Mishcon de Reya has hit its target of £100m in revenues by 2016, with 2013/14 turnover up 18% to £104.6m and profit per equity partner (PEP) up by 16% to £975,000, constituting 107% growth since 2009.
The results come as Pinsent Masons enjoyed an uptick in its financials for a second successive year, with revenue up 4.6% to £323.3m, while profit per lawyer increased by 11% from £40,000 to £44,500. PEP increased 4.7% from £387,000 to £405,000.
Trust disputes can offer advisers a lucrative caseload and longer-term institutional and corporate relationships. Legal Business looks at the key players in a competitive market.
Wealthy business owners tend to have colourful lifestyles, families and ways of protecting their wealth, and these ingredients can often come together to form an explosive cocktail. Take Stanley Ho, the ageing Macau-based billionaire, who has been at the centre of a recent family feud over who would inherit his gambling empire. Having had four wives and 16 children, it was perhaps inevitable that family tensions would trigger incendiary litigation.
Billed to be the largest initial public offering (IPO) in Europe to date this year, Allen & Overy (A&O) and the London office of Davis Polk & Wardwell are advising on the sale of up to 77m ordinary shares in NN Group, valuing the Dutch insurer at €7bn and bringing in proceeds of €2bn for ING. Continue reading “A&O and Davis Polk London line up on €7bn IPO of NN Group”
Reed Smith continues to piece together its City finance offering with a series of lateral hires, as Pinsent Masons partner Matthew Heaton becomes the latest to make the switch, joining the firm’s international real estate finance practice. Continue reading “Reed Smith builds City finance practice with Pinsents REF partner Matthew Heaton”
Roche UK managing counsel Funke Abimbola (pictured) has embraced diversity in both her widely varied in-house activity and in her equally challenging voluntary work. Recognised as a leading healthcare and life sciences lawyer, she received the 2012 Association of Women Solicitors’ in-house award and most recently saw her team shortlisted for the 2013 in-house team of the year distinctions at the Legal Business Awards and Halsbury Legal Awards. Continue reading “Careers counsel for aspiring lawyers: Roche’s Funke Abimbola”
Olswang has reported mixed 2013/14 financial results with profit per equity partner (PEP) down 4%, following a double-digit drop last year, while revenue is up 7% to £117.6m. Continue reading “Financial results 2013/14: Olswang suffers further drop in PEP to £490k with turnover up 7% to £117.6m”
Bird & Bird has entered into a cooperation agreement with leading Istanbul IT and telecoms boutique BTS & Partners, just a week after announcing a similar arrangement with two Indonesian firms. Continue reading “Bird & Bird secures further international tie-up with Istanbul tech leader BTS”
Cleary Gottlieb Steen & Hamilton has increased its trainee and junior-level associate pay following a salary freeze, pushing second year post qualification experience (PQE) lawyers into a six digit sum. Continue reading “Cleary bumps up London junior pay in end to salary freeze”
Davis Polk & Wardwell has made up its first London partner in five years with the promotion of corporate lawyer Reuven Young, in a further nod towards the investment the Wall Street firm is making in its City presence. Continue reading “Davis Polk promotes first City partner in five years”
The Solicitors Regulation Authority (SRA) has voted to cut the minimum compulsory cover for professional indemnity insurance (PII) from £2m to £500,000 despite strong opposition from the Law Society and the City of London Law Society (CLLS) to the speed of change and lack of consultation with insurers. Continue reading “SRA votes to cut minimum PII cover from £2m to £500k despite fears over damage to legal brand”
The fallout from the embattled City office of US firm Edwards Wildman continues as it emerges that corporate partners Eero Rautalahti and Stuart Blythe have resigned, with Blythe set to join CMS Cameron McKenna. It was not known at the time of going to press where Rautalahti is headed. Continue reading “Further Edwards Wildman City fallout as CMS set to take on corporate partner”
Recent headlines seem to suggest that the Bar is gearing up to ‘bypass’ solicitors and embark upon an all-out war with for business in these increasingly competitive times.
Continue reading “Guest post: public access to the Bar – more sideshow than shifting paradigms”
Herbert Smith Freehills’ (HSF’s) first full financial results post merger has seen it unveil revenues of £800m and profit per equity partner (PEP) of £741,000 for 2013/14.
The firm’s net income stood at £232m. Continue reading “Financial results 2013/14: Herbert Smith Freehills’ first full financial results post merger show revenue of £800m and £741k PEP”
Chicago-headquartered online deals company Groupon has appointed Dane Drobny as its new general counsel (GC).
Continue reading “In-house: Groupon’s latest offer is a new GC”
Top 40 firm Osborne Clarke has suffered the double exit of telecoms head Angus Finnegan to Reed Smith and technology head Mark Webber to Fieldfisher.
Finnegan joins Reed Smith’s media and technology (MT) practice in London, becoming the group’s thirteenth partner in the capital. Continue reading “Double exit for Osborne Clarke as telecoms chief leaves for Reed Smith and technology head to Fieldfisher”
Clifford Chance (CC) has drawn a line under last year’s disappointing financials, unveiling its highest-ever financial results, with revenue up 7% to £1.36bn while profit per equity partner (PEP) leapt by 16% to £1.14m. Continue reading “Financial results 2013/14: Clifford Chance unveils highest-ever results as turnover up to £1.36bn and PEP £1.14m”
Brown Rudnick has hired technology and intellectual property (IP) head Alex Carter-Silk from Speechly Bircham to lead its European IP practice in London. Continue reading “Brown Rudnick hires Speechly’s European IP head into equivalent City role”
One of the interesting sub-plots of the Big Law vs New Law debate is the way in which workers (partners and their equivalents, salaried partners, employees) are motivated.
Herbert Smith Freehills’ (HSF’s) Manhattan office has capitalised on the US revolving door with the hire of John O’Donnell, a former assistant US attorney and branch chief in the Securities and Exchange Commission’s enforcement unit, who joins to boost the top 10 UK firm’s New York investigations division. Continue reading “Herbert Smith Freehills boosts US investigations with hire of former assistant attorney and SEC chief John O’Donnell”
