Latham & Watkins, Macfarlanes and TLT are among the firms competing to be named Law Firm of the Year at this year’s Legal Business Awards.
Also shortlisted in the flagship category for the awards, which will take place at Grosvenor House Hotel on 19 September, are Bird & Bird, Squire Patton Boggs and Stewarts. Continue reading “Latham, Macfarlanes and TLT up for the top prize as shortlists unveiled for Legal Business Awards 2023”
Although the frenzy of financial reporting season has begun to subside, this week saw Irwin Mitchell release its financial results for 2022/2023.
The report shows that the whole group’s overall revenue has remained steady at £276m since last year, while the group’s core businesses generated 2% more revenue than this time last year, rising from £266m to £271m. Continue reading “‘Despite the considerable headwinds, we will deliver progress’: Irwin Mitchell records flat revenue in latest financials”
Antitrust enforcement is shifting, with the competition world working under in a shadow of uncertainty. 2023 has brought with it a host of geopolitical challenges including the rising cost of living, the energy crisis and political instability. Against this backdrop, antitrust authorities, armed with greater resources and an increasingly interventionist attitude, have grown increasingly confident pursuing cases that may have been overlooked in previous years. These shifts have intensified unpredictability in merger reviews and expanded the scope of behaviour subject to antitrust enforcement rules. Continue reading “Weathering the storm: navigating competition challenges in an evolving market”
Driven by the coalescing forces of greater employee willingness to raise grievances, heightened interest from regulators and the desire of employers and shareholders to maintain company reputations and safe working environments, conduct investigations into senior employees are more common than ever before. Against this backdrop, it is crucial that in-house legal teams are aware of both when and how to run an investigation process, as well as the likely ramifications. Continue reading “Under the lens: the rise of senior investigations”
Inflation has been soaring and interest rates are at their highest level in years – throw geopolitical uncertainty, an energy crisis and strike activity into the mix and it’s clear why UK businesses are facing a challenging time. Continue reading “Before sunset – City restructuring partners on what businesses need to know in tough times”
In simple terms, generative AI systems are trained by exposure to vast data sets. They build and refine models based on this data. They learn to identify patterns – and to iterate and alter those patterns to create new content.
However, potential intellectual property issues arise at both the input and output stages: with the data an AI is trained on, and with the content it produces. Continue reading “Reading or copying? Searching for AI certainty in copyright law”
Nathalie Tidman, The In-House Lawyer and Legal Business: How much access do you have to the board? How intrinsic are you to the decision-making processes of your business? Continue reading “Time for a quick Chat(GPT)?”
Lawyers adhering to a minimum of four days in the office a week policy is gaining traction among US firms, with Vinson & Elkins now joining the trend, while UK firms appear less inclined to follow suit just yet.
Vinson & Elkins announced on 9 August that it will adopt a four-day in-office schedule from 11 September, allowing the choice of remote work on either Monday or Friday, marking a change from their previous three-day hybrid policy introduced in March last year. Continue reading “‘If Zoom is doing it, everybody probably needs to be’: Growing number of US law firms mandate four-days-in-office week”
Amid the typical August recruitment slowdown, one of the most notable moves of the past week saw Allen & Overy appoint Kfir Abutbul as the head of its energy private equity team in the US. Abutbul joins the firm from Paul Hastings, where he spent nearly five years as co-chair and vice-chair of its energy and infrastructure team, before which he was also a partner at Kirkland and Willkie Farr.
Chair of A&O’s US corporate practice, Bill Schwitter, said in a statement: ‘The addition of Kfir is an opportunity to continue the expansion of our US private equity and M&A practice.’ Continue reading “Revolving Doors: Two Magic Circle firms reveal major US hires amid quieter week for City firms”
Debt finance rainmaker Neel Sachdev (pictured) has led a team defecting from Kirkland & Ellis to Paul Weiss, in what will be seen as a major coup for the Wall Street firm’s City ambitions.
The hire of Sachdev is arguably the most influential transfer in the City’s history since buyout star David Higgins left Freshfields for Kirkland in 2017. It is a serious show of intent for Paul Weiss in London, establishing as it does an English law offering for the first time. Continue reading “Kirkland’s debt superstar Sachdev leads team exit as Paul Weiss launches English law practice”
CMS has reported a 6% uptick from last year’s €1.746bn to €1.862bn in global revenue growth in its recent set of financial results this week, with UK turnover also up by 6% to £686m from FY21/22’s £644m.
Despite the continued financial growth, revenue has slowed considerably since last year, which saw an 18% spike to the global top line and a 14% increase in UK turnover. Continue reading “Financial results 22/23: CMS sees deceleration in revenue growth following last year’s standout figures”
Kingsley Napley has reported an 11% rise in revenue to £61.2m from £55.2m, an all-time high for the firm. However, profit per equity partner (PEP) fell dramatically by 33% to £226,000 from £337,000 last year.
Speaking to Legal Business about the reasons behind the fall in PEP, managing partner Linda Woolley (pictured) said: ‘We brought in eight partners during the year and promoted four to partner internally. This was quite a big investment on our behalf but a planned investment. Also, you do not just recruit a partner, you recruit other people to support them. Continue reading “Financials 2022/23: Kingsley Napley sees double-digit revenue growth but PEP tumbles”
Kirkland & Ellis was at the centre of not one but two of the biggest stories in the London lateral hiring market last week . First, the news broke that former Linklaters private equity star Roger Johnson was set to leave. Then, the firm announced its hire of Paul Weiss London managing partner Alvaro Membrillera.
Membrillera’s departure leaves Paul Weiss with only three partners in London, according to the firm’s website: David Carmona and Adam Wollstein, who made partner in December 2018 and January 2021, respectively, and David Lakhdhir, who cofounded the office in 2001 with Mark Bergman, of counsel in Washington DC since 2021. Continue reading “Revolving doors: Shake-ups at Kirkland and Paul Weiss, as Fieldfisher picks up competition team hire”
Litigation specialist firm Stewarts today posted financial results that saw revenue fall by 25% to £85.1m. Net profit and PEP both fell by 56%, with profit down to £25.6m and PEP down to £1.2m, its lowest figure since 2019.
The firm also reported its equity spread, which shows that its highest earner took home £1.7m, while payouts at the bottom of the ladder were just over £592,000. This is down from £3.4m at the top end and £1.2m at the bottom last year. The number of equity partners was steady at 21. Continue reading “Revenue and PEP plummet at Stewarts as ‘non-linear growth’ continues”
TLT has reported a 9% rise in revenue to £157m from £144m last year. This follows a standout year in 2021/2022, which saw turnover rocket by 30%.
However, the firm has seen profit per equity partner take a dramatic dip, falling 27% to £600,000 from last year’s £826,000, while equity partner headcount has increased marginally from 39 to 42. Continue reading “Financials 2022/23: Revenue up 9% at TLT but PEP dives 27%”
Bird & Bird today (3 August) posted a strong set of financial results showing growth in revenue, profit, and PEP. Turnover went up by 10% to hit £495m. This is in line with last year’s growth, though currency fluctuations mean the increase is less impressive in euros: up 9% to hit €573m, compared to euro growth of 15% last year.
Net profit increased by 8% when measured in sterling and 7% in euros, to £108.4m/€125.4m. PEP, too, ticked up slightly, increasing by 2% in sterling to £669,000 (1% in euros, to €774,000). Continue reading “‘Good growth in a challenging market’: Bird & Bird notches 31st consecutive year of growth as turnover hits £495m”
Addleshaw Goddard has repeated last year’s outstanding performance in another set of promising financial results today (3 August), reporting a 18% increase in revenue growth from £377m to £443m, matched by an 18% rise in total profit from £155m to £184m.
PEP is estimated to be £909,000 by Legal Business, an increase of 5%. Continue reading “Addleshaw stands out from subdued market with 18% revenue and profit rise”
Charles Russell Speechlys today (2 August) posted financial results that saw revenue tick up by 9% to hit £193.7m, while profit dipped by 8% to £37.1m. PEP also fell very slightly, from £524,000 to £521,000. The firm reported a total of 73 equity partners, down from 77 last year, while total lawyer headcount increased from 546 to 603.
Revenue from outside the UK was up 18%, after increasing by 24% last year. Overall growth across the UK’s sector teams was just below 7%, with the higher increase in the business advisory and transactions and dispute resolution divisions, which each grew by 9%. The private client division, meanwhile, saw revenue increase by 4%. Continue reading “Financials 2022/23: Revenue up 9% at Charles Russell Speechlys as firm targets overseas growth”
Dentons has released its financial results for its UK, Ireland and Middle East business, reporting a significant decrease in the rate of revenue growth from last year’s 14% spike to a modest 2% increase from £260.4m to £265.1m this year.
In an interview with Legal Business, chief executive for the UK and the Middle East, Paul Jarvis (pictured), spoke about the significant deceleration in the rate of revenue growth: ‘Our financials are following a trend that we are seeing across the industry. Last year was a record performance for us, but we are not disappointed with our results this year. We are in a high-inflation environment, and we are clear that our strategy is not about growing revenue for revenue’s sake, but to ensure that we continue to grow in a sustainable way.’ Continue reading “‘Following a trend across the industry’: Dentons reveals deceleration in revenue growth against backdrop of high inflation”
Roger Johnson, among the first wave private equity stars to defect to Kirkland & Ellis from the Magic Circle, has left the Chicago powerhouse’s London office.
The move was quickly followed by news that Kirkland has hired the well-respected private equity partner Alvaro Membrillera from Paul Weiss in the City, where he was London managing partner. Continue reading “One in, one out: Deal star Johnson to exit Kirkland as Membrillera joins from Paul Weiss”
