The industry standard in tracking US law firm mergers, Altman Weil’s Mergerline, has had this to say about activity in the wake of the Global Financial Reset:
Mergers helps drive 11% revenue growth at CMS with profits up 3%
With two mergers under its belt in 2014, CMS has unveiled double digit growth in revenue for the financial year ending 31 December 2014 with turnover up by 11% to €934.5m (£753.3m).
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BLP launches US securities team with BAML director and former Proskauer partner
Berwin Leighton Paisner has made a double hire to start a US securities group in the City, hiring former Proskauer Rose partner Katherine Mulhern and Bank of America Merrill Lynch (BAML) director Bobby Schrader.
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Taylor Wessing’s Tim Eyles to stand unopposed in upcoming managing partner election
LB100 firm Taylor Wessing’s managing partner, Tim Eyles (pictured), is set to stand unopposed in the firm’s upcoming management election as he seeks a third term in office.
Eversheds merges with Heisse Kursawe after ‘a very long courtship’ as it plans greater German investment
After a full year of advanced negotiations, Eversheds has merged with its German partner Heisse Kursawe Eversheds, allowing the duo to financially integrate and make investments in Munich, Berlin and Hamburg.
Mounting departures: Barclays’ Michael Shaw resigns as deputy general counsel
After six years as deputy group general counsel (GC), Michael Shaw has become the latest senior exit from Barclays‘ legal team which has suffered multiple departures since the start of the year.
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Former Freehills chairman Crean exits HSF for Jones Day after missing out on senior partner role
Deputy senior partner Mark Crean (pictured), who served as chairman of Freehills until its 2012 merger with Herbert Smith, has resigned from Herbert Smith Freehills (HSF) to join Jones Day.
WTO failing to cope with trade disputes burden as staff exits mount
In its latest annual report, the World Trade Organization (WTO) has reported that its disputes unit has ‘faced difficulties in retaining staff’, causing delays to panels being established amid a surging caseload.
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After seven months in the job Deutsche Bank reassigns legal affairs chief
Having received fines from investigations relating to Libor manipulation and the unexpected resignation of its joint chief executives this week, Deutsche Bank has shaken up its legal department and reassigned its legal affairs chief Christian Sewing.
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White & Case’s NQs get 20% salary bump to £90,000 – firm extends pay gap over Magic Circle
White & Case has announced it is making significant increases in salaries across its associate pay scale with newly-qualified (NQ) lawyers set to receive 20% more in 2015 and take home £90,000.
Clydes expands Manchester base with new office and partner duo as revenues reach £26m in 2014/15
As Clyde & Co’s Manchester office revenues look to hit £26m for 2014/15, the firm is expanding the presence it gained in the city through its 2011 tie-up with Barlow Lyde & Gilbert with a move into new premises and the hire of two partners from Squire Patton Boggs.
University of Law loses another client as Bakers opts for arch-rival BPP
The University of Law (ULaw) has lost another law firm’s business to rival BPP with Baker & McKenzie becoming the latest to switch its training provider.
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Ropes’ European push sees three practice heads named in the City while Goetz steps down from finance role
Having re-shuffled its City management almost a year ago, Ropes & Gray has added three more practice heads in London while Mike Goetz (pictured) steps down as co-finance chief.
Watson Farley hires Fried Frank London duo to launch structured finance practice
In a ‘strategic play’ to build its debt capital markets offering, Watson Farley & Williams (WFW) has hired a pair of finance partners from Fried, Frank, Harris, Shriver & Jacobson’s City office.
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Financials 2014/15: DAC Beachcroft sees total billings reach £200m as profits rise 10%
As the firm ramps up for a defining election, DAC Beachcroft has announced its financial figures for 2014/15 saying it had seen a 3% rise in its total billings to £200m up from £194.4m last year.
Bar avoids advocacy fee cut as MoJ pushes on with further legal aid reductions against Law Society warning
The Bar is set to avoid further reductions in advocacy fees as the Ministry of Justice confirmed that it would make further cuts to criminal legal aid but for solicitors only – a move condemned by The Law Society which said it was ‘deeply concerned not only for the immediate future of the justice system but for its continued survival.’
Forward planning: Dentons management Portnoy and Andrew to stand in 2017 election
In a conspicuously early move by Dentons‘ chief executive Elliott Portnoy and global chairman Joe Andrew, both have revealed they will stand as candidates for the firm’s scheduled management elections in 2017.
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Comment: Be wary of vaulting ambition as competition ramps up in Scotland
An interesting battle is raging in Scotland on levels large and small. In early May, the Scottish National Party (SNP) swept to victory in 56 of the 59 seats available to it in the General Election and party leader Nicola Sturgeon pressed prime minister David Cameron to revisit the draft legislation on devolving more powers to Holyrood.
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Dealwatch: Pinsents, Travers, CC join Debevoise on £500m Motor Fuel Group disposal
A trio of LB100 firms –Travers Smith, Clifford Chance, Pinsent Masons – have lined up alongside Debevoise & Plimpton in landing key roles on Patron Capital’s recent £500m sale of one of the UK’s biggest independent petrol station operators, Motor Fuel Group, to US private equity firm Clayton, Dubilier & Rice (CD&R).
‘Not a naïve or vulnerable consumer’: Barclays wins capital loan claim against former Dewey partner
The High Court has today (9 June) handed down its judgment in favour of Barclays Bank in a long running battle to secure repayment of a $540,000 loan together with interest from former Dewey & LeBoeuf partner Londell McMillan. Continue reading “‘Not a naïve or vulnerable consumer’: Barclays wins capital loan claim against former Dewey partner”