Amid fierce competition for talent from London, new entrants and closer transport links point to a new chapter for the Midlands legal market.
Overview: Down in albion
Confidence is returning to the national UK economy, to the relief of clients and law firms alike. But, as our Regional Insight report shows, growth in legal services is still a relative term across local markets in continued flux.
The outward indicators are generally strong. Based on economic forecasts in 2014 from the likes of the International Monetary Fund and PwC, the UK is on track to become the fifth largest economy in the world by 2020, overtaking France.
But while PwC’s July 2014 economic outlook for the UK made the bold assertion that ‘all major industry sectors and regions are now showing positive growth trends’, inevitably those regions are starting from different positions, facing varying dynamics and contributing to the overall growth at significantly different rates.
Regional Insight – Leader
If you were to venture outside London to the major regional legal markets ten or 15 years ago, you would probably have been surprised. The energy, ambition and cohesive professional communities in these markets went well beyond expectations.
In the bars of Birmingham, Bristol and Manchester you would often meet individuals with that mix of personality, judgement and charisma that marks out the best commercial lawyers. No wonder so many of London’s sharpest legal operators used to be bred in the sticks.
Guest post: The PM’s ‘foreign fighters’ plan – probably lawful
In Australia, the Prime Minister announced new counter-terrorism powers which he intends to introduce in a bill in the next few weeks. He said there’d be ‘new powers for police at ports to seize passports, to stop suspects travelling and to stop British nationals returning to the UK unless they do so on our terms.’
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‘Shining examples’: Three law firms make Top 100 Apprenticeship Employers list
Weightmans, Addleshaw Goddard and Oxfordshire-based Brethertons Solicitors have all made it on to the top 100 Apprenticeship Employers list.
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A €20m loan: Fried Frank faces multi-million pound professional negligence claim
US firm Fried Frank Harris Shriver & Jacobson is facing a €10m-plus professional negligence claim at London’s High Court made by a former client alleging multiple breaches of duty over advice provided on the enforcement of a commercial loan in France.
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£58.11 per sq ft: Bird & Bird loses major patent litigator as it commits to £8.3m annual rent bill
Mark Heaney, who heads Bird & Bird’s highly regarded electronics sector group, is leaving for US firm Baker Botts at the end of the year.
Diversity: Norton Rose Fulbright sets 30% female partner target for 2020
Norton Rose Fulbright has set a target for its female partnership globally, aiming for 30% representation by 2020.
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‘Second major addition to the European disputes practice in as many months’: Skadden hires Dechert’s London arbitration head
US firm Skadden, Arps, Slate, Meagher & Flom has enhanced its respected disputes practice having today (18 November) announced the hire of Dechert’s London arbitration head, Daniel Gal.
Troubled markets: Allen & Overy lays off four Moscow associates as firms face sanctions fallout
The US and EU sanctions in Russia are taking their toll on some of the international firms located in the country with Allen & Overy’s (A&O) Moscow office offering redundancy packages at associate level.
RBS Litigation: Bird & Bird loses major instruction on RBS Group Action to Fladgate
A major blow has been dealt to Bird & Bird as it has emerged that the firm has lost its advisory role on the highly complex Royal Bank of Scotland shareholder dispute, a significant instruction which has subsequently been given to Fladgate.
2,000 lawyers across 28 offices: Bingham loses out on rescue merger as Morgan Lewis acquires 227 partners
Following much touted speculation of the potential merger between US firms Morgan, Lewis & Bockius and Bingham McCutchen, Morgan Lewis has decided to cherry pick 227 partners.
Bringing a ‘new dimension’: King & Spalding hires Linklaters securities partner
Linklaters’ partner Tom O’Neill has swapped Silk Street for Old Broad Street with King & Spalding making a double hire to anchor its capital markets practice in Europe.
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‘Naturally delighted’: Jeremy Hoyland re-elected as Simmons & Simmons managing partner
Simmons & Simmons’ partnership re-elected Jeremy Hoyland as managing partner after an uncontested election, seeing him begin a second four-year term on 1 May 2015.
The Student View: Norton Rose Fulbright’s Jonathan Ball on forensics, IP and his route to law
Jonathan Ball of Norton Rose Fulbright initially worked as a scientist before becoming a lawyer, and is now an Intellectual Property and Technology disputes partner. Here, Jonathan discusses his career and the nature of his work and offers some helpful tips for students and professionals from other careers who are interested in a career in law.
H1 2014/15: ‘The way we’d planned it’ – RPC half year revenue rises by 16%
City law firm RPC has recorded a 16% rise in its first half-year revenue from £38.7m in the same period last year to £46m. The firm said the rise, covering the period May to October, was a ‘direct result’ of its investment strategy and was spread across most of its practice areas and offices.
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‘A testament to our strategic direction’: Naunton and Jones ditch real estate boutique dream to join King & Wood Mallesons
Senior Eversheds partners William Naunton and Clive Jones, who handed in their resignations at the start of this year with plans of launching a City boutique for high-end real estate work, will join King & Wood Mallesons in the New Year.
The Friday Edit: Property is hot once more and the dangers of upsetting Susan
We’re halfway through November and it’s Friday, so here’s our regular look back at some of the stories that have drawn everyone’s attention over the last five days. For access to subscriber content, click here for full access to Legal Business or contact [email protected].
Also, a friendly reminder that the deadline for submissions for the 2015 Legal Business Awards is this Monday (17 November).
Continue reading “The Friday Edit: Property is hot once more and the dangers of upsetting Susan”
Comment: Magic Circle real estate withdrawal isn’t a myth, but it’s not that simple
In a 2011 piece on the decimated real estate market in the City, we noted that few senior property partners were in their mid-40s, due to the fact that law firms largely ceased hiring junior real estate lawyers following the early ’90s crash. It looks like history will repeat itself in roughly 15 years’ time: post-credit crunch, the most established real estate practices went into hibernation. Some started to disintegrate. Either way, if you were a trainee interested in real estate around 2010, pickings were slim.
A major instruction: DLA Piper instructed by Vodafone for Spanish tax fraud investigation
DLA Piper lawyers from London and Madrid have been called in by Vodafone to investigate allegations of tax fraud at Spanish cable operator Ono, which the telecoms giant acquired in July for €7.2bn.