As the end of the working week beckons, it’s time once more for our weekly recap of the notable legal events that occurred since the heady days of Monday with our Friday Edit column. Continue reading “The Friday Edit: Tods Murray gives up the ghost, innovation everywhere and the secret political life of managing partners”
Guest post: Watson, I presume? (or how I learned to stop worrying and love disruption in law)
I’m often asked – on a panel last month in Europe and on a panel later this month right here in New York at the Law Firm COO & CFO Forum, for example – what I think about ‘disruption’ in the legal industry.
Latest accounts do not reflect performance, says White & Case as filings show City revenue edging down
White & Case‘s most recent limited liability partnership (LLP) accounts filed at Companies House show turnover in its UK and Africa offices dropped 2% in the financial year ending December 2013.
‘At the forefront of changes in our market’: A&O targets 100 more recruits in Belfast
Three years on from the launch of its Belfast legal and support services centre, Allen & Overy (A&O) has exceeded headcount targets and has unveiled plans to recruit a further 100 new staff over the next five years.
Into Africa: A&O launches Johannesburg office with Bowman Gilfillan team
Having been speculated over for some time, Magic Circle firm Allen & Overy (A&O) has, today (8 August), announced its entrance into South Africa with the launch of an office in Johannesburg, and hired a seven-strong banking and finance team from local firm Bowman Gilfillan.
Continue reading “Into Africa: A&O launches Johannesburg office with Bowman Gilfillan team”
Eversheds’ sole adviser mandate under threat as Severn Trent starts tender process
FTSE 100 company Severn Trent Water is to kickstart its tender process in a matter of weeks, as its current single-supplier mandate with Eversheds expires at the end of March 2015.
Herbert Smith Freehills’ heavyweight misses out on management post after elections
Herbert Smith Freehills‘ (HSF) partnership vote for its global partnership council has revealed the firm’s post-merger dynamics, with prominent corporate partner James Palmer missing out on a seat, which instead was secured by Sydney-based M&A partner Mark Crean.
The clients’ verdict: Linklaters wins best firm in show from annual in-house survey
In what signals a marked return to favour for the City’s elite players, Magic Circle firm Linklaters has led the field in Legal Business’ third annual in-house survey as best overall adviser in 2014, pushing Eversheds, which emerged as the clear overall favourite in 2013, into second place.
En masse management shakeup at Baker & McKenzie as chairman Eduardo Leite handed a two-year extension
Chairman of the world’s largest law firm Baker & McKenzie, Eduardo Leite, has had his term extended by two years after not being opposed as the firm swaps three of its executive committee.
‘A difficult decision’: Rob Day steps down as KWM SJ Berwin MP while Kon continues
King & Wood Mallesons SJ Berwin has today (7 October) announced the election of UK real estate co-head William Boss as its next managing partner, while senior partner Stephen Kon has been re-appointed to his leadership role.
Dealwatch: Linklaters and Clifford Chance drive webuyanycar.com owner’s IPO
As the rush by British companies to float on the London Stock Exchange (LSE) continues apace, Magic circle pair Linklaters and Clifford Chance (CC) have secured leading advisory roles on the high profile initial public offering of BCA Marketplace, Europe’s second largest second-hand vehicle auctioneer and the owner of webuyanycar.com.
Continue reading “Dealwatch: Linklaters and Clifford Chance drive webuyanycar.com owner’s IPO”
Signature Litigation grows revenues 70% to £8m and unveils team profit-sharing model
High-flying disputes boutique Signature Litigation has seen its revenue surge by 70% from £4.82 to £8.17m in 2013/14, despite having only launched two years ago, while profit margins are estimated at 50%. The firm has also taken an innovative approach by operating an all-inclusive, fully transparent, profit-sharing model.
Leadership in law: improving, crucial and maybe in the nick of time
Strong leadership is fundamental to driving innovation in law firms. This is not a discussion point. There is no discussion. This issue, Legal Business teamed up with Berwin Leighton Paisner (BLP) for an extended look at the role of leadership in a period of uncertainty and the strength of that core conclusion surprised even me.
While it’s not surprising that law firm leaders hold that view – it would be odd if they didn’t – it was more telling that clients did as well. But the real acid test is the overwhelming endorsement of the need for robust leadership from partners and associates in our research. As this involves partners downplaying their own contribution – which they are neither culturally inclined nor structurally incentivised to do – that’s saying something.
Continue reading “Leadership in law: improving, crucial and maybe in the nick of time”
Never mind the magic, feel the substance
During its 125th anniversary year, Slaughter and May still divides the industry like no other institution. For its admirers, it is the standard bearer, bucking the received wisdom of the modern legal market – for detractors, an outfit on borrowed time, hoping to bet against the market (with an unhedged bet at that).
But 17 years since it first articulated what became irritatingly known as its best friends strategy, there remains no clear answer as to which camp is right.
Gang aft agley – relief for Scots lawyers but indy vote is hard on mice an’ men
It was late in the day, as opinion polls narrowed alarmingly, that English lawyers took notice of Scotland’s independence vote last month and entertained the huge implications of a split in the UK’s 300-year-old union.
As several major Scottish institutions warned they would relocate operations to London, sterling buckled and one mortgage-backed securities deal went so far as to exclude Scots real estate, the implications began to sink in for business.
Continue reading “Gang aft agley – relief for Scots lawyers but indy vote is hard on mice an’ men”
Signature Litigation grows revenues 70% to £8m and unveils team profit-sharing model
High-flying disputes boutique Signature Litigation has seen its revenue surge by 70% from £4.82 to £8.17m in 2013/14, despite having only launched two years ago, while profit margins are estimated at 50%. The firm has also taken an innovative approach by operating an all-inclusive, fully transparent, profit-sharing model.
Founded by former Hogan Lovells partners Graham Huntley and Helen Brannigan, the 30-member firm has seen some substantive disputes mandates come its way since its inception, taking on a role in the heavyweight Fortress v Blue Skye litigation, a dispute that arose out of the reorganisation of the €200m Blue Skye Investment Group in Italy. Listed for trial over 12 weeks from May this year, Signature represented the defendant Blue Skye while Slaughter and May and DAC Beachcroft acted for Fortress Value Recovery Fund. ‘There can be no more testing mandate for a niche firm than taking on a massive case of that nature in mid-course against two very well-resourced opponents,’ said Huntley.
Linklaters wins best firm in show from annual in-house survey
In what signals a marked return to favour for the City’s elite players, Magic Circle firm Linklaters has led the field in Legal Business‘ third annual in-house survey as best overall adviser in 2014, pushing Eversheds, which emerged as the clear overall favourite in 2013, into second place.
Our 2014 survey, which drew responses from 436 individuals at major companies operating in the UK, reveals the top ten firms comprise largely the same names as last year, with the Magic Circle plus Eversheds, DLA Piper, Pinsent Masons and Baker & McKenzie all appearing. The only significant change was alternative legal services provider Axiom taking the tenth spot, pushing Herbert Smith Freehills into 11th place, demonstrating how non-law firm providers are winning over some bluechip clients.
Continue reading “Linklaters wins best firm in show from annual in-house survey”
Herbert Smith Freehills’ heavyweight misses out on management post after elections
Herbert Smith Freehills’ (HSF) partnership vote for its global partnership council has revealed the firm’s post-merger dynamics, with prominent corporate partner James Palmer missing out on a seat, which instead was secured by Sydney-based M&A partner Mark Crean.
Three spots were available on the council, which is led by London-based senior partner Jonathan Scott. One place was designated for an EMEA (excluding UK) partner, which Madrid-based Nicolás Martín – head of private equity in Spain and co-head of corporate – took, while another was reserved for Asia, with Hong Kong litigator Gareth Thomas elected. That saw Palmer entering into the contest for the final position with a pool of candidates from the UK and Australia.
When will the US become a land of opportunity for Freshfields?
Tom Moore looks at Freshfields’ recent expansion in Manhattan
Freshfields Bruckhaus Deringer has made growing its US practice its number one priority and the firm has even stepped on a few Wall Street toes in 2014 with its aggressive hiring strategy. In the space of a month, six new partners have been drafted in, including Shearman & Sterling M&A veteran Peter Lyons and former Wachtell, Lipton, Rosen & Katz dealmaker Mitchell Presser to boost an underweight transactional group. Despite success in US disputes and investigations work, Freshfields has lacked a real M&A engine in New York but has pinned its hopes on the duo putting a change to that.
Continue reading “When will the US become a land of opportunity for Freshfields?”
‘There will be uncertainty’: partners discuss consequences of Scotland voting ‘no’
Scotland’s ‘no’ to independence last month returned confidence to the markets with a spike in sterling and share prices of FTSE 100-listed Scottish companies.
The legal profession breathed easy too as while independence would have signalled a surge of work over the first few years, long term the outlook was tied to uncertain economic fortunes.