firm built on the arrival of fund finance partner Jennifer Passange, who joined from Haynes Boone last year.

However, the firm has also seen at least as many departures over the same period, including the exit to Goodwin last December of a three-partner PE team led by Legal 500 mid-market private equity Hall of Famer Anu Balasubramanian.

Last week, Sullivan & Cromwell hired two practice heads from Paul Hastings, bringing over Will Needham, chair of the firm’s European restructuring practice, and Patrick Bright, chair of its high-yield financing practice.

Despite this, the London office has seen significant growth, with revenue growing by 20% year-on-year and 100% over three years.

Commenting on Zerdin’s departure, Slaughter and May said in a statement: ‘We confirm that Mark is retiring from the partnership and we wish him well.’

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Latham returns to Wachtell for two-partner finance and M&A hire

Latham & Watkins has hired a pair of partners into its New York office from Wachtell, bringing its total number of hires from the Wall Street firm over the last year to four.

The West Coast-bred firm has hired Emily Johnson into its banking and private credit and capital markets practices, and Mark Stagliano into its mergers and acquisitions and private equity practice.

Johnson, a Legal 500 next-generation partner for commercial lending in the US, advises public companies, corporate borrowers, and strategic acquirers on the financing aspects of a wide range of transactions, from strategic M&A and carve-outs to liability management exercises, distressed acquisitions, and restructurings.

She made partner at Wachtell in 2019 after joining as an associate in 2010.

Stagliano joins Latham after more than 14 years at Wachtell, where he made partner in 2020. His practice focuses on public company and sponsor-side M&A, as well as securities matters and corporate governance.

‘Emily and Mark are among a select group of highly experienced and incredibly talented practitioners, and we are delighted to welcome them to our firm,’ said Latham chair and managing partner Rich Trobman.

‘Their market-leading practices directly support our strategic focus to advise our clients on complex transactions across the capital structure and high-profile public company M&A.’

The hires follow the additions of M&A partner Zach Podolsky, a top dealmaker who left Wachtell for Latham last June, and John Sobolewski, who joined Latham last February as global head of liability management.

With an all-equity partnership of only 86 in last year’s Global 100, and profit per equity partner (PEP) of over $9m – second only to Kirkland & Elis – Wachtell rarely sees lateral departures.

However, this has begun to shift, with additional recent departures including M&A partner Alison Preiss, who left for Simpson Thacher last month, and Viktor Sapezhnikov, who joined DLA Piper in November as chair of public company M&A and activism.

Wachtell is also one of a shrinking number of firms that still employs a traditional lockstep compensation model, with partners rewarded based on seniority rather than billings. This means that rival firms, which do not tie compensation to length of tenure, can lure partners with offers of higher pay.

Both Latham and Wachtell are top firms for M&A, with both appearing in LSEG’s list of top principal advisers by global deal value for 2025, in second and third place respectively.

Both firms are also involved in one of the biggest ongoing M&A stories of recent months, with Latham advising Paramount on its $108bn hostile bid to acquire Warner Bros, and Wachtell advising Warner Bros on its negotiations around Paramount’s bid and the competing offer from Netflix.

Latham has also made two notable team hires in Europe in recent months, hiring a four-partner PE and M&A team from Freshfields in Germany in December, and a further four partners focused on energy and infrastructure PE from Clifford Chance in Paris earlier this month.

Commenting on her move, Johnson said: ‘Latham is well-known for excellence across financial products, industries, and jurisdictions, and I am delighted to join the firm and contribute to its long-term growth.’

Stagliano said: ‘Latham is a transactional powerhouse that is exceptionally well positioned to capitalize on the increased activity in public M&A. I am delighted to join the firm’s all-star team, and excited to be part of Latham’s ongoing success and growth in New York and beyond.’

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Revolving Doors: Hogan Lovells continues Milan expansion and McDermott hires from K&E in Paris

Hogan Lovells has hired Legal 500 Hall of Famer for administrative and public law Luca Perfetti as the firm continues to strengthen in Milan. Perfetti is well regarded for his work in highly regulated sectors as well as infrastructure and public procurement.

Perfetti, who has moved with three associates and a trainee, joins from Italian firm BonelliErede and moves into the firm’s global regulatory and IP practice. He is the 16th partner that Hogan Lovells has added to its Italian practice in the last two years.

‘Luca’s arrival confirms our continued investment in Italy and further strengthens our regulatory and public law offering,’ said the firm’s Italian head Patrizio Messina.

Meanwhile, restructuring partner Astrid Zourli has left Hogan Lovells to join Darrois Villey Maillot Brochier in Paris, where she will lead the firm’s restructuring practice. Zourli, who leads on complex out-of-court domestic and cross-border processes, spent six years at Hogan Lovells, having made partner in 2022. He joined the Chicago firm’s Paris outpost as a partner in 2022.

Elsewhere in Paris, McDermott Will & Schulte has hired debt finance and PE partner Kalish Mullen from Kirkland & Ellis. Mullen is a Legal 500 next generation partner whose practice is focused on acquisition, fund and debt finance, as well as restructurings. 

In Riyadh, Nezar Al-Abbas has joined Ashurst as a partner in the firm’s projects and energy transition team after nearly six years at White & Case, where he was a local partner since being made up in 2024.

Heading to the City, Macfarlanes hired tax disputes partner Kate Ison from BCLP where she has been a partner since 2018 after joining in 2009.

Pinsent Masons has strengthened its international arbitration offering as Cem Kalelioglu joins the firm as a partner after an eight-year stint at WilmerHale where he reached the position of counsel.

Keystone Law has also bolstered its international arbitration bench with a double partner hire from Clyde & Co. Ian Hopkinson and Milena Szuniewicz-Wenzel both make the move across, with the former having started at Clydes as a legal assistant in 2007. The moves come a week after Clyde’s international arbitration chair Ben Knowles also decamped to Keystone.

Michelmores has opened a new office in Cambridge following a three-partner raid from Broadfield. Real estate partners Simon Burson and Tim Middleton alongside corporate partner Duncan Walker, who have been at Broadfield for nine, five and eight years respectively, will establish the new office.

Finally, regional firm Gardner Leader has hired employment lawyer Michelle Morgan as a partner in its Newbury office. She was most recently an associate director at BCLP.

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Beyond black swans – Porsche Ibérica GC Teresa Minguez on why boards need a legal mind at the table

After more than a decade at CMS Albiñana & Suárez de Lezo, Teresa Minguez moved in-house to become executive legal director and general counsel at Porsche Ibérica. Combined with her governance roles at the Ilustre Colegio de la Abogacía de Madrid and ACC Europe, this gives her a unique lens on Europe’s structural volatility – and on why integrating legal judgement into board decision-making is a governance imperative

European organisations are facing unprecedented instability. How is this changing the role of the legal function in supporting boards and governance?

Volatility is no longer an episodic disruption for European organisations. It has become a structural condition. Geopolitical fragmentation, regulatory divergence across jurisdictions, supply-chain exposure, technological dependence and reputational risk now intersect in ways that defy linear planning and traditional risk frameworks.

What were once labelled ‘Black Swan’ events, rare, unpredictable, high-impact shocks, have become recurrent. For boards, the critical question is no longer whether the next crisis will emerge, but whether governance structures are equipped to operate when precedent, models and even regulation provide only partial guidance.

In this environment, legal judgement is no longer a supporting function. It is a core governance capability.

If disruption is now constant rather than episodic, what does that mean for how boards assess and manage risk? How does the legal function contribute to that process?

Boards increasingly face situations where legal permissibility does not equate to organisational legitimacy. Sanctions regimes, ESG-related scrutiny, divergent national enforcement practices and shifting societal expectations often place organisations in scenarios where the law answers, ‘Can we?,’ but not ‘Should we?,’ nor ‘What will this mean for your credibility across markets and stakeholders?’

This gap between legality and legitimacy is particularly acute in Europe, where organisations operate across multiple jurisdictions and under heightened scrutiny from regulators, investors, employees and civil society. Navigating these tensions requires more than technical compliance. It requires governance judgement.

European corporate governance has traditionally been grounded in compliance and regulatory certainty. As that is no longer sufficient, what does it require from legal leaders today?

The role of the general counsel has evolved decisively in recent years. European general counsels operate at the intersection of law, strategy and institutional integrity, with a panoramic view of regulatory risk, stakeholder expectations and long-term value.

At board level, this perspective is indispensable. In moments of disruption, the general counsel’s contribution extends far beyond legal analysis. It involves structuring complex information for decision-makers, clarifying cross-border implications, and helping boards understand not only the immediate legal exposure, but the longer-term institutional consequences of their choices.

This dual focus, immediate decision-making and future accountability, mirrors the fiduciary responsibilities of the board itself. It is precisely why legal insight belongs at the centre of board deliberations, not at the periphery.

How is this environment changing the role of the general counsel at board level when the rulebooks don’t provide clear answers?

The most difficult decisions rarely arise in areas of clear prohibition. They emerge in grey zones, where EU and national frameworks are evolving, fragmented or silent, and where expectations are shaped as much by societal norms as by formal obligations.

In these circumstances, ethics should not be treated as an abstract moral overlay, nor as a subset of compliance. Ethics function as a governance tool: they protect the organisation’s licence to operate and preserve trust across diverse European stakeholder landscapes.

In this context, boards increasingly rely on the general counsel to articulate not only legal risk, but also the ethical, reputational and institutional dimensions of strategic decisions. The quality of this guidance often determines whether an organisation navigates crisis with its credibility intact or emerges fundamentally weakened.

Transparency, consistency and principled reasoning brought to the table by in-house counsel become strategic assets. They enable boards to take defensible decisions even when outcomes are contested.

You describe legal governance as a driver of resilience. How can organisations embed this more effectively into their structures?

Resilient European organisations are not defined by their ability to avoid disruption, but by their capacity to absorb shocks without compromising values or strategic direction. This resilience is built through governance structures that encourage informed challenge, cross-functional dialogue and clear accountability at board level.

Legal insight plays a central role in this architecture. Properly embedded, it acts as an integrative force, connecting risk management, compliance, finance and strategy, and ensuring that decisions are assessed through a long-term, institutional lens.

Equally important is learning. Each crisis exposes weaknesses in governance and decision-making. Capturing these lessons and embedding them into board processes is essential to strengthening resilience over time.

Looking ahead, what will effective board leadership in Europe require as uncertainty becomes permanent. What role should legal expertise play within it?

As uncertainty becomes a permanent feature of the European business environment, the distinction between legal leadership and governance leadership continues to narrow. Boards need voices that are comfortable operating without complete information, that understand fiduciary responsibility in its broadest sense, and that can weigh legal, ethical and strategic considerations with equal rigour.

In this context, legal expertise is not an auxiliary function of the board. It is foundational. The general counsels brings judgement, institutional memory and a long-term perspective that no predictive model can replace.

When the next ‘Black Swan’ arrives, and it will, European boards will be defined not by the sophistication of their forecasts, but by the quality of their governance. Ensuring that legal minds have a seat at the table is no longer optional. It is a governance imperative.

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Lazada Group GC Loh Bee Kee on legal leadership in a shifting world

Loh Bee Kee, the Singapore-based GC at e-commerce giant Lazada, talks strategy shifts, perception risk and why legal ops are central to building a future-ready team 

First of all, what led to your current role as GC of Lazada? 

I started out as a litigator. Eventually, wanting to be in the room when the decision is made, rather than be the one who cleans up the “mess” after the dispute has occurred, I decided to become an in-house counsel. My early years in Lazada were spent building many things from scratch as the company and the e-commerce industry were still nascent. Now that both Lazada and the e-commerce industry have matured considerably, my role as General Counsel has shifted the focus to risk management and scaling the team’s operations. 

You’ve mentioned before that change is constant in a tech business. What’s been keeping you and your team busiest recently?

Constant change is integral to a tech company. As part of Lazada’s constant innovation, the legal team supported a multi-year shift in the commercial strategy, which involved rethinking how products, product reviews, recommendations and sales channels were presented on the platform. 

What did that mean in practice for the legal team? 

A couple of years ago, we also trialled a new “Choice” product funnel, which integrates supply chain and store management into the existing e-commerce platform offering. This required the team to have broader expertise of the entire lifecycle of a product on our platform, including sourcing, promotion, sale and logistics. 

 So it’s not just about transactions or compliance — it’s about understanding the full commercial journey? 

Exactly. The team needs to understand the entire product lifecycle in order to properly support innovation at scale. 

When things are uncertain — whether internally or externally — how does your role change? 

When things are in flux, it is important to be very clear about what remain the priorities and what are distractions. It is especially important that I, as well as the senior leaders in my team, help the management and other decision-makers to identify what the core issues are through the noise of uncertainty. 

 How do you keep your own team steady during that kind of environment? 

Constant communication within the team helps the members to process what they are seeing and feeling about what’s going on in the organisation, and also to bring focus back to their core duties. 

Is that more about legal judgement — or leadership? 

It’s both. You need clarity of legal thinking, but you also need to create stability for others. 

We can’t ignore the geopolitical backdrop at the moment. How much does that factor into your day-to-day risk assessment? 

While Lazada, being in Southeast Asia, is not directly in the line of fire between the West and China, we are seeing increased impact of the geopolitical tension on our business decisions. As Lazada is part of the Alibaba Group, we are extremely mindful of how our actions may be perceived as actions of our parent group, and by extension, of a “Chinese business.”

So perception risk is now part of legal risk? 

Particularly when we deal with government agencies and regulators in our region, we have recently included in our decision-making an assessment of how our actions may be perceived by the local governments and the public. We also now engage more closely with our government affairs team to jointly assess the potential impact of all major decisions. 

Has that changed how early legal gets involved? 

It reinforces the importance of legal and government affairs being involved at the earliest stage of strategic decisions. 

Outside of the day-to-day demands of the role, what’s something you feel particularly strongly about? 

I am a loud advocate of better legal operations and technology in the legal team’s work. To me, the continuity and strength of a legal team do not solely rely on the team’s ability to recruit and retain well. The team needs to be able to build on the organisation’s knowledge and lessons learned, and be able to transform these into tools that can preserve the team’s efficiency and continuity — even during periods of instability in the workforce or work capacity. 

When you talk about legal operations, what does that mean in practice? 

My focus on legal operations is not just adopting or developing shiny new tools. Instead, I have dedicated resources at both Lazada and Alibaba International level to examine how the team is working, identify where we are spending more time or effort than ought to be required on a task, execute (big or small) improvements to processes and tools to improve those inefficiencies, and to leverage latest technology to develop new tools to guide decision-making and daily operations. 

So it’s really about building institutional resilience?

Exactly. It’s about making the legal function stronger than any one individual. 

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Trowers takes high-profile restructuring role as Mandelson-founded advisory firm collapses

Trowers & Hamlins has won a high-profile restructuring role on the administration of Global Counsel, the advisory firm co-founded by Lord Peter Mandelson.

The news comes after weeks of intense scrutiny over Mandelson’s historic connections to late sex offender Jeffrey Epstein, with Global Counsel subsequently losing a succession of major clients.

Interpath – the restructuring business spun out of KPMG in 2021 – was officially appointed as administrators to Global Counsel today (20 February), with Trowers acting as legal adviser to Interpath.

In a statement, Interpath said: ‘In the wake of ongoing public scrutiny of the company’s co-founder Peter Mandelson, a number of the company’s clients have recently cut ties with the firm. The significant financial impact of this on the business has left the directors with no option but to seek the appointment of administrators. The business has ceased to trade whilst the administrators consider their options.’

Interpath UK CEO Will Wright and managing director Steve Absolom are acting as joint administrators.

In a statement posted on LinkedIn, Global Counsel – which was founded in 2010 – said: ‘After an exhaustive review of the options available to the company, the board of Global Counsel has decided to ask the UK courts to appoint Interpath as an administrator to take control of and realise the assets of the company’.

Mandelson stepped down from Global Counsel’s executive board last year, and in early February this year the company announced the complete divestment of his shares and the resignation of the co-founder and CEO, Benjamin Wegg-Prosser.

However, despite this, the company said that Mandelson’s role as a co-founder and his conduct had ‘indelibly coloured the way Global Counsel is seen in the outside world.’

Mandelson is also reportedly being advised by Mishcon de Reya, following the news the Metropolitan Police have launched a criminal investigation into the former Labour minister over allegations of misconduct in public office. He denies any wrongdoing. Mishcon declined to comment.

Mandelson was dismissed as ambassador to the US last September 2025 after emails revealed continued contact with Epstein following his conviction for sex offences.

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Norton Rose Fulbright hits $2m in PEP as turnover approaches $3bn

Norton Rose Fulbright notched double-digit increases in both revenue and PEP in 2025, with the firm seeing a strong financial performance in the US and globally.

The firm boosted its global turnover by more than 16%, closing in on the $3bn mark with $2.8bn in total.

Profit per equity partner (PEP), meanwhile, soared by 27% to hit $2m, with revenue per lawyer (RPL) climbing by nearly 14% to $824,000 globally.

Equity partner headcount also grew slightly over the year, edging up 1.3%, while a three percentage point increase took the firm’s profit margin to 38%.

The firm’s US operations outpaced the rest of the business, with revenue there growing by more than 23%, to $1.2bn, and PEP surging by 32% to $2.7m.

The US also outperformed on RPL, which increased by more than 16% to $1.4m, even as headcount across the firm’s 12 US offices grew by nearly 5%.

NRF, which operates under a Swiss verein structure, merged its EMEA and APAC businesses in 2025, with EMEAPAC now accounting for 41% of its global revenue, at $1.1bn.

The firm now consists of three business units and profit pools across EMEAPAC, Canada and the US.

Norton Rose’s Canada offices represent the smallest of its operations, contributing 18% to its overall revenue in 2025.

Peter Scott, global managing partner for EMEAPAC said: ‘We enjoyed an exceptional year across the board with strong performances on both the transactional and disputes side.’

He continued: ‘This universal uptick across our practices was helped by a rise in cross-border work, particularly with more complex and longer-running mandates involving lawyers from several of our offices around the world.’

In January, Scott was reelected as managing partner for the EMEAPAC region for his third consecutive three-year term.

Meanwhile Farmida Bi, chair of EMEAPAC at Norton Rose, was granted a peerage this year by Prime Minister Keir Starmer for her services to law and charity.

The firm announced last year that it was withdrawing from South Africa, with its three offices in Johannesburg, Cape Town and Durban spinning off from the Norton Rose Fulbright verein by 31 March this year.

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‘You have to keep swinging’ – Paul Hastings leaders on building London and cracking the global elite

The leaders of Paul Hastings are unapologetically bullish about the firm’s ambitious plans on both sides of the Atlantic, and it’s going to take more than a few partner departures to deter them.

So far this week, the firm has made two new partner hires in London, taking its tally to more than a dozen globally since the start of 2026, and it has more on the way.

‘We’re just scratching the surface of where we can go in London,’ the firm’s chair Frank Lopez tells Legal Business in an interview before the latest hires were announced. ‘We want it to be our clear number two office, after New York.’

Lopez views the two cities as the twin hubs in Paul Hastings’ global footprint. This week’s London hires take the total number of UK laterals to nine in six months but Lopez has more in the works. M&A, where Paul Hastings has added 25 partners globally over two years, and private equity are particularly earmarked for growth.

‘We think about both offices as the anchors of our global footprint – the two financial hubs of the world,’ says Lopez. ‘Everything we’ve done there over the last few years has been consistent. We build in New York, then we build in London.’

The numbers

Looking at headcount, the numbers speak for themselves in terms of ambition. New York has grown from around 290 lawyers to more than 500 in just over two years, while London has expanded from 140 to almost 200.

Revenue has climbed in tandem, with London fee income projected to be up by more than 20% to $260m for 2025 – double what it was three years ago. London now brings in roughly 10% of the firm’s global revenue, which also rose by 20% to $2.68bn last year.

While the firm has a long way to go until it nears the size of a Latham & Watkins or Kirkland & Ellis in the City, its 2025 London revenue alone would be enough to place it comfortably within the top half of the LB 100 – Legal Business’s ranking of the biggest UK firms by their global revenue – not far behind Travers Smith. It currently sits within the top 30 by global revenue, but wants to improve on this, and expects London to play a big part in this growth.

As Lopez explains: ‘The growth rate in London has been extraordinary, but all our practices there are in stage 2-5 of a 10-stage lifecycle. So, although it’s been a fun ride to get where we are, our goals are to get that office from $250m to $500m over three or four years.’

Aggressive recruitment

The Bishopsgate office now houses around 14 of the firm’s key practices, with its aggressive recruitment drive bringing in roughly 30 partners in the City over the last three years.

In contrast to many US rivals, Lopez and global managing partner Sherrese Smith – who are based in New York and Washington DC respectively – are front and centre of the recruitment drive both in London and globally.

The pair have built a reputation for taking the lead in conversations with potential laterals and for being willing to pay top-of-market rates to secure the right talent.

Anecdotally, the vision Lopez presents is frequently referenced by new hires as a key driver behind their moves. And, speaking to him and Smith, it’s apparent that their time commitment to the recruitment process can be as significant as the financial promises they make.

‘Our outreach starts with those who are the right fit and talent for our growth plans,’ says Smith. ‘Whatever will be the most impactful contact, we’ll do that, but typically the outreach starts with us. We bring in people whose skillset and relationships enable exponential growth for both them and our platform, to help us continue building and gaining market share.’

‘The common denominator that we’re looking for from every lateral joining us is that they are a builder’

‘We know exactly what our strategy is, exactly which practice and which geography we want to grow in. Then it’s about whether we’re able to identify the people we believe fit the profile to help us gain market share,’ adds Lopez. ‘If we can’t get those people, we’re not going to the next 10 – it’s about getting the right people to immediately make an impact.’

To maintain momentum, they say they look for laterals who are motivated to build something new, arguing that the firm’s relative immaturity in markets like London means it is better able than most to offer this opportunity.

‘The common denominator that we’re looking for from every lateral joining us is that they are a builder,’ stresses Lopez. ‘There isn’t really a push factor from their firms, so the pull factor becomes whether they’re excited about building a personal legacy, a practice legacy, a firm legacy.’

Smith adds: ‘If someone does not have to leave their firm, they’re only going to look elsewhere if they see an opportunity. That’s an opportunity for their own growth and an opportunity to be impactful on our platform. So it’s us saying here are the opportunities for you and the opportunities for us. Providing that information and showing how it plays on both sides.’

Turnover and exits

As evidenced by last week’s news that high yield and restructuring partners Patrick Bright and Will Needham are set to depart for Sullivan & Cromwell, Lopez and Smith acknowledge that growth has not always been linear, with some offices, including London, shrinking at times amid partner exits.

Questions have long been raised about how fast the firm’s door has been revolving in both directions, with other high-profile departures in London include a three-partner private equity team led by Anu Balasubramanian leaving for Goodwin in December, while infrastructure partners Jessamy Gallagher and Stuart Rowson left for Freshfields roughly a year ago, having joined in February 2023.

’Sometimes when you’re building offices you have a bit of a reset and things can get smaller – London was like that a few years ago, it was a bit stale,’ admits Lopez. ‘But now, we’ve created a renaissance and we have a lot of momentum,’ he insists.

The firm has faced criticism that, as it seeks to grow its market position and revenues, it has been quick to move partners on, with rivals suggesting the desire to bring in those who can ‘immediately make an impact’ may mean that in addition to losses the firm would rather not see, it has also been quick to move other partners on.

It’s an argument Lopez and Smith deny. They maintain performance is assessed on strategic fit rather than speed of return but are open about their deliberate plans to improve the quality of all of the firm’s offices and teams.

‘We’ve created a renaissance and we have a lot of momentum’

Notably, after Gallagher and Rowson left last year, the firm responded by taking on an eight-partner infrastructure team from White & Case, spanning offices from London to Paris and Abu Dhabi. Rowson and Gallagher had themselves succeeded a team which moved to DLA Piper.

Speaking openly about the firm’s lateral process, Lopez insists that the overall success rate is very high.

‘Our lateral strategy is an introspective exercise where we think there is pent-up demand in our client base and that the attraction of premier talent in a specific practice area or geography will provide exponential growth,’ he explains.

‘That does not mean that there won’t be occasional misalignments, but I think those are rare cases and our hit rate is very high, with over 90% meeting or exceeding expectations,’ he adds. ‘Our job is to do everything possible to maximise the probability of success for laterals, which becomes a lot easier with high-calibre additions that meet the profile for our strategy and culture.’

Driving towards the global elite

Both Smith and Lopez are clear and undaunted in their ambition: to move Paul Hastings further up the ranks of the global elite and gain market share. Speaking to them, it’s equally clear that lateral recruitment will continue to play a key part in realising this goal.

‘There are eight to 10 global elite firms that are pulling away,’ says Lopez. ‘They are of a size that enables them to take more and more market share. We’re grateful to be part of that group, but now it’s important to make relative progress within it.’

‘We want to be the most profitable firm in the world; tier one in every practice. It’s not about just getting bigger – everything we do is about getting stronger and better and constantly elevating our reputation.’

They are equally clear that this means paying close attention to the performance of individual practices and offices.

‘We manage our firm almost like an asset manager,’ says Lopez. ‘We think of our practices and our geographic footprint as a portfolio, and we’re constantly tweaking based on where each location and practice is in its life cycle.’

‘We manage our firm almost like an asset manager’

By taking this approach, they believe the firm is well-positioned to keep pace as consolidation accelerates across the legal market, with Hogan Lovells, Winston & Strawn and Perkins Coie among the firms announcing merger plans in recent months.

‘There are firms today that would be Fortune 300 companies. It’s interesting that law has created this idea that it’s mutually exclusive to run a great business and have a nice culture. We are serious about having a team approach and collaboration as a business strategy. I think it can be liberating to be in a place that’s embracing the fact it’s a business,’ Lopez concludes.

As a result, the pair have no plans to rethink their strategy of using lateral hiring to drive growth.

‘We have people who are excited about the future and want to help us build. We believe we’re in a unique position compared to our competitors at the top because we have a generation of playing offence,’ insists Lopez. ‘If you look at our portfolio of laterals, they have unquestionably been huge drivers of our financial success, and the partnership knows that.

‘We don’t live in fear – you have to keep swinging,’ he concludes. ‘If you don’t take the shot, you’re never going to score.’

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Trading Places: Paul Weiss and Latham tap senior government talent

Paul Weiss has added a former federal prosecutor to its litigation practice in New York.

Antonia Apps joins following a career spanning both private and public practice. She served seven years at the Department of Justice (DOJ) as an assistant US attorney in the Securities and Commodities Fraud Unit until 2014, before becoming a litigation partner at Milbank in New York, advising clients such as BlackRock and Infinity Q Capital Management on internal investigations, regulatory enforcement proceedings and commercial litigation.

In 2023, Apps returned to government, joining the Securities and Exchange Commission (SEC), where she served as regional director of the New York office before becoming acting deputy director of the nationwide Enforcement Division and then deputy director of enforcement, overseeing enorcement across New York, Boston, Chicago, and Philadelphia.

Jessica Carey, co-head of Paul Weiss’s litigation department, said: ‘[Antonia] combines first-chair trial experience, sophisticated regulatory insight, and the strategic judgment clients rely on in their most consequential matters. She will be a fantastic addition to Paul Weiss.’

Latham & Watkins has also looked to government for its latest hire, with the addition of former Federal Communications Commission (FCC) commissioner Geoffrey Starks as a partner in its connectivity, privacy and information practice in Washington DC.

Starks served at the regulatory agency from 2019 until earlier this year, leading enforcement efforts and overseeing national initiatives across broadband, broadcasting, cyber security and artificial intelligence.

He previously served as senior counsel to the US deputy attorney general at the DOJ.

Matthew Brill, chair of the firm’s connectivity, privacy and information practice, said: ‘Geoffrey’s deep experience and strategic insight position him to deliver exceptional value to clients navigating the complex intersection of communications policy, transactions, and high-stakes disputes. We are thrilled to welcome him to our team.’

Also in Washington DC, Orrick has hired prominent nuclear energy partner Amy Roma. She joins after 18 years at Hogan Lovells, where she led the global energy practice.

Roma advises reactor and fusion developers, fuel suppliers and investors on regulatory, transactional, and strategic matters, specialising in the integration of nuclear energy with AI data centres, industrial and pharmaceutical facilities, and emerging space and maritime applications.

Orrick chair Mitch Zuklie said: ‘Orrick has been at the center of this growing ecosystem for the past decade, and with the addition of Amy, we now offer holistic solutions to help all types of market participants scale nuclear technologies and projects.’

Back in New York, Linklaters has appointed a new chief operating officer of its Americas business, as the magic circle firm continues its push into the US.

Maria Zaino joins from A&O Shearman, where she spent 22 years at legacy Shearman & Sterling in roles including global business director for corporate and M&A between 2016 and 2024. At the merged firm, she served as executive adviser to US management and COO.

At Linklaters, Zaino will reunite with George Casey, former global managing partner at Shearman, who moved to Linklaters in January 2024 after nearly three decades at Shearman, and was appointed Linklaters’ first chairman of the Americas last June.

A&O Shearman has seen a number of departures since the merger between legacy Allen & Overy and Shearman & Sterling was announced in May 2023, with more than 170 partner exits as of last October.

Also in New York, Arnold & Porter has hired capital markets partner Chris DeCresce from Freshfields.

DeCresce served as a corporate partner in Freshfields’ securities and capital markets and financial services practice for one year, following just under three years as vice chair of the same practice at Paul Hastings.

This week also saw Paul Hastings hire four further lawyers in Charlotte, building out the fund finance team that launched the firm’s North Carolina office earlier this month.

The latest additions bring across Olivia Stewart and Brian Kettmer from Cadwalader, who re-join fellow Cadwalader partner Danyeale Chung. Stewart spent two years at Cadwalader, becoming special counsel in January, while Kettmer was at the firm for seven years as an attorney.

The Charlotte office will also see the addition of two of counsels, bringing over Matt Downer from Mayer Brown and Meghan O’Reilly from Haynes Boone. They join the previously announced Haynes Boone trio of Holly Loftis, Aleksandra Kopec and Mark Nesdill.

On the West Coast, McGuireWoods bolstered its private equity bench with the hire of private equity partner Zachary Shub-Essig in Los Angeles.

Shub-Essig joins following a string of associate and senior associate roles at legacy Shearman & Sterling, Hogan Lovells, and most recently Sidley Austin, where he become counsel in January 2025.

His arrival follows recent expansion at the firm, with the addition last august of Shahrooz Shahnavaz, who joined the LA office as co-head of the tax practice group from Loeb & Loeb, and the launch of the firm’s Seattle office last week with an 8-partner hire from Perkins Coie.

Ballard Spahr has hired a five-partner class action team from Cleveland-headquartered US national firm Benesch to launch in San Fransisco.

The team will be led by Stephanie Sheridan, who will also head up its retail and e-commerce industry team, and Meegan Brooks. Joining them are Jason Hamilton, who will also work out of the LA office, Christopher Stretch and Whitney Miner.

The firm however suffered losses to Barnes & Thornburg, which hired 35 lawyers, including 25 partners, for its public finance and infrastructure team.

They will join across 10 offices, including new launches in Baltimore, Denver and Phoenix.

The additions bring Barnes & Thornburg’s practice headcount firmwide to 56. Incumbent partner Valarie Allen will join current partner Kimberly Blanche as practice co-vice chair, and new hires John Smolen and Steve Park will lead the infrastructure practice.

Also joining are partners William Rhodes and Kimberly Magrini in Philadelphia; Jeffrey Ballard, Andrew Spicknall, Charles Treece and Daniel Nunez in Washington, DC; Peter Lam in New York; Silvia Shin and Emilie Ninan in Wilmington; and Teri Guarnaccia, Anastasia Khokhryakova and Michele Bax in Baltimore, Denver and Phoenix, respectively.

The group also includes partner Benjamin Johnson, who previously practiced at Barnes & Thornburg and served as co-chair of the charter school and school innovation practice.

Lastly, O’Melveny & Myers has hired executive compensation partner Thomas Asmar into its tax practice in Silicon Valley.

Asmar previously spent six years as a partner at Baker McKenzie, following four years as counsel at Skadden. His practice focuses on advising public and private companies, as well as private equity funds, on all employee benefits and compensation issues arising out of mergers, acquisitions, IPOs, financings and other corporate transactions.

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Simpson Thacher hires Kirkland financial restructuring heavyweight for Dallas launch

Simpson Thacher & Bartlett is launching in Dallas with the hire of a heavyweight restructuring partner from Kirkland & Ellis.

David Nemecek, who is highly regarded for his work for distressed companies, will head up a new capital structure solutions practice, which will combine the firm’s liability management team with its restructuring and special situations partners in a single global offering.

Alden Millard, chair of Simpson Thacher’s executive committee, said: ‘Dave is widely regarded as the preeminent architect of modern liability management and is one of the most influential advisers to distressed companies of his generation.’

He added: ‘Over the past decade, companies, sponsors, lenders and creditors have all turned to Dave for his expertise in solving their most difficult capital structure challenges. We are thrilled to welcome him to the firm and are excited about what lies ahead.’

Nemecek’s practice has made headlines in recent months, with the Financial Times last year describing him as ‘the single most powerful adviser to distressed companies.’

However, recent reports have suggested that his practice has come into conflict with the interests of Kirkland’s private capital clients, contributing to his departure after 15 years at the firm.

A spokesperson from Kirkland said in a statement: ‘We thank Dave for his contributions to Kirkland and wish him all the best in the future.’

Commenting on his move, Nemecek said:  ‘Simpson Thacher has one of the world’s premier global legal advisory platforms grounded in excellence, unparalleled client service and deep, long-term relationships.’

He continued: ‘Helping launch its capital structure solutions practice, alongside partners who are both exceptional lawyers and true collaborators, is a rare opportunity, and I am honored to join the team as we focus on providing the best advice to our clients.’

Simpson Thacher is the latest firm to announce plans to open in Dallas since Dechert last month, while Latham & Watkins is widely rumoured to be on the cusp of a Dallas launch after it hired a pair of partners based in the city from Kirkland and Winston & Strawn last week.

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Paul Hastings in London M&A push with hire of Cooley Singapore founding partner

Paul Hastings is building up its London private equity and M&A capabilities with the hire of Ferish Patel from Cooley.

Patel, who is US-qualified, joins Paul Hastings after six-and-a-half years at Cooley. He previously served as partner in charge of the firm’s Singapore office, moving there for its launch in 2020. At Paul Hastings, he will be based in London.

Patel’s practice focuses on cross-border growth equity as well as private capital transactions, and he advises companies and investors on matters ranging from late-stage private financings to IPOs.

At Cooley, he worked with clients across sectors including technology, healthcare, life sciences and digital infrastructure, and notable matters include co-leading the team that advised Singaporean technology company Grab on its 2021 SPAC merger with Altimeter Growth, in a deal that valued Grab at $40bn.

He has also worked with Brookfield Private Equity, also a client of Paul Hastings’, on multiple growth and pre-IPO financings.

Legal Business understands that Patel’s hire is part of a concerted effort from Paul Hastings to grow its buyout and M&A capabilities in the capital, after adding 25 partners to the firm’s  M&A platform globally over the last two years.

Patel is the ninth partner hire Paul Hastings has made in London over the last six months, with the firm also adding Alicia Osei, a tax partner from Macfarlanes, earlier this week.

Osei spent 15 years at Macfarlanes and brings experience on tax matters relating to the structure of private investment funds and investment management businesses.

Earlier this month, Paul Hastings also hired funds lawyer David Richardson from Simpson Thacher, in a move that saw Richardson make partner as the firm built on the arrival of fund finance partner Jennifer Passange, who arrived from Haynes Boone last year.

However, a team of three private equity partners quit the firm for Goodwin in December, including Legal 500 mid-market PE Hall of Famer Anu Balasubramanian, who is set to join Goodwin as chair of European private equity.

Last week, Sullivan & Cromwell hired two practice heads from Paul Hastings, bringing over Will Needham, chair of the firm’s European restructuring practice, and Patrick Bright, chair of its high-yield financing practice.

In London, Paul Hasting’s revenue has grown more than 20% year-on-year and 100% over the last three years.

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