Posted on

Global 100: DLA Piper

A highly symbolic year for DLA Piper, with the rapidly-assembled business services juggernaut becoming the world’s largest law firm in revenue terms with income up 9% to $2.44bn, while profit per equity partner (PEP) was up by 6% to $1.3m.

The 1,300-partner firm – which now has nearly 80 offices worldwide – also made ground in pushing up the value chain, a key aim behind the 2011 appointment of former Linklaters head Tony Angel as global co-chair. Profit per lawyer (PPL) was up 10% annually to around $150,000 as the number of lawyers decreased by 3% to 4,036 firm-wide. Continue reading “Global 100: DLA Piper”

Posted on

Global 100: The client view

FTSE 100 general counsel (GC) say global firms have finally listened to their concerns on costs and that, if anything, the scales need to be tipped in favour of strengthening their relationship once more.

A year ago it was far from uncommon to hear the GCs of large international companies say that, while they battled to stay within a shrinking budget, their trusted advisers showed a surprising detachment from economic reality and a lack of empathy with their clients’ financial situation. Continue reading “Global 100: The client view”

Posted on

Global 100: Norton Rose Fulbright

The ascent of Norton Rose up the global league has been swift in recent years, with the City-based law firm currently in 14th place in the Global 100, with turnover marginally up to $1.33bn. Profits per equity partner (PEP) were $887,000.

This growth came due to the dramatic expansion of the Norton Rose Group with the addition of Australian mid-tier Deacons in 2010 and subsequent takeovers in Canada (Ogilvy Renault and Macleod Dixon) and South Africa (Deneys Reitz). Continue reading “Global 100: Norton Rose Fulbright”

Posted on

Flying High – The Legal Business Global 100

How the Global 100 has gone from turning over $71.6bn to $85bn in five years.

The world’s largest passenger plane, the Airbus A380, costs $403.9m dollars to buy. Mayer Brown, ranked 22nd in the Global 100, could buy one A380 with a year’s total equity partner profits. The equity partnership at Latham & Watkins and Skadden, Arps, Slate, Meagher & Flom could probably do a deal to buy three apiece – they almost earn enough cash.

Continue reading “Flying High – The Legal Business Global 100”

Posted on

The Asian century maybe but not the Asian decade for the Global 100

The market for the world’s largest law firms remains as reliably turbulent as ever. The group as a whole eked out a 4% hike in revenues to generate $84.9bn, a figure slightly flattering underlying growth due to a handful of sizeable mergers – including the creation of Herbert Smith Freehills and King & Wood Mallesons. Revenue per lawyer was flat. In real terms, the world’s legal elite is once again modestly shrinking and headline income growth slowed in comparison to the 2011/12 year. Conditions remain considerably better than seen during 2009/10 but are a long way from pre-2008 boom years.

It has been another year that has re-enforced the overall dominance of US firms, largely due to the strength of the US economy and a delayed revival in contentious work. Of course, the relevant performance of UK advisers since 2008 looks considerably worse due to the sustained weaknesses of sterling and the euro but by any measure, the Magic Circle has lost some ground. Compared to their mid-2000s’ heyday, the profits gap against key New York rivals has again ballooned out, while a group of broad-service US rivals are now challenging their scale and global reach.

Continue reading “The Asian century maybe but not the Asian decade for the Global 100”

Posted on

All or nothing: Only a handful of DBAs entered into as confusion reigns over hybrid model

‘It’s an extraordinary thing – hundreds of lawyers should have entered into damages-based agreements (DBAs) by now.’

So says Leslie Perrin, former managing partner and senior partner of Osborne Clarke, who is now chairman of litigation funding group Calunius Capital, with around £40m of capital to invest in disputes.

Instead, DBAs, which came into force under the Legal Aid, Sentencing and Punishment of Offenders Act 2012 (LASPO) and entitle a lawyer to claim a percentage of their client’s damages by way of fees, have failed to take off at all. Perrin adds: ‘The confusion around the regulations has been such that I don’t think more than a handful of DBAs have been entered into all across the country. There’s so much ambiguity and grief for the first people going down that road and disputes lawyers are unanimous in holding this position.’

Continue reading “All or nothing: Only a handful of DBAs entered into as confusion reigns over hybrid model”

Posted on

Revolving Doors: Squire Sanders, Pinsent Masons and Bird & Bird boost corporate and finance capability

Squire Sanders has today announced the hire of US Dorsey & Whitney City-based corporate finance partner Matthew Doughty in a week that has also seen Pinsent Masons take on a new head of banking in Birmingham and Bird & Bird boost its finance capability in Frankfurt.

Doughty, who specializes in equity capital markets (ECM) with experience of the New York, Hong Kong, Amsterdam, Frankfurt and London Stock Exchanges, including AIM, was formerly a partner at Addleshaw Goddard’s City office, from where he joined Squire Sanders in June 2009. Continue reading “Revolving Doors: Squire Sanders, Pinsent Masons and Bird & Bird boost corporate and finance capability”

Posted on

Clyde & Co advises Olswang on claim arising from £460m Esporta sale

Clyde & Co’s professional financial disputes team led by rated team head Sarah Clover is advising Olswang on a multi-million pound claim stemming from the £460m acquisition by a Halabi family trust of fitness club chain Esporta from private equity firm Duke Street Capital.

Olswang in 2006 fielded a cross-disciplinary team to advise the Ironzar III trust on the high-profile acquisition, led by corporate partners Graham Barber and David Roberts.

The fitness group fell into financial difficulty and was placed into financial administration in 2007, taken over by its lender Societe Generale in a debt-for-equity-swap in 2009 and in 2011 Virgin Active acquired its 55 sites for £77.6m. Continue reading “Clyde & Co advises Olswang on claim arising from £460m Esporta sale”

Posted on

Asia-Pac continues to challenge new entrants as DLA Piper freezes Australia salaries

The impact of the Australian downturn has once again been thrown into sharp relief after DLA Piper’s staff in the region were told not to expect pay rises and some partners to expect a drop in pay as the office failed to meet its targets.

As first revealed by RollOnFriday, an email from chief operating officer and stand in local managing partner Andrew Darwin told staff ‘for many…there will be no increase in base salary this year and for others there will only be a modest increase.’

Local partners, meanwhile, were told: ‘many partners will have no increases or, in some cases, a reduction in their remuneration.’ Further savings are also expected to be made on expenses. Continue reading “Asia-Pac continues to challenge new entrants as DLA Piper freezes Australia salaries”

Posted on

Guest Post: Legal education review – why everyone is happy and no one is smiling

So the first round of the Legal Education and Training Review (LETR) is complete. Julian Webb et al’s report is out and the dust can begin to settle. The research phase faced a number of problems. There are four I would emphasise:

  • a wide, ill-defined brief, not susceptible to original research on the resources devoted to it;
  • a long-term neglect of all interested parties to research the links between education, training, regulation and competence; and,
  • a political situation which looks a bit like the Game of Thrones, without the erotica; and,
  • a regulatory framework that owes at least as much to history and politics as it does to the public interest. Continue reading “Guest Post: Legal education review – why everyone is happy and no one is smiling”
Posted on

Government spending review brings legal aid cuts and privatisation closer as MoJ’s budget cut by 10%

The government’s plans to cut criminal legal aid and privatise parts of the court services appeared to edge one step closer yesterday following Chancellor George Osborne’s Comprehensive Spending Review, under which The Ministry of Justice (MoJ) will see its budget slashed by 10% over the next 18 months. Continue reading “Government spending review brings legal aid cuts and privatisation closer as MoJ’s budget cut by 10%”

Posted on

Nicholas Medcroft joins Wilberforce Chambers as Erskine makes key hires and two leading sets take on new head

Nicholas Medcroft has joined Wilberforce Chambers from Outer Temple Chambers in a week that has also seen Erskine Chambers welcome a three-barrister asset recovery team and leading sets 4 New Square and Essex Court Chambers take on a new head.

Medcroft is said by Legal 500 to be ‘the first person to turn to when it comes to matters relating to financial crime and banks.’ Specialising in professional negligence, business and banking, financial services and commercial fraud, he has worked on large scale litigation including acting for the Financial Reporting Council, alongside Fountain Court’s Tim Dutton QC, in the case against audit firm Deloitte over the collapse of the MG Rover Group. Continue reading “Nicholas Medcroft joins Wilberforce Chambers as Erskine makes key hires and two leading sets take on new head”

Posted on

Deal watch: CMS, Matheson and Akin Gump act on high-profile international deals

As international M&A catches the headlines, CMS Cameron McKenna has advised a consortium owned by Hong Kong tycoon Li Ka-shing on a HK$9.7 billion dollar acquisition of the Netherlands’ largest waste management group AVR Afvalverwerking.

CMS London corporate partner Charles Currier and Amsterdam partners Martika Jonk and Cecilia van der Weijden led the multi-disciplinary team advising Cheung Kong Infrastructure Consortium (CKI). Last year CKI acquired MGN Gas Networks for $1bn, also advised by CMS. Continue reading “Deal watch: CMS, Matheson and Akin Gump act on high-profile international deals”

Posted on

Revolving Doors: Field Fisher hires Taylor Wessing’s David Kent as Irwin Mitchell and TLT make key hires

Taylor Wessing’s long reputed head of inward investment David Kent is to join Field Fisher Waterhouse (FFW) in a week that has also seen Irwin Mitchell and TLT make strategic partner hires.

Kent is a corporate partner specialising in advising emerging growth and listed companies from the US, Canada and Europe on structuring, establishing and operating businesses in the UK and Europe, mergers and acquisitions and joint ventures, technology transfers, distribution and licensing agreements. Continue reading “Revolving Doors: Field Fisher hires Taylor Wessing’s David Kent as Irwin Mitchell and TLT make key hires”

Posted on

Travers senior lawyers to be paid for interruptions to family life as firm adopts more merit-based model

Travers Smith has become the latest City firm to overhaul its lockstep for senior associates in a bid to incentivise and reward lawyers for their hard work and interruptions to family life as they approach partnership.

Led by managing partner Andrew Lilley and pensions partner Paul Stannard, a 10-month review has concluded that Travers should continue to operate a strict lockstep for junior and mid-level associates, under which they receive an annual bonus at the end of the year. However, a new, more merit-based system will now be introduced for senior lawyers, including an additional one-off payment for those that have experienced disruption in their personal lives and increased flexibility from the lockstep structure for associates with six years’ post qualification experience (PQE). Continue reading “Travers senior lawyers to be paid for interruptions to family life as firm adopts more merit-based model”

Posted on

Kennedys unveils 9% turnover increase and signals further expansion to its network

Kennedys has today announced a turnover increase of 9% after a year of both lateral hires and organic growth, with revenues up to £117m from £109m in 2011/12.

The results do not reflect the firm’s recent merger with aviation firm Gates and Partners on 1 June this year, which is expected to add £10m to the City-based insurance specialist’s bottom line. Continue reading “Kennedys unveils 9% turnover increase and signals further expansion to its network”