Page 570 – Legal Business

Comment: The New New Normal – a changing market beckons for 2014

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”

Continue reading “LLPs face hike in tax bills as legislative changes target salaried partners”

LLPs face hike in tax bills as legislative changes target salaried partners

Limited liability partnerships (LLPs) are facing significantly increased tax bills after HM Revenue & Customs (HMRC) issued draft legislation this week confirming that salaried partners with little or no share in the equity will be classed as employees for tax purposes.

The draft Finance Bill, which will come into effect in April next year, says that partners with less than 20% of their remuneration linked to the profits of the firm will be regarded as having a ‘disguised salary’ and subject to both income tax and national insurance.

Continue reading “Quinn makes record number of promotions as US firms announce partner elections”

Quinn makes record number of promotions as US firms announce partner elections

US firms have begun to announce their partnership promotions with Quinn Emanuel Urquhart & Sullivan making the largest number of partner promotions in the firm’s history, while Sidley Austin, Bingham McCutchen and Dechert all announced a decrease in associates to be made up on 1 January.

Quinn Emanuel announced today (13 December 2013) it is appointing 13 new partners in the firm’s largest promotion round yet. For the last three years, the firm has steadily increased its number of partner promotions with 10 new partner elections in 2012, up from eight in 2011 and seven the year before.

Buy-side story: how CMS and Dundas & Wilson finalised their surprise merger

Talk to any partner at Dundas & Wilson in the early 1990s – when Cameron McKenna launched its fledgling oil and gas outpost in Aberdeen – and any suggestion that the City firm could challenge the Scots leader on its own turf would elicit snorts of derision. The notion that the two most prestigious law firm brands in Scotland – Dundas and McGrigors – would be consumed by Cameron McKenna and Pinsent Masons in 20 years’ time would have been seen as laughable.

But the recent confirmation of a tie-up between CMS Cameron McKenna and beleaguered Dundas still came as a surprise to many in the profession. Continue reading “Buy-side story: how CMS and Dundas & Wilson finalised their surprise merger”

Management overhaul for KWM SJ Berwin as dual corporate heads replace Davis

As King & Wood Mallesons SJ Berwin beds down its $1bn merger the Sino-Australian and UK giant has announced further changes to its management line up, with the news that Steven Davis will step down as City head of corporate to be replaced by dual heads Michael Goldberg (pictured) and Richard Lever.

With indications that further leadership changes are yet to come, the firm also announced yesterday (11 December) that Paris-based global partnership board member Maxence Bloch has been appointed as international head of corporate for the UK, continental Europe and the Middle East and will support both Goldberg and Lever in London. Continue reading “Management overhaul for KWM SJ Berwin as dual corporate heads replace Davis”

In-house hires – TSB appoints Post Office GC as legal head as Mercedes-Benz fills top spot

Following its split from Lloyds, TSB Bank has announced the appointment of former Post Office general counsel (GC) Susan Crichton as its new legal chief, leading the newly separated bank’s legal function in the New Year as it moves towards an initial public offering (IPO).

Crichton played a key role in the Post Office’s separation from Royal Mail, before which she was legal, governance and risk director at Skandia International between 2008 and 2010, and GC at General Electric (GE) Money and Consumer Finance between 1999 and 2008. Continue reading “In-house hires – TSB appoints Post Office GC as legal head as Mercedes-Benz fills top spot”

Guest post: A cannon fodder shortage looms as LPC and trainee numbers head for market over-correction

Nigel Hudson has written an interesting post on LPC numbers. He says (among other things):

‘The number of students enrolled on full-time LPCs has shrunk by 8.4% this year. In 2012/13 enrolments fell 4%, so the trend is downward and falling fast.

In all, 5,198 students enrolled with the 27 LPC providers for 2013/2014, according to data from the Central Applications Board, the admissions service for full-time LPC and Graduate Diploma in Law (GDL) applicants.’ Continue reading “Guest post: A cannon fodder shortage looms as LPC and trainee numbers head for market over-correction”

Continue reading “Updated merger watch – CMS completes successful tie-up with Dundas & Wilson”

Updated merger watch – CMS completes successful tie-up with Dundas & Wilson

CMS Cameron McKenna and beleaguered Scottish firm Dundas & Wilson have merged, the firms announced this evening (12 December), creating a firm of 830 partners and 5,600 employees operating in 57 offices in 31 countries across the world with revenues of around €900m.

The tie-up – led for CMS by managing partner Duncan Weston, senior partner elect Penelope Warne and energy partner Stephen Millar, and for Dundas by chairman Lawrence Ward and managing partners Caryn Penley and Allan Wernham – will give the CMS group additional strength in the UK, particularly in Scotland, where for many years Dundas was considered to have the premier corporate practice.

Revolving Doors: Strategic growth for A&O, Eversheds, Wiggin, Dentons, Field Fisher and Olswang

In the last major round of hires before 2013 draws to a close, Allen & Overy (A&O) has boosted its international competition capability while Eversheds has expanded its City tax team and firms including Wiggin, Dentons, Field Fisher Waterhouse and Olswang have this month made strategic lateral hires across the media, energy, real estate and insolvency space.

At the start of December, A&O hired Herbert Smith Freehills (HSF) competition partner Peter McDonald to head its Australian antitrust and competition practice. Previously a senior officer at the Australian Competition and Consumer Commission (ACCC), at HSF McDonald advised clients in the energy, mining, industrial, retail and financial services sectors. Continue reading “Revolving Doors: Strategic growth for A&O, Eversheds, Wiggin, Dentons, Field Fisher and Olswang”

Continue reading “Adviser reviews: Surrey County Council puts out tender for external legal panel”

Adviser reviews: Surrey County Council puts out tender for external legal panel

Surrey County Council (SCC) and 11 local authorities have again teamed up to launch a tender for a four-year legal advisory panel as its first, put together in 2009, is due to expire.

The panel, which is worth between £6m to £20m, will be divided into three subsets: care and education; general commercial; and environment and infrastructure. It will be accessible by local authorities within Surrey, East Sussex and Berkshire.

SCC first joined forces with its surrounding boroughs in 2009, appointing 21 legal advisors including Davies Arnold Cooper (now DAC Beachcroft), DWF, Trowers & Hamlins, Weightmans, Blake Lapthorn and Freeth Cartwright. Barrister sets appointed included 14 Gray’s Inn Square, 12 College Place, 4 Brick Court, 1 King’s Bench Walk, and 1 Chancery Lane.

‘People were ready’ – Immelt to become sole Hogan Lovells CEO as Harris and Gorrell to stand down

The sensitive issue of governance has hung over Hogan Lovells since the 2010 merger that created the Anglo-American giant but the firm is to finally resolve the point in favour of a streamlined leadership model.

The dual UK-US leadership of Hogan Lovells is to come to an end with joint chief executives Warren Gorrell and David Harris set to stand down from their respective roles in June 2014. Harris is to retire from the firm, while Gorrell will return to full-time fee-earning.

In a move away from the UK/US joint leadership that has been in place since Hogan & Hartson and Lovells merged in 2010, Washington DC-based partner Stephen Immelt (pictured) has been chosen take the reins as sole CEO, while London-based partner David Hudd will become deputy CEO. Continue reading “‘People were ready’ – Immelt to become sole Hogan Lovells CEO as Harris and Gorrell to stand down”

Sealed at last – Wragges secures major City merger as vote backs LG tie-up to forge £171m practice

After years of rejecting the need for a City presence – and subsequent years hunting for a major London deal – Midlands giant Wragge & Co has finalised its tie-up with Lawrence Graham.

The proposed deal, which was confirmed last month, was backed in a partner vote earlier this week, with the combined firm set to unify as Wragge Lawrence Graham & Co from 1 May 2014.

With a majority of more than 75% required from both partnerships, the combination will create a £171m business with 1,300 staff, including 770 lawyers, operating from ten offices worldwide. Continue reading “Sealed at last – Wragges secures major City merger as vote backs LG tie-up to forge £171m practice”