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The social mobility conundrum: a quantitative or qualitative approach?

Following Slaughter and May’s July announcement that it would be setting ambitious social mobility targets for 2033, Holly McKechnie spoke to Magic Circle peers to see how they are each approaching the issue

Slaughter and May has pledged to increase its representation of individuals with a lower socioeconomic background (LSEB) by 25% across its total workforce population from a baseline of 19% by 2033. This includes a target to increase its lawyer population from a LSEB to 15% from a baseline of 10% and its business services population to 40% from a baseline of 35%. The metric used by Slaughters to determine an individual’s socioeconomic background is parental occupation at the age of 14.

Continue reading “The social mobility conundrum: a quantitative or qualitative approach?”

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‘The investment opportunity of a lifetime’: could a booming infrastructure sector offer firms a route into high-value transactional work?

According to Dealogic, 2023 saw the lowest Q1 global deal volume and value since 2012, with just 9,400 deals worth almost $591bn.

But the infrastructure, energy, and projects sector has remained resilient. Dealogic reports 1,953 utility and energy deals worth over $253m in 2022 – a drop in value of just over 16% on 2021, and still higher than all but one of the years 2013-19. Firms on both sides of the Atlantic have noted this, and have invested heavily in infrastructure in recent years, as evidenced by Clifford Chance (CC)’s recent Houston launch. UK-based firms argue that their full-service capabilities give them an edge in the sector. But opinion on this strategy remains split. Some question the importance of full-service capabilities – in the US market in particular. Continue reading “‘The investment opportunity of a lifetime’: could a booming infrastructure sector offer firms a route into high-value transactional work?”

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‘The raconteur’s raconteur par excellence’: Industry mourns loss of ESG luminary Paul Watchman

‘Have I told you my friend’s story about being a munchkin in The Wizard of Oz in Aberdeen in the 1980s? Phone me when you are bored.’ Such messages – as apparently apropos of nothing as they were impossible to ignore – were not uncommon from Professor Paul Quayle Watchman, former Freshfields partner and ESG guru who sadly passed away at the start of July.

Paul’s more irreverent missives were often intermingled with ‘serious’ work-related emails about ESG initiatives, the climate crisis and other subjects which were close to his heart. Another of the best reads: ‘I’m having a few days away at a spa hotel. I can’t loosen the knots. Help me Nathalie. Send scissors to Room 125. Better make it bolt-cutters.’ Paul always used good humour as an antidote to the more depressing side of modern life and for that, he earned a tremendous following, both professionally and personally. Continue reading “‘The raconteur’s raconteur par excellence’: Industry mourns loss of ESG luminary Paul Watchman”

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Sponsored briefing: Reviewing the M&A landscape

Milbank

Milbank’s Lisa O’Neill, Andrea Hamilton and Lara Watt on developments in the M&A market as well as the strength of their team

Reflecting on the M&A landscape over the last few years, Lisa O’Neill, partner and co-head of the corporate group in Milbank’s London office, was struck by the scale of change driven by global events. ‘The Covid-19 pandemic, the war in Ukraine, the inflationary environment and impact on lending, the proliferation of foreign investment controls and foreign subsidies regulations, an increasing focus on ESG – the list goes on. These macro-economic and policy developments have affected the market significantly and driven increasing client need for top-tier advice within the more complex landscape,’ she explains. ‘In addition, within the legal sector there are increased demands for broader inclusion among practitioners and greater DEI efforts overall; this change is also being reflected in the M&A community.’ Continue reading “Sponsored briefing: Reviewing the M&A landscape”

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Life During Law: Georgia Dawson

I wasn’t sure what I wanted to be when I was growing up. I went through periods of thinking maybe I’d become an architect. There’s also this amazing magazine in Australia called Gourmet Traveller. It’s about food and travel, and I thought it would be quite nice to be a journalist for them. I still enjoy looking at architecture and I love the built environment, food, and travel.

I had a conversation with the career counsellor at school. She said, if you’re not sure, then law is a great general degree that gives you options for the future. My dad happens to be a lawyer as well, so I had some familiarity with the law. When I started the degree, I still wasn’t quite sure what I wanted to do but I really enjoyed it. I loved the problem solving. Continue reading “Life During Law: Georgia Dawson”

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The Client Profile: Sebastian Goldsmith, Medigold Health

‘I came into law by accident,’ admits Sebastian Goldsmith, general counsel (GC) of occupational health service provider Medigold Health. ‘I guess it was a second choice. I did Spanish and Portuguese at university, and I was going to work for an investment bank, as I did an internship with HSBC during my year abroad in São Paulo. The plan was to join them or another bank when I graduated. But all intakes were withdrawn, because it was August 2008,’ Goldsmith recalls.

The onset of the global financial crisis created a dilemma: ‘I sat there and thought, what am I going to do now? People always said to me, you should be a lawyer, because I have a strong sense of justice and fairness, and I liked a debate, and I’m quite verbal. So I went to BPP and did law school.’ Continue reading “The Client Profile: Sebastian Goldsmith, Medigold Health”

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Offshore report: Tempering against the tempest

When taking stock of the markets over the last 12 months, it is safe to argue that tougher times must inevitably be afoot. While upheavals wrought by the pandemic may have largely receded into the rearview mirror, the volatility that has come to characterise recent times shows no sign of abating, with the Ukraine war leading to energy insecurity and the cost of living crisis, the need to navigate ever-changing Russian sanctions, as well as the looming threat of a global recession.

However, even in this tumultuous environment, offshore law firms continue to defy the odds, with 2022 only building on the growth seen by many in previous years. ‘Despite expecting a challenging economic environment, income has been up across service lines and sectors, without exception,’ states Edward Mackereth, global managing partner at Ogier, echoing the sentiment of many offshore law firm leaders. Continue reading “Offshore report: Tempering against the tempest”

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Magic Circle in the US: Running to stand still

‘There are more than 40 US law firms that are more profitable than the Magic Circle. The Magic Circle firms are, in US profit terms, very much middle-of-the-road players.’

Maurice Allen, founder of consultancy LTN & Partners, who has been a partner at Clifford Chance (CC), White & Case, Weil, Freshfields and Ropes & Gray, is under no illusions about the scale of the challenge facing the Magic Circle firms in the US. Top US firms continue to increase their profitability, while UK firms struggle to stand alongside them. Continue reading “Magic Circle in the US: Running to stand still”

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Alphas revisited: Women deal stars five years on

‘There is still fundamentally an issue with how women are perceived in the legal market and how well they can traverse the seniority ranks. It says a lot more about our profession than it does about women.’ So argues Tamara Box, Reed Smith’s former Europe and Middle East managing partner and now head of structured finance.

The outlook now, while not exactly bleak, is not as bullish as it should be. Continue reading “Alphas revisited: Women deal stars five years on”

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Alphas revisited: Finance stars

Sinead O’Shea, Simpson Thacher

Showcasing a striking client list that includes the likes of KKR, Viridian, JPMorgan, First Reserve, Silver Lake, BlackRock and Blackstone, Simpson Thacher’s Sinead O’Shea is at the top of her game. Having qualified in Ireland, O’Shea has worked in the firm’s New York and Hong Kong offices. ‘Moving to Hong Kong was a huge challenge as I went there right after becoming a partner and having my second child,’ she admits. ‘I knew nothing whatsoever about the Asian market and the cultural setup there.’ Continue reading “Alphas revisited: Finance stars”

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Sponsored briefing: Gender equity becomes key focus

Herbert Smith Freehills

Herbert Smith Freehills (HSF) has quadrupled the number of female partners in its London corporate team since 2017, with women comprising 45% of all new partners joining the team since then.

‘We knew we had a problem and we knew it was business critical to fix it,’ says Mike Flockhart, HSF’s London-based global co-head of corporate. Mike credits his fellow global co-head, Melbourne-based Carolyn Pugsley, as an important catalyst for change. ‘Carolyn brought different perspectives to the global leadership team, and was inspirational to a generation of female talent who were looking for leadership. Here we had a successful female partner, managing a career and family and being very authentic about her experience.’ Mike also notes the role that senior male leaders like James Palmer and Stephen Wilkinson played: ‘They were uncompromising about the need to change, and the need to prioritise the development and support of female talent.’ Continue reading “Sponsored briefing: Gender equity becomes key focus”

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Sponsored briefing: The influence of diversity in M&A

Emma Danks, partner and co-head of Taylor Wessing’s international corporate group shares her experience on how the M&A industry has evolved, the greater awareness of diversity and inclusion in private equity and the rising profile of female founders in the venture capital world

The three areas of M&A, private equity and venture capital are typically perceived as being among the toughest working cultures and one of the most competitive industries in the business world. With the client base being historically predominantly male, there was a perception that it was more difficult for new talent, and more diverse talent, to break through. Continue reading “Sponsored briefing: The influence of diversity in M&A”

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Sponsored briefing: Addressing the gender imbalance

We ask three of DLA Piper’s female M&A stars some of the most pressing questions currently facing women in the sector. Partners Tracey Renshaw, Laura Marcelli, and Victoria Rhodes answer below

In your opinion, what specific factors contribute to the under-representation of senior women in M&A, and what steps can be taken to address this imbalance? Continue reading “Sponsored briefing: Addressing the gender imbalance”

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Sponsored briefing: Simons Muirhead Burton: M&A capabilities

From its civil liberties roots, Simons Muirhead Burton (SMB) has grown over the last 50 years into a full-service law firm based in London’s West End. The firm is renowned for its leadership in many areas, with our corporate M&A team making a significant impact when it comes to advising sellers/buyers across diverse sectors ranging from media and technology, to creative agencies, the hospitality, manufacturing, retail and professional services industries.

We are unique in that we act for both entrepreneurs and start-ups, mature businesses seeking funding, growth and sale, and for family offices, private equity investors and multinational companies. Continue reading “Sponsored briefing: Simons Muirhead Burton: M&A capabilities”