Page 573 – Legal Business

H1 2013/14: Ashurst sees combined half year figures rise by 6%

Newly-merged Ashurst has joined the growing numbers of top 50 LB100 firms to report an increase in turnover during the first half (H1) of 2013/14, with its combined revenues up by 5.8% to £298m, thanks to improved prevailing economic conditions and an uptick in transactional work.

The 1,800-lawyer firm, which achieved full financial integration with big six Australian firm Blake Dawson in September this year, has disclosed combined revenues for the two firms during the period 1 May to 31 October 2013. Its 5.8% increase is set against a pre-merger combined revenue of £281.7m this time last year. Continue reading “H1 2013/14: Ashurst sees combined half year figures rise by 6%”

Legal fees: QualitySolicitors to abandon hourly rates in favour of fixed fees

QualitySolicitors (QS) has unveiled plans to abandon the hourly rate across its network of firms, offering fixed fees for all legal services including litigation.

The group, which has around 120 members across 200 locations, is to roll out the next phase of a pilot scheme which will see 15 of its firms stop charging by the hour, with the intention to roll out the model across the network by early 2014. Continue reading “Legal fees: QualitySolicitors to abandon hourly rates in favour of fixed fees”

H1 2013/14: Bird & Bird reveals revenue increase of 5%

Bird & Bird today (3 December) attributed a 5% increase in its half year (H1) 2013/14 revenues to the strengthening of its international offering, although the firm declined to disclose its underlying turnover figure.

The 960-lawyer firm, which operates its accounts in euros, estimated growth of 5% in euros, which it claims equates overall to 10% growth in sterling when currency fluctuations across H1 are taken into account.

Highlights in H1 include office openings in Dubai and Denmark, as well as lateral hires across corporate, intellectual property and media. Continue reading “H1 2013/14: Bird & Bird reveals revenue increase of 5%”

H1 2013/14: Taylor Wessing reveals UK revenue increase of 10%

Taylor Wessing has joined a band of leading City firms to have turned out a double digit increase in revenue for the 2013/14 half year (H1), unveiling a 10% increase in its UK turnover.

The 960-lawyer firm has credited extensive investment, including international expansion and a series of lateral hires for the uptick in its performance, which internationally saw its H1 revenues increase by 9%. Continue reading “H1 2013/14: Taylor Wessing reveals UK revenue increase of 10%”

Ashurst’s Lloyd set to join Allen & Overy subject to partner vote

Ashurst’s high profile global head of corporate Stephen Lloyd appears set to join Allen & Overy (A&O) after resigning from the newly-merged firm in November.

While Lloyd’s move is still subject to a vote by the Magic Circle firm’s partnership, one corporate partner at A&O told Legal Business: ‘It’s not final, but it’s very likely. We are pretty excited about him joining. He is a really good operational lawyer and a good cultural fit.’ Continue reading “Ashurst’s Lloyd set to join Allen & Overy subject to partner vote”

Guest post: The rise and rise of Slater and Gordon – a tale of the ABS era

If anyone wanted to see what alternative business structures (ABSs) can achieve, they need look no further than Slater and Gordon (S&G).

If you take into account the sum announced as going towards buying Simpson Millar – a deal currently on ice – S&G has committed around £150m towards its UK expansion since first announcing the acquisition of Russell Jones & Walker in January 2012. Could it have achieved this without being a listed company? I’m no financial expert, but I doubt it; raising money through share issues has been key, although debt levels are up sharply as well. Continue reading “Guest post: The rise and rise of Slater and Gordon – a tale of the ABS era”

Leadership: Dick Tyler ‘ready for a change’ as CMS elects Penelope Warne as senior partner

CMS Cameron McKenna has elected its first-ever female senior partner, as UK managing director and head of energy Penelope Warne takes over the role from longstanding management figure and corporate finance partner Dick Tyler, who has said he is ‘ready for a change’.

Warne (pictured), who joined the firm in 1993 and set up the firm’s offices in Aberdeen, Edinburgh, Rio de Janeiro and Dubai, will officially take up the post in May 2014 for a four-year term. Continue reading “Leadership: Dick Tyler ‘ready for a change’ as CMS elects Penelope Warne as senior partner”

Latin America: DAC merges with Colombian alliance partner De la Torre & Monroy

DAC Beachcroft has expanded its Latin American presence via a merger with Colombian alliance partner De la Torre & Monroy Abogados Asociados, which began trading as DAC Beachcroft Colombia yesterday (1 December).

The 1000-lawyer top 25 UK firm, which formally allied with the six-lawyer Bogata insurance firm in March this year ahead of the liberalisation of the Colombian insurance market, agreed the tie-up after partners voted in favour on 22 November. Continue reading “Latin America: DAC merges with Colombian alliance partner De la Torre & Monroy”

H1 2013/14: BLP reveals a 6% increase in turnover

By any estimation 2012/13 was Berwin Leighton Paisner’s (BLP’s) annus horribilis but the top 20 firm is showing modest signs of recovery with today’s (2 December) announcement that its revenues are up by 6% on this time last year.

Partners at the 786-lawyer firm have for some time privately indicated that its 2013/14 revenues are showing signs of improvement and the 6% rise, while starting from a low base given its 5% decline from £246m to £233m last year, is confirmation that their quiet confidence is, to an extent, justified. Continue reading “H1 2013/14: BLP reveals a 6% increase in turnover”

Merit driven pay – Slaughter and May introduces discretionary associate bonus

Building on its decision earlier this year to introduce an element of merit to its associate pay, Slaughter and May has overhauled its associate bonus, moving away from a ‘blunt instrument’ flat rate bonus of 5% to a performance and seniority related uplift.

The overhaul – which was unveiled by the Magic Circle firm today (2 December) and follows its decision in January to create ‘good’ and ‘exceptional’ salary bands for associates from 4.5 years post-qualification experience (PQE) and upwards – will see associates paid up to a 12% bonus based on both their PQE level and performance. Continue reading “Merit driven pay – Slaughter and May introduces discretionary associate bonus”

Continue reading “Guest post: The United States of Innovation – viewed from Wall Street, it could be a whole lot better”

Guest post: The United States of Innovation – viewed from Wall Street, it could be a whole lot better

The other night I was fortunate enough to be invited to attend the FT’s Innovative Lawyers 2013 US awards ceremony. (The report was published here the next day in the paper, and you can download a PDF.)

Since this is now an annual event – this year marks the fourth time they’ve done it in the US – it’s an occasion to step back and see how the conversation has evolved. Here’s the telling final paragraph of last year’s introductory piece, following a lengthy series of anecdotes from managing partners about ‘buggy whips’, ‘new market dynamics’, ‘requiring behaviour to change’, ‘the wow factor’, and ‘adapting to the moving cheese’:

All the chairmen of the top firms talk about change and the need to ‘not fight the last war’. And yet at the same time they cannot, they say, see their firms being all that different in five years’ time.

Continue reading “Comings and goings – Hogan Lovells financial disputes partner to depart”

Comings and goings – Hogan Lovells financial disputes partner to depart

Hogan Lovells is set to lose financial disputes and legacy Lovells partner Luci Angus from its ranks in four weeks’ time.

Having been made up to partner in 2007 prior to Lovells merger with Washington DC-based Hogan & Hartson, Angus is experienced in disputes involving banks and other financial institutions and completed a secondment at Barclays during her time at the firm. Her experience also includes previously advising an investment bank in relation to allegations of mis-selling in connection with a $2bn collateralised debt obligation.

Continue reading “Still in the headlines – Embattled Co-op appoints new GC for bank amid group shake-up”

Still in the headlines – Embattled Co-op appoints new GC for bank amid group shake-up

The Co-operative Bank (Co-op) has announced the appointment of former interim general counsel (GC) of Coventry Building Society Brona McKeown as legal chief and company secretary shortly after current GC Alistair Asher moves to head the legal function across the Co-operative Group.

Prior to Coventry Building Society, McKeown held a variety of roles at Barclays, culminating in global GC of Barclays Corporate. McKeown, who trained as a lawyer at CMS Cameron McKenna, joins the Manchester-based bank on 2 December.

Continue reading “141 law firms in final closure warning to gain cover as research claims partners ignorant of insolvency risk”

141 law firms in final closure warning to gain cover as research claims partners ignorant of insolvency risk

While there are signs of recovery at larger law firms, fresh evidence of the pressure on smaller practices has emerged this week with the Solicitors Regulation Authority (SRA) confirming that 141 law firms unable to gain insurance cover are now entering a final period before they face an enforced wind-up.