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The Legal 500 view: more choice and competition defines market


The UK legal market now offers more choice than ever, and this is reflected in the 2015 edition of The Legal 500, which has never seen more movement.

Specialist outfits with non-traditional business models are a credible alternative to classic full-service rivals. In dispute resolution, Quinn Emanuel Urquhart & Sullivan, Stewarts Law and Enyo Law have all moved up the rankings. Employment boutique Brahams Dutt Badrick French moves into tier one for senior executive work; tech and media-focused Cooley enters the rankings after its dramatic launch this year – while arbitration boutique Three Crowns ranks strongly again.

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Allen & Overy gears up to replace its C-suite as Morley to retire in 2016

Morley and Dejonghe near end of terms as Magic Circle management shuffle continues

It will be the end of an era at Allen & Overy (A&O) come May 2016 when senior partner David Morley and global managing partner Wim Dejonghe step down from their current leadership roles, with Morley retiring from the firm after 36 years.

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Debevoise and Reed Smith face off as BAT launches €578m claim against PwC

Litigators at the London arms of Debevoise & Plimpton and Reed Smith have been drafted in on a €578m (£418m) professional negligence claim brought by British American Tobacco (BAT) against Big Four accountancy firm PwC.

BAT has instructed Kevin Lloyd, a partner at Debevoise & Plimpton, to bring the claim against PwC in the Chancery Division of the English High Court. The legal action stems from PwC’s audit of paper maker Windward Prospects, a company with which BAT has a long-running dispute over the cost of cleaning up a polluted river in Wisconsin. BAT alleges PwC failed to fully account for clean-up costs of the polluted river in its audit of Windward.

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‘Every man for himself’: 11SB carved up as Wilberforce and Radcliffe pick up barristers

The demise of 11 Stone Buildings (11SB) has led to a feeding frenzy as rival chambers begin to swoop on barristers from the commercial and chancery set.

Since 11SB announced it would close at the end of this month, it has emerged that Wilberforce Chambers and Radcliffe Chambers are to take on teams comprising 11SB’s most senior silks.

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Gibson Dunn swoop for HSF capital markets duo boosts English law capability

Gibson, Dunn & Crutcher’s appointment of Herbert Smith Freehills’ (HSF’s) capital markets duo Steve Thierbach and Chris Haynes is an important step in building the firm’s English law transactional capability.

Thierbach, who was HSF’s global markets chief, is one of the City’s most established capital markets lawyers. His hire, along with corporate partner Haynes, comes as part of Gibson Dunn’s wider corporate play in London.

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Blowing in the wind: is legal education change creating a perfect storm for reform?

Victoria Young assesses legal education sector in wake of Kaplan exit and ULaw sale

With news breaking recently that Kaplan Law School is to close its doors in 2016, a contest between BPP University and The University of Law (ULaw) broke out in September as both institutions grappled for increased market share.

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Korea still a boon for global firms as A&O, White & Case set up shop

Global 100 firms continue to pile into South Korea, with Allen & Overy (A&O) and White & Case launching in Seoul in recent weeks, while disputes boutique Kobre & Kim has also opened a base in the Korean capital.

White & Case launched an office in Seoul in the summer with plans to relocate three partners and build on relationships with project finance clients. The venture is led by James Lee, who heads the Korea practice group and relocated to Seoul from Los Angeles. He will be joined initially by Mark Goodrich, a construction partner in London who will also transfer to Seoul, and Hong Kong partner Kyungseok Kim, who recently joined the firm’s M&A practice from Linklaters where he was an associate.

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Finance view: The night of the living wills – bank resolution work offers opportunity for FinReg counsel

Michael West reports on the introduction of bank resolution protocols

Financial regulatory lawyers returned from their holidays this year to a lot of calls on one topic – bank resolution. The implementation this year of the EU’s Bank Recovery and Resolution Directive (BRRD) combined with the Greek crisis has pushed an issue that’s been simmering for years back up the list of priorities for bank and investment firms’ legal teams.

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Aboard the propaganda train – sweat and spin amid a turbulent Russian market

Propaganda-style poster

There’s an old Russian joke about a foreigner who visits the Soviet Union. Knowing his letters will be read by the state censor, he devises a system to communicate with friends back home. If his letter is written in black ink, the message is true. If it is written in red ink, the message is false. Eventually his friends receive a letter from Russia written in black ink: ‘Dear friends, I hope this letter reaches you. Contrary to the lies in our press, life in the Soviet Union is wonderful. Food is plentiful, apartments are spacious and well heated, and there are no shortages. In fact, the only thing I can’t find here is red ink.’

Asking international lawyers about the year they have just had in the Russian market is a similar exercise in reading between the lines. While many firms report that they are still making money, fuelled largely by a boom in restructuring work, this picture is undoubtedly airbrushed by lawyers’ unwillingness to discuss the negatives. No-one, however, is in any doubt that the precipitous decline of the Russian market is hitting revenues. Continue reading “Aboard the propaganda train – sweat and spin amid a turbulent Russian market”

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Profit, delusion and how Big Law became obsessed with the wrong things

K&L’s Tony Griffiths says the father of business theory has lessons Big Law would do well to learn

Many centuries ago while studying law as an undergraduate, a particularly inspiring corporate law lecturer suggested that I might want to read a book on management theory, as well as immersing myself in case law and precedent. I still have no idea why he suggested it and I believe I was the only one in the company law class who took him up on it.

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Bespoke, mobile and plugged in – the tech tools clients and staff will demand

CMS’s Duncan Weston argues that a new attitude to technology will be essential for the best law firms

Against a backdrop of a fast-changing technology environment; value-conscious clients, rising rents, and the need to provide meaningful alternative fee arrangements, law firms are being challenged to deliver innovative services and efficiencies like never before. Embracing new technologies, LPOs and alternative business structures just goes with the territory.

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Making gains – to be or not to be in the fiduciary business

Americas Cup sails

In July, global offshore firm Appleby announced the management buyout (MBO) of its fiduciary business for an undisclosed sum, backed by private equity house Bridgepoint. Completion is subject to regulatory and legal approvals, but is expected to wrap up by the end of 2015.

According to group chair Frances Woo, the sale had been considered for some time, so that the fiduciary arm could continue to develop new products while the legal side could invest in new technology and knowledge management going forward.

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Changing Tack – Bermuda triangulation

Americas Cup

Mythical triangles notwithstanding, the island state of Bermuda plays host to the prestigious America’s Cup in June 2017. But while it may be two years before the world’s sailing elite descends on the island state, competition for the local offshore firms has already arrived. In May, Cayman-based Walkers announced it would open in Bermuda later this year. This came just one month after Bennett Jones’ (Bermuda) law practice was launched through an association with Canada-based law firm, Bennett Jones.

These are significant changes for the islands, which have little experience of overseas firms on their territory, save for Sedgwick Chudleigh, which opened in Bermuda in 2006 in conjunction with international firm Sedgwick. Subject to regulatory approval, Walkers’ opening will be the first major offshore firm headquartered outside the islands to open in Bermuda. It wasn’t the only major player to show a keen interest this year either: British Virgin Islands (BVI)-based Harneys at press time announced a combination with Bermudian firm Hurrion & Associates to form a full-service practice, Harneys Bermuda. Continue reading “Changing Tack – Bermuda triangulation”

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The legislative framework for ‘trapped’ property buyers

Andreas Haviaras and Stalo Papoui of Haviaras & Philippou discuss the new development in Cypriot property law.

The main problem the Cyprus property market currently faces is the failure of the developers, due to their financial problems, to issue title deeds to the buyers who paid for the property bought or to transfer the title in cases where it has been issued. In this sense, the buyer who paid for the property but did not receive a title is a trapped buyer as he cannot exploit the property.

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Bermuda’s evolving legal services landscape

BDA’s Ross Webber highlights the benefits international entrants bring to the market.

Recent moves by leading global law firms to set up offices in Bermuda mark something of a watershed for our jurisdiction. Bermuda has been renowned for its strength and depth with regard to quality lawyers – however, it has not always been heralded for its variety of choice. That looks set to change.

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