How is your maths? According to 2013 research by recruitment firm Robert Half (quoted in Management Today), 52% of FTSE 100 CEOs have a finance background, 21% have an engineering background, 9% are from retail or hospitality, 8% are from marketing or advertising and 4% are from technology. Continue reading “Where are all the Lawyer-CEOs?”
For decades, Alex had aspired to the role of general counsel. He spent the majority of his career in the legal department of a Fortune 100 company, working hard to distinguish himself not only with legal acumen, but with management and leadership skills as well. But when he finally got the nod to assume the top legal position, there was, he confesses now, a bit of a letdown. After chasing that job and that title for nearly three decades – and finally getting it – Alex found himself wrestling with an unsettling sense of disappointment. Continue reading “How to be Chief Executive of your own career”
Since I joined Legal Business as editor-in-chief in February, our expanded editorial team has been striving to update our publication with a number of investments. Crucially we’ve aimed to improve our coverage in several regards, including more substantive reporting on issues affecting in-house counsel. Just as important has been efforts to give the title a far stronger online platform to complement our traditional strength in print, which included the launch in April of a totally revamped website and the unveiling in September of our well-received iPad edition, which is freely available to subscribing law firms. Continue reading “Comment: A Legal Business take on the year – my favourite articles of 2013”
Clifford Chance (CC) outgoing managing partner David Childs has been appointed by the Financial Reporting Council (FRC) as chair of its conduct committee, taking over the role from Herbert Smith Freehills consultant Richard Fleck.
The FRC is the independent regulator for the accounting and actuarial profession and its conduct committee oversees the conduct division, responsible for the monitoring of recognised supervisory and qualifying bodies, audit quality reviews, corporate reporting reviews, and professional discipline. Continue reading “Post Clifford Chance role for Childs as Financial Reporting Council announce his appointment as Chair”
‘I believe the market lends itself to opportunities for growth and successful law firms will take advantage of these opportunities. It is good for the market and clients. Let’s hope there are more [mergers] in the future.’ So says CMS Cameron McKenna’s managing partner Duncan Weston, who oversaw his firm’s successful tie-up with Scotland’s Dundas & Wilson during an autumn/winter period that has also seen the merger of Wragge & Co and Lawrence Graham, Slater & Gordon’s acquisition of the personal injury business of Pannone, and Pennington’s takeover of beleaguered Manches, to say nothing of the talks announced and not yet concluded or that fell at the final hurdle. Continue reading “Merger Watch 2013 – The runners, riders and fallers at the last hurdle”
The Law Society, if nothing else, is a decent host and members attending the special general meeting (SGM) on Tuesday (17 December) were treated to KitKats among the refreshments on offer. Appropriately enough they were the two-finger variety, which is certainly the gesture some see the vote of no-confidence in president Nick Fluck and chief executive Des Hudson to be. Continue reading “Guest post: Where next for the Law Society after no-confidence vote?”
After much speculation, Herbert Smith Freehills announced today that it has appointed Sonya Leydecker (pictured) and Mark Rigotti as joint chief executive officers (CEOs).
The appointments come after a recommendation by the firm’s governance body, the council and following ratification by partners. Leydecker and Rigotti will take their positions for a term of three years after current CEOs David Willis and Gavin Bell step down on 1 May 2014.
Continue reading “Leadership: Herbert Smith Freehills unveils new joint CEOs”
A series of senior in-house moves and hires has this week seen The Co-operative Group appoint Lloyds Banking Group company secretary Claire Davies as group secretary, Yahoo’s senior legal director Manu Kanwar move to Powa Technologies, Swedish automotive safety systems manufacturer Autoliv appoint Andrew Nellis as interim general counsel and the British Medical Association (BMA) lose its legal director Jonathan Waters. Continue reading “In-house revolving doors: Senior hires for Co-op, Powa Technologies and Autoliv as BMA loses group legal director”
Since New York elite firm Cravath, Swaine & Moore kicked off the US bonus season at the start of December with its decision to hold bonus rates at 2012 levels, firms including Boies, Schiller & Flexner, Cahill Gordon & Reindel, Sidley Austin, as well as Kaye Scholer, Schulte Roth & Zabel and Ropes & Gray have unveiled how they measure up to the traditional market benchmarker.
Where Cravath’s associates are paid from $10,000 (the class of 2013) up to $60,000 (the class of 2005), Boies, Schiller is unusual in awarding significantly more, with the best-rewarded associates receiving $300,000 compared with a maximum bonus of $250,000 paid in 2012. The average young lawyer at the litigation-driven firm will take home a bonus of $85,000. Continue reading “US bonus season: Boies Schiller, Cahill Gordon and Sidley among leading US firms to unveil numbers”
The Bar may be collegiate, but are the Bar Council and the Bar Standards Board (BSB) too close? Have you read last month’s Legal Services Board (LSB) report that found the Bar Council encroached on the BSB’s regulatory independence? I doubt it; it’s a lengthy document and it’s taken me three weeks to find the time. But for those questioning the continuing need for the LSB – chief among whom are, of course, the Bar Council and BSB – it is a must-read.
The report, following an investigation lasting around five months, relates to changes made by the BSB to its regulatory arrangements, approved by the LSB, to bring into force the new contractual terms for barristers, including a controversial change to the cab-rank rule. Continue reading “Guest post: Too close for comfort – Research concludes the Bar Council has ‘undue influence’ over regulation”
Over 100 law firms have less than two weeks to obtain professional indemnity insurance (PII) failing which they must close their practice by 29 December, the Solicitors Regulation Authority (SRA) announced today (18 December).
The regulatory body has identified a total of 117 law firms still requiring insurance as of 16 December – none of which have been allowed under PII regulations to bring in new business since 1 November – and is helping them to prepare for closure. Continue reading “Countdown to closure as 117 law firms fail to obtain PII”
Following a year of protests over legal aid cuts and court reforms from a profession better known for its quiet conservatism, 2014 promises more of the same after the government this month launched a consultation over the levying of sizeable court fees in commercial claims and the Criminal Bar Association (CBA) announced a half-day strike of its members on 6 January.
The Ministry of Justice’s (MoJ’s) consultation on fees includes a proposal for imposing percentage-based court fees that could see the cost of a £400,000 piece of commercial litigation increase by £20,000, with around five percent added on top of the total running costs. Continue reading “Unsettled forecast for 2014 as MoJ unveils court fee consultation and CBA announces legal aid strike”
US firm Debevoise & Plimpton has announced that Tony Dymond, former co-head of Herbert Smith Freehills (HSF) Seoul office, will be joining its London office.
Contentious construction expert Dymond (pictured) is the second high-profile HSF litigator to join Debevoise this year, with Kevin Lloyd joining the firm in July after resigning from HSF in December 2012.
Like Lloyd, Dymond is a renowned litigator with 20 years of experience advising international clients on complex, multi-jurisdictional disputes.
Continue reading “Revolving doors: Debevoise picks up second experienced HSF litigator”
Eversheds has named litigator and former Tyco relationship partner Paul Smith as its next chairman as current incumbent John Heaps steps down.
The partnership voted in favour of Smith in the third week of November against corporate partner Robert Pitcher, who also stood for election. Smith will begin his four year term on 1st May 2014.
Smith (pictured) specialises in environmental law and disputes and has defended a number of multinational companies in criminal investigations in the UK, Europe and North America. However, he has been most commonly known as a pioneering client relationship partner for DuPont and Tyco, and was named Lawyer of the Year at the 2008 Legal Business Awards for his work in securing its revolutionary single-supplier agreement with Tyco.
The fall-out over the Government’s highly controversial legal aid reforms continues as the Law Society‘s leadership today (17 December) lost a high-stakes confidence vote on its divisive ‘direct engagement’ policy with the Ministry of Justice (MoJ).
The vote at the special general meeting (SGM) at Chancery Lane this morning saw a no confidence motion narrowly passed. The Law Society confirmed via twitter that the total votes equated to 228 for the motion, with 213 against. More than 500 attendees had descended on Chancery Lane this morning for the SGM.
Since McKinsey & Co first coined the term in 1997, the ‘war for talent’ has been the focus of a stream of conferences, media articles and consulting assignments. It has spawned a new human resources specialism – talent management – and with that has come concepts such as ‘competency frameworks’ and ‘succession planning’.
One of the most hotly fought fronts in the war for talent is graduate recruitment. Professional service firms, including law firms, accountancy practices, banks and consultancies, pride themselves on battling with other firms, competing aggressively for a very limited number of ‘the brightest and the best’ graduates. Continue reading “Comment: The battle for talent and other phoney wars”
With the pharmaceutical industry driving a number of recent high value M&A deals, Clifford Chance has won mandates on two significant instructions in the sector, including advising AZ Electronic Materials on a £1.57bn cash offer by German pharma giant Merck.
The transaction was led by corporate partner Tim Lewis and includes antitrust partner Alex Nourry, Luxembourg corporate partner Pierre Gromnicki, employee benefits partner Sonia Gilbert and tax partner David Harkness. Continue reading “Clifford Chance wins double pharma mandate as Merck buys AZ Electronic Materials and Amdipharm buys Acbur”
In what constitutes a major overhaul of its training programme, Allen & Overy (A&O) has announced today (16 December) that it will work with BPP law school to provide its young lawyers with an enhanced Legal Practice Course (LPC) with a Masters business component from 2015. The firm has also chosen BPP to run its Graduate Diploma in Law course from September next year.
The change in legal training institution came after a competitive tender process in which BPP was selected over the firm’s incumbent provider, the University of Law.
Continue reading “Commercially minded: Allen & Overy chooses BPP for business-focused LPC”
It may not have attracted as much attention as DWF this year but Midlands challenger firm Shakespeares shows no sign of easing up on an acquisitive streak that has seen it pick-up a handful of firms since 2007. This time it is looking to establish a credible London presence through a merger with 80-lawyer West End firm Davenport Lyons.
As reported on RollonFriday today (16 December), the two firms are currently in discussions with a view to a tie-up. Continue reading “Consolidation watch: serial acquirer Shakespeares targets City practice through Davenport Lyons merger”
The last three years have drawn to a close heralding another 12 months much like those that went before: depressing. The eurozone flirting with break-up, fiscal woes holding back Western economies and a subdued legal market. Check, check and check.
But drawing to the end of 2013, commercial lawyers are facing an outlook that is, in highly relative terms, not half bad. The word from senior City partners has been generally upbeat since the summer. The first half financial results have, if anything, exceeded those raised expectations. We are looking at the best set of like-for-like financial results seen for five years from major UK law firms. Continue reading “Comment: The New New Normal – a changing market beckons for 2014”
