‘I’m of the view that there’s no such thing as an ESG lawyer. What we can do, by educating the trainees as they come in, is help them to understand ESG, so that it can permeate their practices throughout their careers.’ Rachel Richardson, Macfarlanes
On the back of our third annual ESG report, key decision makers share their perspectives on key issues affecting law firms
Dr Vera Naegeli and Marie-Cristine Kaptan discuss the evolving ESG legal field in Switzerland and how companies can abide by the new regulations.
Aleksandra Schellenberg, UBS’ global head of legal sustainable finance, knew she wanted to be a lawyer from the age of 14, revealing that she made her decision after watching the first episode of American legal comedy drama Ally McBeal, while growing up in Poland in the late 1990s.
She recalls: ‘I remember after watching the show, going to my mum and telling her I wanted to be a lawyer and she said, “Hey honey, we don’t have any lawyers in the family, that might be a bit difficult!” Continue reading “The Client Profile: Aleksandra Schellenberg, UBS”
Drs Friedrich Gebert, Andrea Panzer-Heemeier and Mirjam Boche give an overview of ESG requirements in the German market
BSLAW’s managing partner Robert Szuchy gives insight into navigating the ESG system in place in Hungary
As we go to press on Legal Business’ third annual ESG report, the data points gathered on firms’ ethnicity and gender diversity make for disheartening reading, not least because they are entirely predictable in their lack of substantive progress from last year.
In truth, the continued lack of engagement on diversity data as part of our ESG survey among many of the top 25 Legal Business 100 and top 25 Global London firms is wearing a little thin now. Continue reading “Big Law’s diversity stats remain uninspiring – time to revisit the problem of social mobility”
The most enjoyable part of analysing the proposed merger of Allen & Overy (A&O) and Shearman & Sterling has been hearing the reactions of leaders at peer firms to the video featuring senior partners Wim Dejonghe and Adam Hakki.
Hot-takes from around the City have been often amusing. Says one US firm leader: ‘It’s clearly not a merger, is it? It’s a takeover of Shearman by A&O, isn’t it?’ And it certainly does feel like A&O’s Dejonghe is in the driving seat of what is undeniably a slick pitch, even if it does, at times, look like Hakki is in a hostage situation. Continue reading “A&O Shearman is a marriage of necessity, not convenience”
Following the announcement of the proposed A&O Shearman merger, news came that Shearman & Sterling had lost two partners to Ashurst in London, which leads the headline moves – dominated by energy and infrastructure hires – in recent weeks.
London-based Shearman partners Sanja Udovicic and Julia Derrick moved over to Ashurst to expand the firm’s global energy team. Continue reading “Departures from Shearman and Allen & Overy as merger is unveiled and energy dominates lateral hiring”
In the wake of Allen & Overy’s stated ambition to merge with Shearman & Sterling, announced in May, Magic Circle peers have found themselves in the unenviable position of having to demonstrate to the market that they also have a coherent US expansion strategy.
Clifford Chance (CC) did not disappoint, on 15 June naming Ness Cohen as the first ever managing partner of its New York office. Cohen, a real estate lawyer by trade, has worked at CC since 1998 and was promoted to the partnership in 2007. He has also held the positions of regional practice area leader of the Americas real estate practice and chair of the Americas personnel committee. Continue reading “Clifford Chance names Cohen first New York managing partner amid fresh bid to crack America with Houston office opening”
The proposed merger of A&O and Shearman & Sterling has got the market talking about the biggest news in the legal industry for decades. LB finds commentators sanguine on the deal – but management will have much work garnering partner support this summer ahead of the vote.
‘Allen & Overy and Shearman & Sterling to create the first fully integrated global elite law firm,’ proclaims the 21 May joint statement from the two firms, stating their intent to merge to create Allen Overy Shearman Sterling. Thankfully, the branding gurus also came up with the far snappier (and not quite so ampersand-devoid) A&O Shearman, ‘for short’. The combined firm would boast 3,900 lawyers across 49 offices and roughly $3.4bn in combined revenues. Continue reading “Getting its mojo back: How A&O Shearman could redefine the Magic Circle”
Early 2023 has been a tough time for deals. In our 2023 Deals Yearbook, for instance, citing Dealogic, we noted a decline in both the volume and value of deals. Q1 2023 saw just 601 deals totalling $19.6bn in the UK, while globally there were 9,400 deals worth a little under $591bn. This marks the lowest UK Q1 since 2009, and the lowest global Q1 since 2012.
Recent weeks, though, have seen an uptick in multibillion-dollar activity. And, while it is certainly too early to declare that we are out of the woods, the mood among corporate lawyers has lifted: more ‘cautious optimism’ than ‘doom and gloom’. Continue reading “‘Carveouts are here to stay’: green energy deals dominate as major players see signs of a bounceback”
‘Greenwashing is a new phrase, but it’s quite an old idea. It’s fundamentally, are you doing what you say you’re doing? While it has a new title, the advice is still as it has always been. We say to clients, how are you backing up your claims? It’s that level of clarification that companies need to focus on.’
The words of Anna-Marie Slot, Ashurst’s global ESG and sustainability partner, apply not only to the dilemma faced by clients when tackling thorny issues around environmental, social and governance (ESG) but also to analysing the credentials of the top 25 Legal Business 100 and top 25 Global London firms advising them. Continue reading “The ESG Report: Overview – From buzzword to bona fide?”
‘Governance was a concern long before people started talking about ESG. What we’ve learnt over time, though, is that governance is also about having a better business. There’s a carrot as well as a stick: an opportunity to gain financial advantage as well as to avoid regulatory issues.’ The words of DLA Piper boardroom counsel practice head, Alex Tamlyn, particularly ring true. While the environmental and diversity-related efforts of law firms have been the focus of interest in law firms from an ESG context of late, governance has fallen under the spotlight as the all-embracing part of the ESG triptych. How law firms govern themselves has become particularly important. Essentially, they cannot really deliver on ‘E’ and ‘S’ unless the governance is sound.
While the business vehicle for law firms may differ from corporates, the principles of good governance still apply. Jean-Pierre Douglas-Henry, partner and managing director for sustainability and resilience at DLA Piper says: ‘It’s fair to say that good law firm management has broadly the same objective as other forms of corporate governance. It’s all about leadership, transparency, accountability – and, really importantly for us as lawyers, it’s about integrity. It’s about fostering growth and creating a long-term business. And, from a client’s perspective, it’s about walking the talk.’ Continue reading “The ESG Report: Governance – Words into deeds”
ESG litigation is now a buzzword in disputes. Legal Business turned to litigators and funders to examine the market – and what we can expect moving forwards
‘If we accept the wider definition that is so popular in everyday usage, you’d probably say that ESG litigation has exploded in the last three to five years and is not really showing any signs of stopping.’ Continue reading “The ESG Report: Litigation – Perpetual motion”
With the Covid pandemic now firmly in the past, the Middle East has been enjoying a return to form, with activity levels up across the region and many law firms – both local and international – in expansion mode.
On top of all of the investment driven by last year’s World Cup in Qatar, the wider Middle East region has benefited in the wake of Russia’s invasion of Ukraine, with global oil prices soaring, boosting revenues in oil-rich nations such as the UAE, where oil exports account for around 30% of GDP. Continue reading “MENA focus: From the World Cup to the world stage”
I never thought I would be a lawyer. I’m from Amsterdam, and I did a student traineeship in 1991, which was quite a common thing for Dutch law students back then. It’s like a summer internship at a law firm. I was blown away by Clifford Chance – the dynamism, the people, the quality of the work. I just loved it. I was given the chance to apply for a job to start the year after and I got it. That was quite unusual in those days because the job market wasn’t easy.
If you’d asked me at the age of 23 or 24, I would have said I wanted to go into international relations or business. Before I studied law, I was thinking of going to a university in the US which was strong on international relations, then go and work at an international organisation. My fascination with international relations very much came into force in my former role as senior partner and now as leader of our global ESG board. Continue reading “Life During Law: Jeroen Ouwehand”
Emily Bernstein is an experienced private banker at Investec who specialises in supporting legal leaders and senior lawyers
Q: I earn £1m a year but I can’t get the mortgage I need. What are my options? Continue reading “Sponsored briefing: Ask the private banker to senior lawyers”
The unprecedented global events of the past three years and growing importance of advanced technologies, such as artificial intelligence, have highlighted the role of innovative solutions in addressing new challenges. These events, including the Covid-19 pandemic and green transition, as well as the present economic slowdown, have led businesses to evaluate risk management strategies and exploit every opportunity to maximise revenue and reduce costs.
The success of businesses in technology-rich sectors – such as life sciences and communications technologies – is often underpinned by robust intellectual property (IP) strategies. However, sound IP management strategies are not limited to one sector: they play a role in the success of all businesses. Continue reading “Sponsored briefing: How GCs can manage the opportunities and risks of the Unified Patent Court”
Badran Law Office’s Aly Hussein and Ali Kheidr on the key legal issues affecting companies intending to do business in Egypt
Continue reading “Sponsored briefing: Overview of the Egyptian legal market”
