The battle between Argentinian bondholders and the South American government rattles on after RPC failed to convince a High Court judge to order the trustee, The Bank of New York Mellon (BNY Mellon), to release $257m to four holdout investors.
Trainee retention: BLP’s rate slips to 70% while Orrick keeps on all four of its cohort
Berwin Leighton Paisner (BLP) and Orrick, Herrington & Sutcliffe have become the latest firms to announce how many of their spring 2015 qualifiers they are set to retain, with BLP seeing its rate slip from 89% in 2014 to 70% this year.
Accounts revealed: Pinsent Masons’ headcount and net debt jumps as turnover rises
Pinsent Masons’ latest accounts, filed at Companies House, reveal a 3.7% profit increase alongside a 5.9% rise in headcount in the financial year to 30 April 2014, while the firm’s net debt nearly tripled.
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Grand designs: DLA Piper to move City operation to Cameron McKenna’s old office
Seeking to expand its office space in the City, DLA Piper has signed a lease to move into CMS Cameron McKenna’s old London base at Mitre House.
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Referred to the SDT: Fieldfisher partner pursued by SRA after criminal conviction
Fieldfisher partner Michael Harte has been referred to the Solicitors Disciplinary Tribunal (SDT) by the Solicitors Regulation Authority (SRA) which alleges he broke multiple aspects of the SRA Principles 2011.
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‘We have renewed momentum’: Hogan Lovells sees PEP edge up 0.8% after 3.6% revenue increase
As Hogan Lovells prepares to celebrate its fifth anniversary in May, there may be mixed reaction from the partnership today (13 February) over its 2014 financial results, as revenue for the calendar year modestly increased by 3.6% to $1.779bn from $1.718bn in 2013, while revenue per lawyer (RPL) rose 1.5% to $753,974 from $742,613 in 2013.
Accounts revealed: Profits rise 10.8% in Ashurst’s first post-merger filings
Ashurst‘s first post-merger limited liability partnership (LLP) accounts show the firm’s operating profit increased 10.5% from £193.8m to £214.2m for the financial year ending 30 April 2014 as it contained staff costs and increased turnover.
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PwC Legal’s Stewart Room: ‘New year, new privacy and security strategy’
New year is traditionally the time to change our ways. As we reflect back on the year just gone, perhaps we see that an inch has gone on to the waistline, or we’re more out of breath as we run for the train, or the savings have diminished even further. All good prompts to change our ways and come up with new life strategies?
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In-house reshuffle: JPMorgan hires Goldman Sachs’ John Tribolati as new EMEA general counsel
US banking giant JPMorgan Chase continues its strategic expansion of its legal function, and has recruited Goldman Sachs heavyweight counsel John Tribolati as its new EMEA general counsel (GC). Tribolati succeeds Piers Le Marchant, who has now been appointed as global head of compliance for corporate and investment banking.
World’s largest airport operator: Mayer Brown and Davis Polk help Spain’s €4.3bn AENA float take-off
Mayer Brown and Davis Polk & Wardwell have won roles advising Spanish airport operator Aena (Aeropuertos Españoles y Navegación Aérea) on its €4.3bn float on the Madrid Stock Exchange.
Building a ‘global oil and gas practice’: Latham & Watkins hires HSF energy partner in London
Latham & Watkins has continued its hiring spree in London with the hire of Herbert Smith Freehills‘ energy partner Simon Tysoe.
‘An extremely tragic situation’: Police name DLA Piper associate as victim stabbed in Washington DC hotel
Police have identified a man killed in a stabbing at a Washington DC hotel on Tuesday 10 February as 30-year old DLA Piper associate David Messerschmitt.
Succession planning: News Corp promotes deputy general counsel David Pitofsky to top job
David Pitofsky has been named general counsel (GC) and chief compliance officer (CCO) for Rupert Murdoch’s News Corp, replacing Gerson Zweifach with immediate effect.
Accounts revealed: Clifford Chance sees Asia turnover rise fastest at 8.9%
Clifford Chance’s turnover picked up 7% in the financial year 2013/14, as Asia Pacific led the way with a 8.9% boost, according to accounts filed at Companies House.
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Comment: Pinsents and the confidence dividend – successful law firms need a spring in their step
There are lots of factors that are supposed to have a major role in the success of a law firm that on closer examination are hard to sustain. Issues in this camp include remuneration models, culture, strategy and a specific practice mix. What this list has in common is that there is no right answer – all that matters is what you are doing is appropriate to what you are trying to achieve and the markets that you are working in (and even then it’s less central than supposed).
US results round up: Cooley sees 19% turnover jump as Mayer Brown PEP grows 12.8%
In the latest round of 2014 financial results for US firms, Cooley has revealed turnover growth of 19% with revenues of $802m while Mayer Brown recorded a 12.8% increase in profit per equity partner (PEP) after generating revenues of $1.223bn.
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‘Willingness to do things differently’: RPC to try hand at management consultancy
RPC is set to launch a new management consultancy business to target its core insurance sector clients, and has hired Rory O’Brien, the former global head of risk consulting and software at Towers Watson, to spearhead the venture.
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Trainee retention: Clifford Chance and Linklaters keep on 91% of spring qualifiers
Both Clifford Chance and Linklaters have revealed they are keeping on 91% of their spring 2015 cohort with the firms holding on to 41 and 49 trainees respectively.
Comment: What a ‘combination’! Dentons Dacheng pushes the concept of a firm to breaking point
In January 2005 DLA hooked up with US duo Piper Rudnick and Gray Cary Ware & Freidenrich, triggering a debate that looks no more resolved as I type these words in January 2015. The issue boils down to: what is a firm? And can unions between legal practices maintaining separate finances, partnerships and governance be considered by clients, staff, peers and regulators to be a single institution?
45% from the UK: Slater and Gordon acquires two firms as it builds British offering
Slater and Gordon has acquired a further two UK law firms, adding a projected £18.7m to annual revenue, and revealed plans to build its UK business to 45% of total financial year 2014/15 revenues.