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.
PwC Legal hires Mayer Brown’s former German chief in financial services drive
PwC Legal has expanded its German legal team with the hire of Mayer Brown banking and finance partner Jorg Wulfken in Frankfurt as the firm looks to build a ‘sizeable’ financial services offering outside of the US.
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Freshfields looks to ruffle New York disputes market with hire of Simpson Thacher’s Martin
Freshfields Bruckhaus Deringer has made a significant move to enhance its US practice with the hire of Simpson Thacher & Bartlett’s experienced corporate disputes specialist Linda Martin.
Press watchdog looks at new arbitration body to handle media claims
The Independent Press Standards Organisation (IPSO) has launched a three month consultation on creating a new arbitration scheme to settle defamation, privacy and other civil legal disputes with the press.
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Dealwatch: Dickson Minto lands role alongside A&O and Ashurst on $1.7bn ERM sale to Canadian pension funds
Allen & Overy (A&O), Ashurst and Dickson Minto have won key roles on the off-market acquisition of Environmental Resources Management (ERM) by Canadian pension funds OMERS Private Equity and co-investor Alberta Investment Management Corporation (AIMCo).
Reckitt Benckiser’s group GC Bill Mordan exits after 12 years for pharma giant’s ‘wonderful opportunity’
Reckitt Benckiser’s group general counsel (GC) Bill Mordan (pictured) is set to leave the consumer goods company to take up the role of GC and company secretary at pharmaceutical giant Shire.
HFW and Gibson Dunn lead as Rothschild exits troubled Asia Resource Minerals
A four-partner team from Holman Fenwick Willan (HFW) has spearheaded ACE’s high-profile purchase of Nat Rothschild’s stake in troubled Indonesian coal miner Asia Resource Minerals with Gibson, Dunn & Crutcher acting for the British financier and Ashurst for Indonesia’s Widjaja family.
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Boies Schiller boosts London presence as it takes on third City partner with WilmerHale hire
Eighteen months on from its City launch, Boies, Schiller & Flexner has hired its third partner with Kenneth Beale joining the disputes shop from Wilmer Cutler Pickering Hale and Dorr’s arbitration group.
Brown Rudnick hires Clydes’ corporate head as it targets Francophone work
Clyde & Co head of corporate Philip Rogers is leaving the firm after eleven years to head up Brown Rudnick’s emerging markets corporate practice in London after the US firm also made two laterals in its Paris office last week.
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Freshfields brings in McKimm as LevFin co-head while Ashurst rejigs Asia management
Freshfields Bruckhaus Deringer has changed its finance team’s management as it brings in Kirkland & Ellis high-yield heavyweight Ward McKimm as co-head of its European leveraged finance group, while Ashurst has made changes to its Asia leadership team.
Law’s ‘class ceiling’ – Government report finds one law firm hires 60% of trainees from Oxbridge
A government report into barriers of entry in the professions has criticised the ‘class ceiling’ at law firms and other professional service outfits which it says are blocking working-class people from elite firms.
Freshfields targets US and Asia for two more business service hubs amid plans for 24/7 legal support
After taking the decision to move back-office staff out of its London headquarters to Manchester in a nearshoring exercise, Freshfields Bruckhaus Deringer is taking the low-cost support model to new heights as it looks at potentially opening two further support outposts in Asia and the US to provide 24/7 legal support.