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Gender diversity improves as law firms make bumper partner promotions

The annual round of partner promotions at City firms looked a lot more international this year as Freshfields Bruckhaus Deringer, Slaughter and May, Addleshaw Goddard, Mishcon de Reya and Pinsent Masons announced who made the grade, while there were also signs the profession is improving its gender diversity record.

Slaughter and May, which last year made up its highest number of international promotions as it elected three Hong Kong associates to partner, made up four partners as part of its London round. With law firms under pressure and pushing to improve gender diversity, this latest round puts the firm in good stead to achieve a more balanced partnership in the years to come, with two of those made up being women. Last year three out of seven London promotions were female.

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Life During Law – Kevin Ingram

I fell into a career that suits me. I’ve done interesting things that kept me motivated and worked with intelligent, motivated people. I’ve never had a patch I didn’t enjoy.

I was the second person from my South Wales school to go to Oxford or Cambridge. All of the law firms at the time were recruiting heavily – nothing changes – I sent some printed CVs. It was quicker than filling in forms and Clifford Turner was one of them.

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Last orders – Addleshaws gets behind its new leader, but can it regain its form?

National thoroughbred Addleshaw Goddard has consistently struggled to find its form since the credit crunch. Kathryn McCann assesses if new MP John Joyce can galvanise the firm.

‘There is a general sense of optimism in the firm at the moment,’ comments one former Addleshaw Goddard partner of their old shop. ‘But then you have got to realise how bad it was. The reason why people are so upbeat is because the last four or five years have been nothing short of a disaster. It has stopped the rot, but the big challenge is what’s going to happen next.’

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The Last Word: Players old and new

With the publication of our annual Global London report, leading figures at foreign firms in the City assess their performance and how the market is shaping up.

Fair weather

‘In doing offshore, you become quite a good barometer. My sense is that people feel a lot more confident than two years ago – it’s still quite driven by sectors. We’re almost 50% up on where we were at in 2013, mostly from the finance space. Quite perversely, we’ve slimmed down numbers but grown the book of business.’
Jack Boldarin, London managing partner, Walkers

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So demanding – are contract lawyers business delivering for clients?

Contract lawyer businesses have hugely expanded in recent years with law firms increasingly entering the market. But are clients getting what they want?

Inevitably, it was a late epiphany for law firms when it came to offering contract lawyer services. Having belatedly realised that their clients’ post-recession demands for reduced costs and flexible resourcing were not a fad, top 50 UK law firms have spent the last few years playing catch up.

Having lost ground to contract lawyer providers such as Axiom, Obelisk, Halebury, SSQ Interim Solutions and Lawyers On Demand (LOD), which was launched by Berwin Leighton Paisner (BLP) in 2007, firms including Eversheds, Allen & Overy (A&O), Pinsent Masons, DAC Beachcroft, Simmons & Simmons and Addleshaw Goddard have all launched their own varying contract lawyer models.

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DLA Piper’s Canada merger to build on west coast roots and target Toronto

DLA Piper ended its long wait to seal a merger in Canada last month after partners at Vancouver-based Davis voted to become the 33rd country in the firm’s sprawling empire.

The merger, due to complete this month, will add around 250 Canadian lawyers, including 112 partners, to DLA Piper’s 4,000-lawyer operation. While it is used to seeing the international LLP of DLA making acquisitions, the deal is the largest carried out by the US LLP and the Canadian firm will operate in a verein structure with the US branch.

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Winston & Strawn pulls in corporate and finance teams

Mass hire from Pillsbury sees 15 partners defect.

Winston & Strawn, which had been looking to bolster its finance and corporate teams, pulled it off in a single move last month by hiring 15 Pillsbury Winthrop Shaw Pittman partners across five offices. The bulk of the hires were senior figures, including global finance chief Mats Carlston and London-based co-head of energy, infrastructure and projects, James Simpson.

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The Third Wave – high stakes City deals for Akin and Cooley highlight changing tactics

With Akin Gump and Cooley securing multimillion-pound teams, a wave of new entrants to the City are re-writing the playbook for expansion in London. What is driving the new breed?

Sitting in the airport lounge at Fort Worth, Texas, flicking through magazines and eating stale sandwiches, 25 maintenance staff waited to board flights to London, Frankfurt and Hong Kong. While they were less than thrilled to be spending their weekends rewiring computers, moving desks and changing security codes for a bunch of lawyers thousands of miles from home, the woman who sent them was jubilant, having just pulled off the deal that would reposition her law firm as a genuine international player.

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Q&A: Mishcon de Reya’s Kevin Gold talks peers, New York and international strategy

High-flying City firm Mishcon de Reya recently kicked off a review of its strategy, aiming to create a ten-year vision. Managing partner Kevin Gold, last month named Management Partner of the Year at the Legal Business Awards, talks to Sarah Downey about the firm’s future as a limited liability partnership, its Manhattan struggles and his leadership style.

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Gibson Dunn partner suspended after misleading High Court

Gibson, Dunn & Crutcher partner Peter Gray was found to have deliberately misled the High Court regarding evidence presented in a case between the Republic of Djibouti and Abdourahman Boreh, one of the African country’s wealthiest citizens.

In a ruling handed down last month, Justice Flaux said: ‘I find that Mr Gray engaged in a strategy of equivocation and evasion which was not one which any reputable and honest solicitor could ever have adopted and the concept of “acceptable evasion” is clearly anathema to the standards of professional conduct to be expected of an officer of the court.’

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Game theories – many approaches as European firms tackle the City

Rising transactional activity has given European firms in the City renewed confidence but playing in London remains a tricky game.

In April 2014, Iberian leader Cuatrecasas Gonçalves Pereira moved into empty London office space rented out by its French ally Gide Loyrette Nouel as part of the development of the firms’ referral alliance established two years previously. Located in London’s financial district at 125 Old Broad Street, Cuatrecasas was the third European law firm to take up space in the building, moving to the 14th floor; the previous year Italian practice Chiomenti had moved in one floor above after leaving its former offices in Mayfair.

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Links, A&O and HSF win roles on Sabadell’s £1.7bn TSB takeover

Less than a year after Lloyds floated TSB Bank, Linklaters, Allen & Overy (A&O) and Herbert Smith Freehills (HSF) all secured instructions on its high-profile takeover by Spain’s Banco Sabadell.

Taxpayer-backed lender Lloyds Banking Group formalised the 340p-a-share offer in March and agreed to sell its 50% stake in TSB. The deal values TSB, which is already the UK’s seventh-largest retail bank with 4.5 million customers, at £1.7bn.

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Cross-border £1.1bn Liberty Living deal sees raft of firms pick up mandates

The trend of foreign money flowing into the UK real estate market continued last month. This time the investment came from Canada and saw a raft of Legal Business 100 and international law firms pick up advisory roles.

Nabarro, Clifford Chance (CC), Pinsent Masons, Morgan, Lewis & Bockius, Dechert and Canadian firm Stikeman Elliott won roles advising on the £1.1bn acquisition of UK student accommodation provider Liberty Living by Canada Pension Plan Investment Board (CPPIB).

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Deal watch: Corporate activity in March 2015

CC, LINKLATERS AND LATHAM & WATKINS WIN KEY ROLES ON PIRELLI TAKEOVER

Advised by Clifford Chance (CC), China National Chemical Corporation bought tyre-maker Pirelli in a $7.7bn deal. The Chinese company acquired a 26.2% stake from Camfin, which was advised by Chiomenti, while Lombardi Molinari Segni handled financing aspects and Linklaters advised fellow investor Long Term Investments. Latham & Watkins advised underwriters JP Morgan.

 

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Latham halves its offices in the Middle East

DWF picks Dubai for first international office and puts three-year growth plan in place

With just 35 lawyers spread across four offices, Latham & Watkins admitted last month it had made a mistake in how it launched in the Middle East in 2008, and told staff in Abu Dhabi and Doha that their offices will close by the end of the year with the firm using Dubai and Riyadh to service the region.

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Pinsents launches infra-focused Australia outpost

After much speculation, Pinsent Masons announced the launch of an infrastructure sector-focused practice in Melbourne and Sydney last month, with a formal opening planned for July.

The five-partner operation will be headed up by David Rennick, a former chief executive of Australian firm Maddocks, who had been analysing the local market for Pinsents since March 2014. He will be joined by partners Greg Campbell and Simela Karasavidis, who also come from Maddocks; as well as Michael Battye, a former Pinsents lawyer who set up QED Legal, a construction boutique in Adelaide; and Andrew Denton, a construction disputes partner at Pinsents who will relocate from its London office.

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Europe’s credit markets – the future is not where it used to be

Ashurst’s Mark Vickers and Helen Burton assess a seismic shift in Europe’s leveraged debt markets

For many participants in Europe’s leveraged market, 2014 on first impressions heralded something approaching a new normal. According to data from 3i, Debt Management, leverage debt issuance in 2014 reached a total of €150bn; leveraged loan issuance was €78.4bn, the highest volume since 2007; and European high yield had another record-breaking year with total issues of €72bn. The European CLO market performed similarly strongly, raising €14.5bn, the third-strongest year of issuance on record. But behind the semblance of a market re-asserting its momentum, a number of fundamental features are coming together to divert the market’s direction of travel. And these changes have potentially far-reaching implications for law firms engaged in the European leveraged landscape.

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