We’re just back from a week in London – coincidentally smack in the middle of the UK firms’ earnings-release season – and for reasons far more profound than that annual roll call of bragging rights, the level of preoccupation with the future in the great City has never to us seemed higher to us. A telling, and extremely representative, moment came when one managing partner we were meeting with started to enumerate the threats facing his (very solidly performing) firm as, ‘One,…., and two…., and – oh hell, there are threats everywhere!’
Trainee retention rate at Linklaters up to 93%
Linklaters has kept on 93% of qualifying trainees in its latest cohort, up on the 86% spring 2014 retention rate.
Continue reading “Trainee retention rate at Linklaters up to 93%”
Financials 2013/14: Bristows records 4% revenue drop alongside 17% PEP slide as Withers enjoys revenue boost
London stalwart Bristows has revealed disappointing results for the 2013/14 financial year, as revenue has decreased nearly 4% to £34.1m while profit per equity partner (PEP) suffered a steep 17% drop to £364,000. Private client-focused Withers, meanwhile, saw revenue grow 4.7% to £123.3m from £117.8m as well as a 3.6% PEP boost to £376,000.
Financial results 2013/14: DWF sees revenue up 2% but PEP down 4%
In its first full financial results following a period of rapid growth through four successive mergers and the acquisition of Cobbetts, DWF has seen its revenue grow by 2% from £188m to £191m.
Continue reading “Financial results 2013/14: DWF sees revenue up 2% but PEP down 4%”
Clifford Chance overhauls its management structure with introduction of new executive leadership group
Clifford Chance (CC) has today (24 July) announced a raft of changes to its governance structure, including the establishment of a new 12-strong executive leadership group and the creation of three global business units to cover financial markets; M&A and corporate transactions; and risk management and disputes. Continue reading “Clifford Chance overhauls its management structure with introduction of new executive leadership group”
US firm Ropes & Gray has reshuffled its City management in a bid to re-focus capabilities across Europe
Five years on from the launch of its London office, co-managing partners Mike Goetz and Maurice Allen will split from their dual role with Allen appointed to the newly created role of senior partner. Goetz continues as London head and co-head of the firm’s finance practice alongside Jay Kim in New York and Byung Choi in Boston.
‘The costs have been managed hard’ – LG profits in sharp rebound as two parts of Wragge Lawrence Graham confirm 2013/14 results
Recently formed national player Wragge Lawrence Graham & Co has unveiled the combined results of its legacy firms for the last financial year, having created a firm with £172m in revenues and £58.7m in profit, operating at a margin of 34%.
In-House: JPMorgan Chase & Co General Counsel sells $2.58 million-worth of shares
Despite not having made it into the latest top 100 salary-based compensation rankings of US general counsel (GCs), the earning power of GCs based on stocks has again come to the fore after JPMorgan Chase & Co’s GC Stephen Cutler sold off 43,997 shares priced at $58.74, making Cutler $2.58m.
Continue reading “In-House: JPMorgan Chase & Co General Counsel sells $2.58 million-worth of shares”
Financial results 2013/14: Trowers posts mixed results with net profit up 15% but global revenue down 1.4%
UK top-50 firm Trowers & Hamlins has unveiled mixed financials for the 2013/14 financial year, with net profits up almost 15% from £15.8m to £18.1m, while global revenue was down by 1.4% to £77.2m from £78.3m last year. Continue reading “Financial results 2013/14: Trowers posts mixed results with net profit up 15% but global revenue down 1.4%”
Management: Nabarro reappoints Inkester as managing partner after first election in 15 years
Having geared up for its first managing partner elections in 15 years, the partnership at top 30 LB 100 firm Nabarro has voted to re-appoint Andrew Inkester in the leadership role after an uncontested election. Continue reading “Management: Nabarro reappoints Inkester as managing partner after first election in 15 years”
In-house: Lend Lease appoints Mark Packer to EMEA general counsel as Patrick Gloyens departs
Global property giant Lend Lease has promoted senior legal counsel Mark Packer as its general counsel (GC) for the Europe, Middle East and Africa (EMEA) regions after the multinational’s longstanding EMEA legal chief Patrick Gloyens stepped down from the role. Continue reading “In-house: Lend Lease appoints Mark Packer to EMEA general counsel as Patrick Gloyens departs”
Partner promotions: Slaughter and May invests further in Hong Kong with out-of-step promotion
Having already announced a double partner promotion in Hong Kong at the start of the year Slaughter and May today (23 July) announced that Hong Kong corporate associate Charlton Tse has been made up to partner, marking the tenth promotion of 2014 and the highest number since 2000. Continue reading “Partner promotions: Slaughter and May invests further in Hong Kong with out-of-step promotion”
Stress testing the strategy – post-merger Ashurst calls in Bain for ‘market insight’
It’s been a bumpy road into the Global Top 50 but with a high stakes merger with Australia’s Blake Dawson going live last year, Ashurst has called in bluechip consultants Bain & Company to polish its strategy.
GE’s top lawyer holds on to first place in compensation rankings with new entries from Blackstone and Coca Cola
The latest US general counsel (GC) compensation rankings have seen General Electric’s (GE’s) top lawyer Brackett Denniston hold on to first place despite a significantly reduced salary of $5.8m compared to 2012, as new entrants to the latest top 10 include Blackstone Group’s John Finley and Coca Cola’s John Parker. Continue reading “GE’s top lawyer holds on to first place in compensation rankings with new entries from Blackstone and Coca Cola”
Women in law: Quinn Emanuel’s name partner Kathleen Sullivan and London MP Sue Prevezer QC talk diversity
With leading international firms including most of the Magic Circle nailing their gender diversity targets to the wall, Quinn Emanuel Urquhart & Sullivan’s London co-managing partner Sue Prevezer QC and New York-based name partner Kathleen Sullivan spoke to Legal Business about women in law, the US litigation firm’s handle on diversity and its style of doing business. Continue reading “Women in law: Quinn Emanuel’s name partner Kathleen Sullivan and London MP Sue Prevezer QC talk diversity”
Financial results 2013/14: Shoosmiths posts 7% increase in revenue to £93m as Sackers drops 2% to £23.8m
LB 100 firms Shoosmiths and Sacker & Partners have unveiled their financial results for the 2013/14 year, with top 50 firm Shoosmiths recording a near 7% increase in revenue to £93m, while at City firm Sackers turnover is down by 2% to £23.8m. Continue reading “Financial results 2013/14: Shoosmiths posts 7% increase in revenue to £93m as Sackers drops 2% to £23.8m”
Guest post: A profession not at ease with itself or the world? The Bar’s working life survey
I took a little time to browse the Bar’s working life survey. It’s a large survey. Although it’s not immediately clear how representative it is, almost 3,300 barristers completed it. Here are some of the things I noted (this is a rather idiosyncratic list so read the report if you want a fuller view): Continue reading “Guest post: A profession not at ease with itself or the world? The Bar’s working life survey”
A&O, Addleshaw and Hogan Lovells line up on Co-op’s £620m pharmacy spin-off to Bestway
As the Co-operative Group moves to reduce its £1.2bn capital deficit and focus on core business lines it has turned to longstanding advisers Allen & Overy (A&O) and Addleshaw Goddard to lead on the £620m sale of its pharmaceutical business to Bestway Group, advised by Hogan Lovells. Continue reading “A&O, Addleshaw and Hogan Lovells line up on Co-op’s £620m pharmacy spin-off to Bestway”
Financial results 2013/14: RPC posts mixed results with revenue up 3% against 9% drop in PEP
RPC has this morning (21 July) posted mixed financial results for 2013/14, with revenue up 3% to £84.1m – representing growth of 40% since 2011 – but partner profits down by 6% to £26m. Profit per equity partner (PEP) came in at £338,000 for the period, a 9% drop on last year’s figure of £372,000. Continue reading “Financial results 2013/14: RPC posts mixed results with revenue up 3% against 9% drop in PEP”
Deal Watch: Freshfields and HSF lead on Liberty Global’s £481m acquisition of stake in ITV
Freshfields Bruckhaus Deringer’s London managing partner Julian Long has advised Liberty Global on the US media group’s £481m purchase of BSkyB’s 6.4% stake in UK broadcaster ITV, with Herbert Smith Freehills acting for BSkyB. Continue reading “Deal Watch: Freshfields and HSF lead on Liberty Global’s £481m acquisition of stake in ITV”