Page 575 – Legal Business

H1 2013/14: A&O discloses revenue rise of 7.5%

The first of the Magic Circle firms to disclose its 2013/14 half year (H1) results, Allen & Overy (A&O) has done so in reasonable style, starting the year with a 7.5% rise in revenues thanks in large part to strong performances in its litigation and finance practices.

H1 turnover at the 2,700-lawyer firm increased to £608m, marking a significant improvement on this time last year, when its 2012/13 H1 revenues dipped by 2.7% on the previous year from £582m to £566m.

While A&O, in keeping with the majority of City firms does not disclose its mid-term profits, managing partner Wim Dejonghe (pictured) told Legal Business that the results were ‘encouraging’. Continue reading “H1 2013/14: A&O discloses revenue rise of 7.5%”

Continue reading “Enhancing the brand: US IP specialist launches in London”

Enhancing the brand: US IP specialist launches in London

One of the strongest intellectual property firms in the US, Washington DC-based Finnegan Henderson Farabow Garrett & Dunner, has launched an office in the highly competitive London market in a bid to strengthen its European patent practice.

The launch follows the closure of the firm’s Brussels practice announced in August, which will officially shut down early next year once the logistics of transferring to London have been finalised.

Two partners have relocated from Brussels to London to set up shop at 16 Old Bailey – previously home to litigation shop Quinn Emanuel, while a further lateral hire is set to join in January 2014.

Continue reading “In-house: former Thomson Reuters group GC resurfaces at Rentokil”

In-house: former Thomson Reuters group GC resurfaces at Rentokil

The former Europe & Asia general counsel (GC) of global multimedia giant Thomson Reuters, Daragh Fagan, has resurfaced at UK-based support services company Rentokil Initial as group GC.

Following the merger of Thomson and Reuters in 2007, an $8.7bn deal that created the world’s largest provider of financial news and information, Fagan was appointed from legacy Reuters as GC for the Europe, Middle East and Africa regions, after joining from Italian energy group ENI in the summer of 2007.

Having been further appointed as GC for the Europe and Asia regions in January Fagan, a former Herbert Smith lawyer, departed the media giant in the summer and took up his new position at Rentokil, which offers a mix of services including pest control and workwear, in September.

Continue reading “Team work in the public sector as Bevan Brittan joins forces with Harrow and Barnet councils”

Team work in the public sector as Bevan Brittan joins forces with Harrow and Barnet councils

The dividing line between private practice and public legal services providers is blurring again with Harrow and Barnet councils unveiling a new partnership with Bevan Brittan as the two local authorities become the first to apply for an alternative business structure (ABS) licence.

Harrow and Barnet councils, which came together in September last year to create HB Public Law (HBPL) and already provide services a small number of other local authorities, will work in a joint venture with Bevan Brittan to offer combined legal services to both existing and new public services clients, drawing on complementary resources from both sides.

Positive financials continue as Simmons & Simmons posts an 8% increase in H1 revenues

Top-20 Legal Business 100 firm Simmons & Simmons has reported an 8% increase in revenues for the half year (H1) 2013/14, rising from £121m at this point last year to £130.7m.

The firm has reported improved performance across all practice groups. This represents a reversal in fortunes for the firm, who last year reported a 3% dip in revenues at the half-year stage, attributed at the time to problems in the Eurozone.

The revenues posted are also much stronger than the firm’s full 2012-13 results, which were broadly flat with a 1% dip to £250.3m, with profit per equity partner also staying more or less flat at £525,000. Continue reading “Positive financials continue as Simmons & Simmons posts an 8% increase in H1 revenues”

Some eye watering growth statistics later and its goodbye from Latham’s Bob Dell

When the ordinarily press-shy chair and managing partner of Latham & Watkins, Robert Dell, gave Legal Business his first-ever in depth interview in 2005, the interview began by reminding the reader that ‘Latham & Watkins used to be little more than a Los Angeles-based tax firm with ideas above its station.’

At the time of that interview Dell, who is widely recognised as one of the greatest law firm leaders of his time, had already been at the helm for ten years, since when revenues had grown an eye watering billion dollars, from $260m to $1.2bn in 2004, with profits per equity partner (PEP) having doubled from $550,000 to $1.4m.

Scroll forward almost another decade to last week’s announcement that Dell is retiring, and the most up to date comparative data again serves as a stark reminder of just how far the firm has come. Continue reading “Some eye watering growth statistics later and its goodbye from Latham’s Bob Dell”

Continue reading “Hill Dickinson sees H1 revenues up 6% following summer cash call”

Hill Dickinson sees H1 revenues up 6% following summer cash call

Top-40 LB100 firm Hill Dickinson has posted a half year increase in revenues from £54.9m from £51.9m this time last year, after asking members to increase their capital contributions during the summer.

The 520-lawyer firm issued a £2.8m cash call in August after a year of heavy investment, including opening an office in Monte Carlo and Hong Kong. The firm then underwent a strategic review earlier this year which included the sale of its Chester office in July to Knights Solicitors and announcing 83 redundancies.

On your merit: RPC abolishes flat rate salary for NQs

City law firm RPC has taken the final steps to adopting an entirely merit driven pay model as it today (19 November) announced that from September 2014 it will abolish the traditional flat rate salary for newly-qualified solicitors (NQs) in the UK, and subsequently move to a system linked to merit and market rates.

In a move said to take into account what is happening in other sectors and the pressures that clients are under to achieve value, the firm will operate a variable pay scale where the strongest NQs entering their careers ‘in the most competitive areas of the profession,’ will be eligible to earn salaries above those currently offered by major City firms, a firm statement said today. Continue reading “On your merit: RPC abolishes flat rate salary for NQs”

NRF loses second competition veteran as Mark Jones joins Hogan Lovells

Hogan Lovells has confirmed its latest lateral hire is Norton Rose Fulbright longstanding antitrust partner Mark Jones, who is to join the antitrust, competition and economic regulation (ACER) practice at the transatlantic firm in the New Year.

Jones is experienced in various aspects of competition law including behavioural and market investigations, merger control and compliance and utilities regulation, across the energy, infrastructure, insurance, and retail sectors. Continue reading “NRF loses second competition veteran as Mark Jones joins Hogan Lovells”

Panel win: Bank of Tokyo Mitsubishi UFJ announces first-ever EMEA line-up

One of Japan’s largest banks, Bank of Tokyo Mitsubishi UFJ (BTMU) today announced its first-ever panel for Europe, the Middle East and Africa, with eight leading City firms appointed as preferred advisers after a process described by the bank as ‘extremely competitive.’

Allen & Overy (A&O), Linklaters and Ashurst won places on BTMU’s preferred panel alongside Berwin Leighton Paisner (BLP), Hogan Lovells, Norton Rose Fulbright, Slaughter and May and White & Case. Continue reading “Panel win: Bank of Tokyo Mitsubishi UFJ announces first-ever EMEA line-up”

Merger watch: Hogan Lovells to tie-up with South Africa’s Routledge Modise

Hogan Lovells is to combine with South African law firm Routledge Modise, with the union set to go live on 1 December.

The Johannesburg office will comprise 120 lawyers, including 40 partners, and will focus on corporate, commercial, litigation, mining and employment work, while Routledge Modise is expected to rebrand and relaunch as Hogan Lovells in early 2014.

The top 10 LB100 firm informed its partners of the move today (19 November) and said in a statement that a physical presence in Africa has become increasingly important as the majority of its top 200 clients have operations on the continent. Continue reading “Merger watch: Hogan Lovells to tie-up with South Africa’s Routledge Modise”

Revolving doors: Key hires for Mayer Brown, Sullivan & Worcester, Harbottle, DWF, Irwin Mitchell and Burness Paull

Mayer Brown is continuing to beef up its City offering with its seventh partner hire in two months, as Allen & Overy (A&O) employment and benefits partner Stefan Martin joins the firm, the top 25 Global 100 firm announced last week.

The appointment of Martin – who joined A&O in 1992 and has been a partner at the Magic Circle firm for 13 years, having spent most of his career advising financial institutions and corporates on employment issues – comes as Mayer Brown recently revamped its international strategy, re-grouping around its large international clients and naming London as one of five global sites on which to focus much of its energies alongside Washington D.C, New York, Chicago and Hong Kong. Continue reading “Revolving doors: Key hires for Mayer Brown, Sullivan & Worcester, Harbottle, DWF, Irwin Mitchell and Burness Paull”

Dentons’ Howard Morris to join Morrison & Foerster as head of business restructuring

One of Dentons best-known long term senior managers and a solid restructuring partner, Howard Morris has joined Morrison & Foerster to head its business restructuring & insolvency group in London, nearly three months after the banking lawyer resigned from the firm after 22 years as a partner.

Morris (pictured) joined legacy Denton Hall in 1991 and served in a number of senior positions as the firm grew and changed names under successive mergers, including the shared role of chief executive alongside current CEO Elliot Portnoy at SNR Denton, created out of the 2010 merger with US-based Sonnenschein Nath & Rosenthal. Continue reading “Dentons’ Howard Morris to join Morrison & Foerster as head of business restructuring”

Learning to live together – HSF strives to thrash out compromise on partner pay as key vote looms

It often seems getting a deal agreed is the hardest part – as in the case of Herbert Smith, which in 2012 agreed to combine with Australian leader Freehills – but working out those thorny integration issues can make you long for the simplicity of a straight merger vote.

Almost 18 months after agreeing its union Herbert Smith Freehills (HSF) is still thrashing out how to make its combined remuneration system work, having originally been expected to agree a model in October that would see the combined firm move to a variant of Freehills’ aggressively modified lockstep. Continue reading “Learning to live together – HSF strives to thrash out compromise on partner pay as key vote looms”

Continue reading “Investment costs: DAC Beachcroft issues £10m cash call amid positive half-year financials”

Investment costs: DAC Beachcroft issues £10m cash call amid positive half-year financials

DAC Beachcroft has issued a £10m cash call to LLP members and simultaneously increased its rolling credit facility to £40m, as it aims to reach target revenue of £200m by the end of the financial year.

The top 30 firm, which merged with Davies Arnold Cooper in 2011, announced today (18 November) that its half-year results for 2013/14 amounted to £90m in total billings for the six-month period to 31 October, an increase of 7% compared to the first half of last year. Senior partner Simon Hodson told Legal Business he believes the results were ‘quite strong.’ This increase is on top of a 15% rise in revenues for the financial year 2012/13 to £188.2m.

Continue reading “Blazing a trail: DWF unveils 58% H1 revenue growth and increased profits”

Blazing a trail: DWF unveils 58% H1 revenue growth and increased profits

It set the market on fire this year after picking of the lion’s share of Cobbetts at the end of an explosive 18-month spell of consolidation, so it comes as no surprise that DWF has posted a 57.5% increase in half-year revenues to £93.6m from £59.4m this time last year.

According to the 984-lawyer, top 25 firm, over 10% (£6m) of its reported revenue growth is organic, the remainder stemming from the firm’s merger with Fishburns and acquisition of Cobbetts, both in February 2013. The firm said profits were also up significantly at the half-year stage, although it was unable to provide any figures yet.