Pinsent Masons‘ John Cleland (pictured) takes up the reins as the firm’s new managing partner today (Friday 1 May). He talks to Legal Business about his three priorities for the business, his preparations for taking on the role and whether he will miss fee earning.
Guest post: Why the right is losing the argument on tax – and why it matters to all of us
Two weeks ago, Labour pledged to tax as income the performance fees (known as the ‘carried interest’) paid to certain investment managers. This rather than the much lower capital gains tax rate enjoyed hitherto. The pledge followed Labour’s promise, earlier in the week, to remove the centuries old non-dom tax break and, last month, to restrict pension tax relief for high earners.
Q&A: Shearman’s Nick Buckworth talks keeping a focused business, peer pressure and climbing Mont Blanc
Shearman & Sterling’s London office has outpaced the rest of the firm, with revenue last year growing 7% in the City to hit $145m compared to the 3% rise achieved by the firm as a whole in the 12 months to 31 December 2014. Two years into a three year plan to restore the firm’s fortunes, Europe chief Nick Buckworth (pictured) talks firing up the firm’s international offering.
Fee transparency: Olswang, OC, Taylor Wessing and 12 others sign up to service to reduce legal fee disputes
Taylor Wessing, Olswang and CMS Cameron McKenna are amongst a host of firms to sign up to Apperio – a platform designed to create transparency on legal fees.
Rumbling on: Barclays sets aside £800m to cover foreign exchange penalties as Deutsche profits hit by legal costs
Despite the spate of large scale settlements banks continue to set aside large provisions for legal spend with the latest, Barclays, setting aside £800m for investigations and litigation primarily relating to foreign exchange manipulation while Deutsche Bank put aside €1.5bn in the first quarter of 2015.
Asia: Nabarro hires Clyde & Co senior disputes partner to head Singapore office
Joining the spate of firms to bolster their offering in Singapore in recent months, Nabarro has today (30 April) announced the appointment of senior disputes partner Steven Lim, the founder and managing director of Clyde & Co’s joint venture partner Clasis, to head its Singapore office.
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One of the giants – Bankruptcy legend Harvey Miller dies at 82 after defining US workouts for decades
Bankruptcy pioneer Harvey Miller, one of America’s leading commercial lawyers of the post-War period, has died at the age of 82, it was announced this week.
The Weil Gotshal & Manges partner was America’s most prominent bankruptcy practitioner, playing a pivotal role in a string of landmark cases, including the wind-up of Lehman Brothers, the largest corporate bankruptcy in US history.
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Global promotions increase at Clifford Chance as it makes up six in the City
Clifford Chance has this year made up 25 lawyers to partner in its annual promotions round, with six associates across corporate, finance, and real estate practices making the cut in London.
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Staying local: White & Case wins foreign licence renewal in Singapore
White & Case has been granted renewal for its Qualifying Foreign Law Practice (QFLP) licence. The Singapore government has extended the firm’s QFLP licence for four years to April 2019, following the firm’s request for renewal.
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HSF brings in two senior non-execs amid shake-up to governance board
Herbert Smith Freehills (HSF) has shaken up its global council to bring in two non-executives. The move sees Commonwealth Bank of Australia director Jane Hemstritch and senior independent director of insurer at RSA Johanna Waterous become the first external members on HSF’s main oversight body.
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Orrick strips down on global stage as two German branches are shut
The apparent international retrenchment of Orrick, Herrington & Sutcliffe continues with the top 40 US law firm announcing this week that it is closing its Frankfurt and Berlin offices.
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Promotions round: Clyde & Co and Dentons increase partner intake on last year
The latest round of partner promotions among international firms sees Clyde & Co and Dentons announce 13 and ten new partners respectively.
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Hogan Lovells expands Tokyo practice with corporate hire from local boutique
With a mandate to increase its Asia revenues, Hogan Lovells continues to recruit at partner level, today (28 April) announcing the hire of Wataru Kamoto from local boutique Hibiya-Nakata to its corporate practice in Tokyo. Continue reading “Hogan Lovells expands Tokyo practice with corporate hire from local boutique”
Grow your own – Signature Litigation plans trainee scheme with other law firms
On the back of robust financial growth for the 2013/14 year, high-flying boutique Signature Litigation is exploring developing a trainee scheme, with a proposal to match itself with non-competing firms and ‘facilitate a programme of reciprocal secondments’.
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Partnership promotions: Linklaters focuses on corporate practice in 23-strong round
In a sign that the Magic Circle firm has renewed confidence in its traditional M&A stronghold, Linklaters has promoted nine corporate lawyers to the partnership, nearly 40% of the 23-strong round, spread across the City, Shanghai and its European offices.
Redundancy watch: Six partners and 10 staff set to leave Ince & Co
Following a round of redundancies last year which saw 33 roles cut, Ince & Co is restructuring its partnership and support staff with six partners and ten secretarial staff set to depart.
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Partnership promotions: Norton Rose Fulbright makes up 51 in largest promotions round since merger
Norton Rose Fulbright (NRF) has today (27 April) announced a total of 51 lawyers were made up to partner across the US, Canada Europe, Asia and Africa in what constitutes its largest promotions round since its 2013 combination.
130,382: Solicitors numbers rise led by in-house expansion while training contract numbers continue to slide
The Law Society today (27 April 2015) published its Annual Statistics Report 2014, showing that while the number of solicitors rose, returning to growth in 2014 after dipping in 2013, and those graduating with a law degree reached record highs, the number of training contracts continued to fall.
Revolving doors: European hires as HSF recruits in Germany and Bird & Bird focuses on Denmark while Ogier hires from Kirkland
King & Wood Mallesons real estate team hire from Eversheds may have made the headlines last week, but there were plenty of notable hires elsewhere. Herbert Smith Freehills (HSF) bolstered its Frankfurt office which it launched in 2013 with a finance partner from K&L Gates while Bird & Bird welcomed a new partner in Denmark and Ogier added to its dispute resolution team in the Cayman Islands with a hire from Kirkland & Ellis’ London office.
Dealwatch: Travers, HSF and Paul Weiss advise on $2.1bn Pace sale
Travers Smith, Herbert Smith Freehills and Paul, Weiss, Rifkind, Wharton & Garrison have all landed roles on the $2.1bn sale of Pace to Arris as another UK company gets acquired by the US.
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