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Reports season 2013 – Addleshaws sees income slide but holds profits steady

Addleshaw Goddard today (31 May) became one of the first major UK law firms to announce its 2012/13 financial results, confirming that revenue has dipped by 2% to £167m against its previous financial year. The top 25 UK law firm saw profits per equity (PEP) partner edge up 2% to £457,000.

Despite the generally subdued outlook and weak demand in the UK market the performance will be viewed as disappointing for Addleshaws, which has struggled to achieve sustained growth over the last five years. Continue reading “Reports season 2013 – Addleshaws sees income slide but holds profits steady”

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Bluechips continue to grow legal teams as buyside lawyers shift from external counsel

Bluechips continue to grow legal teams as buyside lawyers shift from external counsel

In-house departments are expanding rapidly and overshadowing private practice growth as corporates plan to further bolster their internal legal capability.

Both recent statistics and developments on the ground indicate that corporates are increasingly addressing issues such as regulatory and compliance pressures, as well as budgetary restraints, by expanding their internal capabilities.

Continue reading “Bluechips continue to grow legal teams as buyside lawyers shift from external counsel”

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Travers Smith suffers defeat for pregnancy dismissal

Top 50 City firm Travers Smith has suffered the rare public reverse of losing a high-profile discrimination case after a tribunal found the firm denied a former trainee a place in the firm because she became pregnant.

The Central London Employment Tribunal found that Travers ‘contrived to prevent Katie Tantum from being offered a post as a newly-qualified solicitor because of her pregnancy’, according to a statement by Tantum’s solicitors, Leigh Day.

Continue reading “Travers Smith suffers defeat for pregnancy dismissal”

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The ABS dilemma – join them sure, but shouldn’t you be beating them?

Amid all the hype surrounding alternative business structures (ABS) one story that emerged last month stood out – the aggressively-marketed Riverview Law’s eye-catching alliance with 48-partner practice DMH Stallard.

In an ABS market heavily focused on the high street and volume insurance work, the deal stands out for aiming to provide something different to corporate buyers of legal services.

The firms, which are in discussions about the impending launch of new fixed-fee products, will offer their respective clients each other’s services on a permanent basis, following a four-month trial.

Continue reading “The ABS dilemma – join them sure, but shouldn’t you be beating them?”

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Guest post: Quality in law – endlessly invoked yet never defined

Here’s a question that’s been bothering me of late – what, exactly, is a quality legal service? You’ll have noticed that this phrase has become so common that it no longer requires an adjective (unless it’s poor quality). Many seem to think that if you say often enough that you provide one, it must be true.

It has come to the fore with the debate over criminal legal aid. First there is the Quality Assurance Scheme for Advocates (QASA). This elides ‘quality’ with competence. ‘The aim of QASA,’ says the application to the Legal Services Board for approval of the scheme, ‘is to assess and assure the competence of all advocates conducting criminal advocacy in courts in England and Wales.’

Continue reading “Guest post: Quality in law – endlessly invoked yet never defined”

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Feeling the squeeze – the pressure is on as procurement hits law

With non-legal procurement teams becoming more and more part of the bluechip panel process, are firms delivering the best value for money?

`The client is the enemy,’ says one veteran corporate partner at a Magic Circle firm, privately expressing a common frustration over how the traditional relationship between external counsel and in-house legal teams has been battered by the latter’s post-downturn quest for value.

Continue reading “Feeling the squeeze – the pressure is on as procurement hits law”

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Few are chosen – is partnership still worth the contest?

Partnership prospects continue to decline in a gloomy economy, while UK law firms are increasingly promoting abroad or associates hired from other firms. Legal Business investigates whether the odds of making partner make it still worth the contest

When a trainee joins a firm, aspirations are high and the road to success is inviting. The route is mapped out from the start – train at the firm, become an associate, rise up the ranks to the ultimate goal – partnership. Sounds perfect.

Continue reading “Few are chosen – is partnership still worth the contest?”

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Pretenders to the throne – the regional players with national ambition

While national leaders have lavished attention on their international and City practices in recent years, a handful of mid-market regional players have made a dramatic attempt to seize chunks of their ill-defended domestic empires. Legal Business looks at five of the most likely challengers

Let’s be plain – these law firms had been written off. Regionally-driven, stuck in back-waters and unglamorous, commoditised areas of law such as insurance and employment – there was a sizeable band of firms left behind by the emerging national and international forces of DLA Piper and Eversheds and with little apparent chance of bettering their fortunes.

Continue reading “Pretenders to the throne – the regional players with national ambition”

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Deal Watch: Nabarro and Ashurst act on sale of LSE HQ as King & Spalding secures repeat European M&A for GSK

Ashurst and Nabarro‘s real estate teams have secured a role on the sale of another landmark London building, while King & Spalding has furthered its transatlantic ambitions by closing a sizeable European M&A pharma deal.

In the £225m sale of 10 Paternoster Square, home of the London Stock Exchange (LSE), Nabarro advised the seller, Tokyo-headquartered Mitsubishi Estate Company (MEC), led by rated real estate partner Deborah Parry. Continue reading “Deal Watch: Nabarro and Ashurst act on sale of LSE HQ as King & Spalding secures repeat European M&A for GSK”

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Protect and serve – Europe moves to keep IP plugged into the digital age

With copyright and trade mark law reform top of the agenda in Europe, Legal Business talks to IP lawyers about the implications of a groundbreaking copyright case and the EC’s proposed changes to the European trade mark system.

`It always used to be that copyright cases were literally about copying – that’s hardly an issue any more,’ reflects Taylor Wessing’s Mark Owen, who joined the firm as a partner from Harbottle & Lewis in early April. He is talking about the long-running landmark copyright case NLA v PRCA (Meltwater), which the UK Supreme Court referred to the Court of Justice of the European Union (CJEU) on 17 April.

Continue reading “Protect and serve – Europe moves to keep IP plugged into the digital age”

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Outward Bound – Portugal lawyers turn to global opportunities

Portugal continues to navigate a deep recession, aided by its legal profession. But while the sale of state assets is providing some relief, firms are looking to their international practices to provide a bailout of their own.

The normally sedate setting of the Ritz Hotel in Lisbon became the focal point of Portugal’s malaise in April. A flash mob of angry protestors gathered outside the hotel urging the Portuguese government to `screw the troika’ in response to the severe austerity plans tabled to meet the demands of Portugal’s 2011 €78bn bailout by the International Monetary Fund, European Central Bank and the European Commission.

Continue reading “Outward Bound – Portugal lawyers turn to global opportunities”

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Smoke, mirrors and grease – government signals review of controversial Bribery Act

It was the most controversial piece of legislation aimed at corporates to emerge in the last decade and, in a slow news week at least, the Bribery Act is still generating headlines amid signals that the government is flirting with watering down the anti-corruption law.

A report in the Financial Times indicates that a review of the act is likely to be announced in July following recommendations from the so-called ‘Star Chamber’ – a government working party hunting the Snark that is cutting red tape. Continue reading “Smoke, mirrors and grease – government signals review of controversial Bribery Act”

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Gulf stream – the heat returns to the Middle East markets

palm trees

Post-banking crisis, the world has generally divided fairly neatly into two camps with their clear economic narratives. On one hand there are the Western economies burdened by slow growth and creaking public finances. On the other, are emerging powers in Asia, Latin America and Africa – which have mostly surged ahead while Europe staggered.

Where the Middle East fits into this picture, however, remains undecided. As one of the most touted legal markets during the boom, the region’s resource-rich economy was driven by surging commodity prices, high inward investment and the growing status of Dubai as an international hub.

Continue reading “Gulf stream – the heat returns to the Middle East markets”

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PROFILE: Kirsty Cooper and Monica Risam – Aviva

Legal Business meets Aviva’s senior lawyers as they discuss the effects of a major restructuring.

For those lawyers comfortable with the status quo within Aviva’s legal team, it has been a turbulent 18 months.

The FTSE 100 insurance giant has been plagued since the start of the financial crisis by poor financial performance, disparate businesses across the globe, and lower capital reserves than its competitors. Shareholders had lost confidence in former chief executive Andrew Moss, which is why Aviva is now run by the man credited with turning round the fortunes of Australia and New Zealand Banking Group.

Continue reading “PROFILE: Kirsty Cooper and Monica Risam – Aviva”

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Forward thinking: Ashurst appoints independent non-execs to its board

Ashurst has taken the unusual step of appointing two high level non-executive directors to its board as the firm beds down its merger with Australia’s Blake Dawson and seeks experienced counsel on its strategic direction and corporate governance.

Former director general of The Takeover Panel Robert Gillespie will join the board of Ashurst with immediate effect and David Turner, chairman of the Commonwealth Bank of Australia (CBA), will join the board of Ashurst Australia (formerly Blake Dawson) on 1 June 2013. Continue reading “Forward thinking: Ashurst appoints independent non-execs to its board”

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Deal Watch: Magic Circle advises on headline debt deals as re-financing work keep advisers busy

In a dire market for new money M&A, debt restructuring continues to be a lifeline for major advisers with Freshfields Bruckhaus Deringer, Linklaters and Kirkland & Ellis securing major mandates in recent days.

The standout mandate of May was the €4.2bn debt restructuring of German real estate group IVG Immobilien, which has generated lead roles for Freshfields and Linklaters alongside US duo Kirkland and Kaye Scholer. Continue reading “Deal Watch: Magic Circle advises on headline debt deals as re-financing work keep advisers busy”

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Financials update: Taylor Wessing increases global revenues by 7%; UK up 4%

Taylor Wessing has posted modest turnover growth after an expansive 2012, announcing its global revenue for the financial year 2012/13 has increased by 7% from £212m in 2011/12 to £228m, while UK revenue grew by 4% to £104.5m.

Tim Eyles, who was re-elected as UK managing partner of the firm in May last year, said he was ‘pleased to have achieved continued revenue growth’ despite tough market conditions. Continue reading “Financials update: Taylor Wessing increases global revenues by 7%; UK up 4%”

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Revolving Doors: King & Spalding, Olswang and Sullivan & Cromwell in key partner hires

The past week saw a clutch of firms including Kennedys, Olswang, King & Spalding and Sullivan & Cromwell make key partner hires as US firms’ assault on the City continues apace.

King & Spalding launched its London trade practice on 20 May 2013 with the hire of Bird & Bird head of international trade and customs for Brussels and London, Iain MacVay, as the firm continues to expand its global trade offering.
Continue reading “Revolving Doors: King & Spalding, Olswang and Sullivan & Cromwell in key partner hires”

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Norton Rose Fulbright announces global practice heads as Withers chair moves to New York

Both Norton Rose and Withers have made changes to their senior management, with one entering a seven-day countdown to its full merger with Fulbright & Jaworski as the other regroups after talks with Speechly Bircham fell through last week.

Norton Rose Fulbright today announced its global practice heads for the firm’s three largest practice areas; corporate, banking and finance. Continue reading “Norton Rose Fulbright announces global practice heads as Withers chair moves to New York”