City firm RPC is the latest to reveal its trainee retention rates this summer, and has announced it will keep all 15 trainee solicitors who applied to qualify this year, constituting the second time the firm has achieved a 100% rate since 2010. Meanwhile, CMS Cameron McKenna posted more modest results and confirmed a retention rate of 67.2%, with the firm’s London office keeping the lion’s share of trainees.
Guest post: Where now for legal regulation? – A consensus to change the UK regulatory framework has emerged, but none over direction
A direct consequence of the government’s decision in May not to make any major changes to the regulatory framework for legal services is that it simultaneously fired the starting gun for the race to introduce major changes to the regulatory framework for legal services.
Clifford Chance ushers in more streamlined constitution with end to regional and practice head votes
As part of the first major changes to its corporate governance structure in 14 years Clifford Chance yesterday (24 July) voted to dispense with regional and practice head elections in favour of appointment by managing partner Matthew Layton.
BP announces specialist panel with Fieldfisher returning to the fold
BP has selected nine firms to provide niche legal services as part of its wider panel. Firms appointed are Baker & McKenzie, Fieldfisher, Hill Dickinson, Holman Fenwick Willan, Reed Smith, Stevens & Bolton, Sullivan & Cromwell, Watson Farley & Williams and arbitration boutique Three Crowns.
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Mayer Brown cuts trainee intake by half and retains 67% while Weil retains 100% of trainees
Mayer Brown will be cutting its September 2016 trainee intake by half, taking in just ten applicants compared to their usual intake of 20.
Slaughters and Links lead on £3bn Carillion/Balfour talks; HSF and A&O advise on BSkyB’s £7.4bn European acquisitions
Construction group Carillion has instructed Slaughter and May’s corporate heavy hitter William Underhill and fellow corporate partner Kathy Hughes to advise on a proposed £3bn merger with UK rival Balfour Beatty, which has turned to Linklaters’ M&A veteran and longstanding adviser Iain Fenn.
The Bar: BSB picks Sir Andrew Burns as new lay chair
The Bar Standards Board has selected Sir Andrew Burns as its next chair with Baroness Ruth Deech QC due to reach her term limit at the end of 2014. Continue reading “The Bar: BSB picks Sir Andrew Burns as new lay chair”
Guest post: The Age of Anxiety – In London, in New York, it’s still hard out there
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.
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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.
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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.
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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.