US financial results for 2014 continue to stream in with White & Case becoming the latest firm to reveal an increase in revenue while both K&L Gates and Cadwalader, Wickersham & Taft bucked the positive trend having turned in lacklustre performances.
Damned statistics: BLP found massaging trainee retention figures
Berwin Leighton Paisner has been caught manipulating its trainee retention figures for this spring’s intake, with its actual figure dropping from 70% to 61%.
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Dealwatch: Linklaters, HSF and Travers Smith win key roles as Man Group acquisition targets Japan
Herbert Smith Freehills (HSF) won its first M&A mandate for Man Group, as the hedge fund acquired the investment management business of Mayfair-based NewSmith, with Linklaters and Travers Smith also picking up key roles.
After four years, oil giant Total looks to slim down panel as it launches review
French oil major Total has launched a review of its current global legal panel and has informed lawyers involved in the process that it will cut the roster as it seeks to increase price competition between firms.
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Opening up new markets: Trowers applies for foreign firm licence in Malaysia
Trowers & Hamlins has chosen to build on its representative office in Malaysia, following the country’s legal market liberalisation, by applying for a qualified foreign law firm (QFLF) licence.
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A £4.3bn deal: Skadden and Freshfields take lead roles on Rexam takeover
Skadden, Arps, Slate, Meagher & Flom and Freshfields Bruckhaus Deringer have advised two of the world’s largest beverage can makers on an acquisition worth £4.3bn as Rexam agreed an offer from Ball Corporation.
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A broad education: Linklaters renews ULaw partnership with increased focus on business
After losing two Magic Circle firms as clients, the University of Law has managed to retain Linklaters with the duo announcing a five-year partnership which continues the trend of further integrating business and management modules in courses taken by trainees.
‘An opportunity to look at things differently’: AXA UK to review international firms after efficiency drive
The UK legal arm of French insurer AXA is set to look at its relationships with Magic Circle and international firms and how they can work more effectively for the company. It follows a review of the UK specific ‘business-as-usual’ panel which has been cut from seven to two and now comprises Pinsent Masons and DAC Beachcroft.
Significant departures: DWF loses four-partner team to Scottish firm MacRoberts
MacRoberts has defied the depressed Scottish legal market by expanding to 49 partners, the highest in its history, after poaching four partners from DWF.
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Sticking with your leaders: Norton Rose Fulbright LLP re-elects Stephen Parish as chairman
Having carried out the high profile re-election of its global chief executive Peter Martyr in autumn, Norton Rose Fulbright (NRF) has decided to stay the course with its LLP chair position and has re-appointed longstanding partner Stephen Parish as chair of Norton Rose Fulbright LLP.
Guest post: Meaning in your career – or how to keep lawyers satisfied
Here at Adam Smith, Esq, we cover the array of law firm management issues from strategy and finance to compensation and cultural issues – ‘an inquiry into the economics of law firms,’ to coin a phrase. But there’s much more to life.
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The importance of a ‘disclaimer’: High Court finds in favour of Grant Thornton in Barclays negligence dispute
The High Court has this morning (18 February) found in favour of Grant Thornton in relation to its high profile auditors’ negligence dispute brought against it by Barclays Bank.
‘Terrible news for society and for our profession’: High Court dismisses judicial review to legal aid
The Law Society received a blow today (18 February) as its challenge to the government’s controversial plans to overhaul criminal legal aid was dismissed in the High Court.
Targeting 50 clients by year end: DLA Piper develops e-learning tool in quality drive and to sell
Not wanting to be outdone by their US colleagues, who recently launched DLA Piper’s first non-legal entity selling cybersecurity software subscriptions for $25,000 a year, the firm’s London office is preparing to rollout an e-learning product for both associates and clients.
‘A more comprehensive solution’: Bird & Bird creates IT consultancy
Partners at Bird & Bird have joined the rush to expand into consultancy work, launching an IT project consultancy Baseline in a joint venture with Lancashire-based ASE Consulting.
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A £1.2bn deal: Shearman, Slaughters and Paul Weiss advise on Fairfax’s takeover of Brit
Shearman & Sterling and Slaughter and May are among firms to have landed roles advising on Canadian insurance group Fairfax’s £1.2bn takeover of specialty insurer Brit as the group looks to boost its presence in the City.
Accounts: NRF shows 4% profit bump as borrowings fall while Fieldfisher’s profit slides
Norton Rose Fulbright’s UK registered limited liability partnership (LLP) has recorded a near 4% increase in profit for the 2013/14 financial year alongside a 6.3% reduction in total borrowings while Fieldfisher’s net debt nearly doubled as the firm saw its profits decline.
US revenue round-up: Paul Weiss and Davis Polk surpass the billion-dollar mark
US firms’ financials are continuing their positive trend, with recent releases showing revenue spikes and profit boosts including for Davis Polk & Wardwell and Paul, Weiss, Rifkind, Wharton & Garrison which both broke the billion-dollar mark in gross revenues last year.
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‘Aggressive financial engineering’: Baker & McKenzie sued for £11.7m by company seeking to avoid tax in Mexico
German food flavourings maker Symrise and its Mexican subsidiary are suing Baker & McKenzie for £11.7m at the High Court, arguing that the law firm’s advice on ‘aggressive financial engineering’ to avoid tax in Mexico failed when the company paid out £11.2m.
Revolving Doors: DLA Piper continues Asia rebuild as Eversheds bulks up its Swiss offering
Matthew Elliott’s long-mooted arrival at Kirkland & Ellis from Linklaters stole headlines last week, but LB 100 firms including DLA Piper, Eversheds and DWF also all made hires.