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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”

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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”

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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”

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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”

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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”

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‘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”

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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”

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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”

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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”

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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”

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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”

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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”

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In-house: HMRC appoints DWP director Gill Aitken as new GC as Sir Hector Sants resigns from Barclays

With a long pedigree in working for the government, the Department for Work and Pensions (DWP) director general Gill Aitken is to replace HM Revenue & Customs’ outgoing general counsel (GC) Anthony Inglese, the body announced today (13 November).

Aitken, who will replace Inglese when he retires in January after 38 years in the government legal service, has been director general of legal services at the DWP since October 2011, after joining the team the previous year. Continue reading “In-house: HMRC appoints DWP director Gill Aitken as new GC as Sir Hector Sants resigns from Barclays”

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Water regulator seeks to fill newly-created GC role as sector overhaul looms

Following proposals for the first major reform of the water and waste sectors since privatisation in the 90s, industry regulator Ofwat is now looking to fill a newly-created general counsel (GC) role as it seeks high level strategic advice and leadership on the opening of markets, reform of licences and the evolution of price controls.

The new GC – who will receive a salary of around £120,000 and will be based in Ofwat’s offices in London and Birmingham – will report directly to chief executive Cathryn Ross and will manage a team of 11 counsel. These include three legal directors, one of which is Huw Brooker, who joined Ofwat as deputy head of legal in 1999 and has led the legal team since 2006. Continue reading “Water regulator seeks to fill newly-created GC role as sector overhaul looms”

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Davis Polk bolsters English law practice with hire of Ashurst finance partner Nick Benham

Davis Polk & Wardwell’s aggressive approach to building and developing an English law practice has seen the top 30 global 100 firm hire Ashurst finance partner Nick Benham into its City office.

Benham, who has been a partner in Ashurst’s credit group since 2010, focuses on complex finance transactions including domestic and international leveraged finance and financial restructurings, acting for debt providers and strategic debt investors. Continue reading “Davis Polk bolsters English law practice with hire of Ashurst finance partner Nick Benham”

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H1 2013/14: Olswang sees turnover jump by 15%

Olswang has joined the early ranks of top 50 firms to reveal their half year (H1) 2013/14 results, with turnover up 15% on the same period last year, bringing in revenues of £57.6m compared with £50.03m last November.

In a statement, the top 35 firm’s chief executive, David Stewart (pictured), who in April was elected for a further three-year term, commented: ‘This is a good performance in what is still a challenging market. We’ve seen strong performances from our German, Belgian, Asian and French teams, combined with a much better London first half. We are now focused on delivering an equally strong second half year to continue our progress towards our strategic goal of becoming a leading international firm focused on the TMT and real estate sectors.’ Continue reading “H1 2013/14: Olswang sees turnover jump by 15%”

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In Administration: Barratts administrators instruct Shoosmiths as Blockbuster turns to Locke Lord

Beleaguered shoe retailer Barratts has gone into administration for the third time in four years, with administrator Duff & Phelps turning to top 50 firm Shoosmiths to advise as it reviews the company’s position and considers all options including a fire sale.

Shoosmith’s restructuring and insolvency national head James Keates and Manchester partner Sarah Teale are advising Duff & Phelps this time around, after Barratts, which has 75 stores and 23 concessions across the UK and Ireland employing 1,035 people in total, was left with no choice but to turn to administrators when a recent offer of £5m from an investor was withdrawn on 7 November. Continue reading “In Administration: Barratts administrators instruct Shoosmiths as Blockbuster turns to Locke Lord”

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BG Group slims down legal roster to three as CC wins a spot

For a 6,000-plus-employee FTSE 100 energy company operating across 20 countries in five continents, BG Group’s panel of four law firm was already slim but just got slimmer, with the news that Allen & Overy and Herbert Smith Freehills have been dropped in favour of Clifford Chance, which wins a place alongside incumbents CMS Cameron McKenna and Freshfields Bruckhaus Deringer.

The appointment of the three firms – which will all offer full service advice to the energy giant – came into effect on the 1 November and follow a relatively short pitch process, which began in September. Continue reading “BG Group slims down legal roster to three as CC wins a spot”

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H1 2013/14: Clyde & Co, Weightmans, Trowers and Gateley reveal figures

As the first of the top 100 firms reveal their 2013/14 half-year (H1) results the early story is positive, with Gateley and Trowers & Hamlins seeing revenue growth of 4%, while Weightmans reports a 7% uplift and Clyde & Co sets a high bar for the top 20 with a turnover increase of 16.5% on figures this time last year.

The top 15 insurance firm confirmed that its H1 turnover for 2013/14 is £169m, which it said in a statement ‘has been achieved through a combination of underlying growth and improvements in our working capital management.’ Continue reading “H1 2013/14: Clyde & Co, Weightmans, Trowers and Gateley reveal figures”

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Comment: Almost meeting minds – a select band of CIOs and MPs plot a big, big breakthrough

During the original dot-com boom, there was a brief period – oh so brief – when legal technologists and managing partners were almost on the same page. With both camps dreaming of dramatic use of IT projects to revolutionise the legal business – the era of Blue Flag – there were big sums signed off, in many cases with poor results when it came to the hard grind of implementation. Dot-com boom turned to bust and IT professionals were once again from Venus and fee-earners from Mars. Continue reading “Comment: Almost meeting minds – a select band of CIOs and MPs plot a big, big breakthrough”