Page 575 – Legal Business

Guest post: Time to face the dangerous delusion of the entrepreneurial lawyer

For years, I’ve been hearing law firms describe their cultures as ‘entrepreneurial’ and hardly the slightest attention. Like ‘collegial’ or ‘collaborative’, it just seemed like so much white noise. Then finally I heard it once too often and had to face cold reality: I had absolutely no idea what these people – a lot of smart, articulate people – were talking about.

Picking up a dictionary, I found this definition:

characterised by the taking of financial risks in the hope of profit; enterprising
Continue reading “Guest post: Time to face the dangerous delusion of the entrepreneurial lawyer”

Wragge & Co sees H1 revenues and profits up as Metcalfe to leave after end of MP term

Wragge & Co has named October 2013 as its highest billing month since the boom years as it joins the ranks of firms posting positive results for the first half (H1) of 2013/14, news which comes as Ian Metcalfe confirms he will be departing the firm to pursue other opportunities when he steps down as managing partner next April.

The top 30 Birmingham-headquartered firm has posted a group turnover increase of 4% to £63m, which includes the firm’s international offices both owned and affiliated, while the UK offices saw a revenue increase 6% on the same period last year to £58m.

Wragge & Co is so far unusual in announcing its mid-term profits and it has good reason to shout about them, as they are up 15% on this time last year. Continue reading “Wragge & Co sees H1 revenues and profits up as Metcalfe to leave after end of MP term”

New SRA figures show record solicitor numbers as profession not so much declines as changes shape

Contrary to the often bleak picture painted of dwindling numbers entering a legal profession in crisis the number of practising solicitors in England and Wales has hit record levels according to official statistics published yesterday (14 November), as a significant number of law firms and individual practitioners have closed only to be replaced by new openings.

Figures published by the Solicitors Regulation Authority (SRA) show that the number of practising solicitors in England and Wales stood at a record 130,643 at the end of October.

The new figures constitute a 9.5% increase on the number of practising lawyers (those holding practising certificates) in 2009, when the headcount stood at 119,305. Continue reading “New SRA figures show record solicitor numbers as profession not so much declines as changes shape”

Quarter of in-house lawyers’ salaries frozen in past 12 months as average increase falls

Almost a quarter of in-house lawyers suffered pay freezes in the last 12 months, double the 10% who had their pay frozen the previous year, according to recent research from Thomson Reuters.

The Incomes Data Services executive compensation review found that the impact on the most senior in-house counsel was the most dramatic, with 30% of employers freezing basic salaries for their heads of legal, up from 13% in 2012.

The review also finds that this is the third consecutive year that in-house lawyers have seen below-inflation salary rises, and concludes that the increased number of pay freezes is having a ‘dampening effect’ on salary rises generally. Continue reading “Quarter of in-house lawyers’ salaries frozen in past 12 months as average increase falls”

Redundancy watch: Lyons Davidson blames litigation market for letting go of 50 post AA and Admiral deals

Having secured not one but two successive major joint ventures with Admiral and then the AA, Lyons Davidson is undoubtedly the envy of many of its personal injury (PI) peers, but the South West firm has blamed the post-Jackson reforms litigation market for the latest news that it is having to make around 50 redundancies.

Just last week (5 November) the AA – touted as one of the potential game changers likely to enter the post Legal Services Act arena – announced it had secured alternative business structure (ABS) status and entered into a joint venture with Bristol-based Lyons Davidson. Continue reading “Redundancy watch: Lyons Davidson blames litigation market for letting go of 50 post AA and Admiral deals”

Pharmaceutical boon: A&O, Proskauer and Osborne Clarke advise on $1.68bn Novartis hive off

The buoyant pharmaceuticals market threw up yet another high-profile healthcare deal this week, as Swiss giant Novartis announced the sale of its blood transfusion diagnostics unit to Barcelona-based Grifols for an estimated $1.68bn, with Allen & Overy (A&O), Proskauer Rose, and Osborne Clarke (OC) all securing advisory roles on the transaction.

Basel-headquartered Novartis was advised by A&O’s M&A head Eric Shube in New York, who previously advised the company on its near $52bn acquisition of a majority stake in NYSE-listed eye-care company Alcon, the largest acquisition ever undertaken by the pharma group. Continue reading “Pharmaceutical boon: A&O, Proskauer and Osborne Clarke advise on $1.68bn Novartis hive off”

Office openings: Bird & Bird to extend Middle East capability with Dubai presence

Bird & Bird has become the latest leading UK firm to open in Dubai as it transfers Stockholm corporate partner Anders Nilsson to spearhead its new UAE offering.

The 966-lawyer top 20 firm said today that it is setting its sights on expansion to support its growing client base in the emirate, where it advises clients across industries including aviation, media and sports, as well as undertaking work in other sectors such as aerospace, defence, security, communications, energy and utilities, healthcare and life sciences. Continue reading “Office openings: Bird & Bird to extend Middle East capability with Dubai presence”

Norton Rose antitrust partner to join new competition authority as body unveils second wave of directors

As the Competition and Markets Authority (CMA) pulls together the second wave of its senior leadership team one of the names that stands out is Michael Grenfell, who is joining the new body as a senior sectoral director from Norton Rose Fulbright, where he has specialised in competition for 25 years, including heading the group between 2002-2011.

Grenfell, who is a leading name in competition circles and co-author of Coleman and Grenfell on the Competition Act, becomes one of five appointments to the new markets and mergers directorate of the CMA, which brings together the Competition Commission (CC) and certain consumer functions of the Office of Fair Trading (OFT). Continue reading “Norton Rose antitrust partner to join new competition authority as body unveils second wave of directors”

‘Renaissance man’ Dembovsky leaves HowardKennedyFsi

Last year Legal Business described Howard Kennedy’s chief executive Mark Dembovsky as ‘renaissance man’, having taken charge of a West End firm on shaky ground in January 2011 and orchestrated the merger of Howard Kennedy and Finers Stephens Innocent, to create the £40 million practice HowardKennedyFsi.

Today, the top 75 firm announced that its first non-lawyer chief executive has resigned, leaving the existing management committee members Craig Emden, who is currently head of disputes, and former managing partner Paul Millett to take over as joint managing partners. Continue reading “‘Renaissance man’ Dembovsky leaves HowardKennedyFsi”

PI consolidation – Irwin Mitchell acquires Manchester’s McCool Patterson

After becoming the first multiple-licensed alternative business structure (ABS) last August Irwin Mitchell has acquired personal injury (PI) firm McCool Patterson Hemsi Solicitors (MPH), its fourth acquisition in 12 months as the PI market continues to consolidate.

MPH – whose five directors and 24 lawyers and support staff will all join the UK top 25 law firm – will operate as an ABS and subsidiary of Irwin Mitchell from its offices in Manchester and Newmarket. Continue reading “PI consolidation – Irwin Mitchell acquires Manchester’s McCool Patterson”

Lloyds Banking Group takes on Morgan Stanley lawyer to head litigation and contentious regulatory

As Lloyds Banking Group makes a series of senior management hires it has emerged that the global financial institution has brought in Morgan Stanley lawyer Michael Hartridge to replace group litigation and contentious regulatory head Nicola Myatt, who has left the bank.

Following LBG’s takeover of UK banking group HBOS in 2008, Myatt was appointed to head the combined litigation team, having headed the same function at Lloyds. Continue reading “Lloyds Banking Group takes on Morgan Stanley lawyer to head litigation and contentious regulatory”

Baker & McKenzie hires EY tax partner as EY looks at growth

Baker & McKenzie has again turned to one of the Big Four accountancy firms to boost its sizeable London tax practice as EY tax partner Mark Bevington joins as a partner in the 4004-lawyer firm’s City office.

Bevington (pictured) specialises in international tax planning, with a focus on UK domestic taxation, including intangible assets planning, patent box and pension restructuring. His appointment brings the number of tax lawyers in London to nearly 40. Continue reading “Baker & McKenzie hires EY tax partner as EY looks at growth”

Squire Sanders settles libel claim over letter before action

Squire Sanders has settled a libel claim against the firm over the contents of a letter before action (LBA) after a judge rejected its application to have the claim struck out, finding that the LBA could be interpreted as meaning the recipient was guilty.

The top 20 firm was sued for libel by Patrick Hodgins, a former director of Squire Sanders’ client Solym Holdings and subsidiary Solym Carriers, after it sent Hodgins a LBA in January, copied to his new employers, notifying him that Solym were bringing an action for breach of his fiduciary duties, including the duty not to accept benefits from third parties. Continue reading “Squire Sanders settles libel claim over letter before action”

Back to basics: BLP hires DLA Piper real estate partner Karen Friebe

More recently the subject of headlines announcing partner departures, Berwin Leighton Paisner (BLP) today announced the appointment of Karen Friebe, a real estate partner from DLA Piper as sources indicate the traditionally real estate driven firm is taking a back to basics approach to consolidation.

Friebe (pictured), who specialises in the hotel and leisure sector and will join BLP as a partner in its global real estate practice based in London, was the global co-chair of DLA Piper’s hospitality and leisure group and led its EMEA hospitality and leisure team for a number of years. Continue reading “Back to basics: BLP hires DLA Piper real estate partner Karen Friebe”

H1 2013/14: Field Fisher reveals 7% spike in turnover

The first half (H1) of the 2013/14 year is proving to be more benign than last as Field Fisher Waterhouse joins a number of top 40 firms to post a revenue increase, seeing turnover up by 7% to £49.9m compared to £46.8m at the same time last year.

These results are set against the 358-lawyer firm’s overall drop of 3% in revenue in 2012-13 to £95m and an 8% decrease in profit per equity partner to £398,000. Continue reading “H1 2013/14: Field Fisher reveals 7% spike in turnover”