LB100 firms Ashurst and Berwin Leighton Paisner (BLP) have both landed leading roles advising on the recent £112m takeover bid by Italy’s Ferrero International for British confectioner Thorntons, after the latter suffered falling profits and the resignation of its chief executive.
Guest post: ‘More mystery and misinformation’ – welcome to a world without the AmLaw 100
We’re now well into the Am Law 100 season. My former colleagues at The American Lawyer have published their biggest issue of their year, the annual scorecard of the 100 top-grossing US law firms. This much-anticipated report has managed to survive three decades of criticism and consternation and remains the financial benchmark in the US legal market.
Braham wins Freshfields senior partner election with Pugh and Eilers to serve as co-managing partners
After a three-way contest, the front-runners Edward Braham (pictured) and Christopher Pugh have won Freshfields Bruckhaus Deringer’s leadership election with Braham set to serve as senior partner while Pugh will sit alongside Cologne-based Stephan Eilers as joint-managing partner.
PEP soars at Pinsent Masons as turnover grows 12% to £362m
Pinsent Masons, saying it is seeing increasing benefits from its 2012 McGrigors merger and its growing international offering, is the latest law firm to reveal a strong performance for the 2014/15 financial year with profits per equity partner (PEP) growing by a third and double digit revenue growth.
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C-suite hires: Reed Smith brings in BLP’s leading KM director Dillon and new CIO
US firm Reed Smith has hired Berwin Leighton Paisner’s (BLP’s) chief knowledge director Lucy Dillon, a hire indicative of knowledge management increasingly becoming an integral part of a law firm’s arsenal.
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DWF overhauls business model with launch of consultancy, paralegal and flexible lawyer offerings
National firm DWF has launched a range of new client services as it seeks to overhaul its business model including a centralised legal support centre with paralegals, a consultancy and a contract lawyer service.
Proskauer continues City ramp-up with Bakers’ private equity rainmaker Bertrand-Delfau
Intent on building out the firm’s private equity practice in London, Proskauer Rose has hired one of Baker & McKenzie’s highest earners in the City, EMEA co-head of private equity Bruno Bertrand-Delfau.
Olswang’s entire Berlin office in talks with Freshfields and MoFo alongside other international firms
Following news yesterday (18 June) that 13 equity partners are exiting Olswang’s Berlin outpost, it has emerged that the entire 50-strong lawyer office is set to move en masse and is currently in talks with several international firms, including Morrison & Foerster and Freshfields Bruckhaus Deringer.
20% revenue growth at Stephenson Harwood sees turnover top £145m with PEP surging to £763,000
Stephenson Harwood has posted a 20% rise in revenues to £145m for the 2014/15 financial year, boosted by receipts from several multi-year matters the firm said that discounting those payments still saw it achieve an underlying growth rate of 16%.
GC Power List – the 2015 Summer Reception looms
In a shameless shout-out for my own shop, I’m making up this opportunity to highlight what is already one of our favourite projects. Next week we’ll be holding our GC Power List Summer Reception at The Club at The Ivy.
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13 partners to go in Germany as Olswang announces ‘decoupling’ of Berlin arm
Olswang has announced that 13 German equity partners, specialising mainly in corporate and finance, will be leaving the firm later this year as it plans to hive off its Berlin office, leaving just a base in Munich.
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Revitalised Nabarro posts 8% revenue growth, a 21% PEP leap and sets out new strategy
After flat turnover growth in recent years, Nabarro has recorded £126m in revenue for the 2014/15 financial year, an 8% rise on last year and its largest annual increase since 2008, alongside a 21% jump in profit per equity partner (PEP) to £576,000, constituting a double digit increase for a third consecutive year.
‘You can’t buy loyalty’ – Fieldfisher’s Lohn on the dos and don’ts of making the lateral hiring game pay off
For most law firms, growth connotes success. Strategies to deliver the desired growth will usually rely on a steady, sometimes significant, stream of lateral partner hires. These new partners are perceived to be integral to the future success of a business – a supply of fresh talent which can expand different practice areas, enable a firm to enter new jurisdictions and access new clients.
Mishcon picks consultancy duo to lead strategy review as firm examines pay structure
City firm Mishcon de Reya has appointed external consultant duo, Alan Hodgart and Robbie Cowan, to help shape its 10-year strategy plan. With the review already well underway, proposals tabled include its merit-based pay structure with an emphasis on altering the way it rewards origination points.
FCA fines triple to £1.5bn in 2014 but drop off expected as regulators switch focus to individuals
After the landmark fines issued to banks over Libor and foreign exchange market manipulation, the Financial Conduct Authority (FCA) saw the total value of penalties triple to £1.47bn in 2014. However, the increase looks to set a high-water mark as enforcement agencies switch attention to individuals.
Financials 2014/15: TLT passes £60m in revenue with 8% growth
Bristol-headquartered TLT has continued a string of strong financial performances in recent years by growing turnover 8% in the 2014/15 financial year and posting revenues of £62.5m.
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A&O mulls changes to junior lawyer pay structure as it looks to keep pace in associate salary race
This second quarter has seen Allen & Overy (A&O) launch a comprehensive review with external consultants drafted in to look at both its pay structure for junior lawyers and to compare the firm’s levels of pay against market rates.
Simmons breaks into growing legal product market with start-up tool targeting hedge funds
Seeking to turn the City’s next big hedge funds into clients, Simmons & Simmons has entered the growing legal product market with a package to guide hedge fund managers through the increasing regulatory burden attached to creating and launching a financial firm.
CC loses City finance partner to Milbank as Pinsents benefits from German exits with IP hire
Pinsent Masons has become the latest firm to benefit from the on-going travails of Clifford Chance’s (CC) German offering with intellectual property (IP) partner Marc Holtorf leaving the Magic Circle firm’s Munich offices while in London, Milbank, Tweed, Hadley & McCloy hired asset finance partner Nick Swinburne.
Herbert Smith Freehills shuts Abu Dhabi office as firm consolidates Middle East presence
Reduced to just one partner in Abu Dhabi, Herbert Smith Freehills is shutting the office and shifting its five-lawyer team to Dubai just six years after opening.