HFW has re-elected managing partner Jeremy Shebson for a second four-year term, effective 1 April 2023.
Shebson, who was originally elected in 2019 to replace the veteran Marcus Bowman, will continue to work alongside HFW’s senior partner Giles Kavanagh, who succeeded veteran Richard Crump this year. Continue reading “Leadership round-up: Shebson wins second term at HFW as Norton Rose Fulbright names new global chair”
I grew up in a shipbuilding town in the north. Barrow-in-Furness.
Bill Bryson described it as ‘the very worst town in England’. It brought with it a sense of community back in the day. I’m working class and I kind of bring my middle-class self to work.
My mother is only 18 years older than me. My dad worked in the shipyards. He was frequently on strike for months at a time. I remember one summer my mother, who was a lab technician and worked in a school, went to work in the fish and chip shop at the end of the street so that we could have dinner. I grew up in that kind of cauldron of crypto communism. I was disrespectful of authority for authority’s sake.
Continue reading “Life During Law: Karen Seward”
The past three years have been nothing but challenging for Portugal and Spain. The neighbours, whose economic and social development are hugely reliant on the hospitality and tourism sectors, were hit hard by the series of government-mandated lockdowns imposed to battle soaring rates of infection in 2020. But fast forward to 2022, and the outlook has shifted dramatically.
Emerging from what could understatedly be described as a turbulent period in 2020, with a 10.8% economic downturn, the Spanish legal sector has successfully regained its footing and competitive outlook. While the pandemic meant a constriction of the economy was inevitable, it ultimately provided an opportunity for significant year-on-year growth.
Continue reading “Iberia focus: New world order”
At the beginning of 2022, with the pandemic finally receding into recent memory, commentators would have been forgiven for foreseeing a more optimistic market outlook.
However, any sighs of relief may have been premature, as the recovery from the pandemic has given way to fresh challenges in the form of the war in Ukraine, not to mention the resultant increasingly unsteady global economy.
Continue reading “Switzerland: Another year, another challenge”
In Legal Business’ Global 100 report last year, firms obliterated gloomy predictions to post overwhelmingly positive results, defying fears of the worst economic crisis for more than a decade laying just around the corner.
Across key metrics, the global elite had plenty of reasons to be positive in 2020/21. Gross revenue was up 7% to $128.13bn, but it was the profitability of the top 100 firms that really stood out: $46.98bn, a striking increase of 14% year-on-year. Average profit per equity partner (PEP) at a Global 100 firm shot up 11% to hit the $2m mark; while profit per lawyer (PPL) grew 9% to $360,000. Continue reading “Global 100 overview: Playing a blinder”
What do FIFA and several of the world’s largest law firms by revenue have in common? Write your own punchline, but the correct answer here is the Swiss Verein model. Continue reading “Global 100: Swiss Vereins – Capture the flag”
‘It’s a remarkable firm with a tremendous reputation, but it has to take note of the fact that the market is changing.’ So says one transatlantic law firm leader, summarising a view that has chimed throughout Legal Business’ numerous Global 100 interviews.
Arguably the most conservative of the City elite, Slaughter and May has long won plaudits for steadfastness, staying true to its London heartland of advising FTSE 100 and 350 clients, even as peers struck out to follow transatlantic ambitions. As the pace of change in the market amid globalisation and intense competition reaches giddying speeds, many commentators question whether the stalwart’s approach is underpinned by justified confidence or hubris. Continue reading “Global 100: Slaughter and May – Keeping the magic alive”
Despite the Russia/Ukraine war fuelling concerns, firms still found time to make strategic hires, open new offices and become embroiled in the odd scandal. Here are the headline stories of the last 12 months.
The firms that appear in the 2022 Global 100 The firms that appear in the 2022 Global 100 are the largest 100 law firms in the world ranked by revenue.
Financial data shown is for the last financial year – either calendar year 2022 or 2021/22. Financial years differ – most end in December in the US and in April in the UK. Continue reading “Global 100: Methodology and end notes”
‘The profitability of firms operating in the US is very high. If that continues to grow not least because the exchange rate has weakened our ability to be dollar-profitable, then sure it’s going to change how people look at investments.’ Tamara Box, Reed Smith
Global 100 leaders and corporate stars give their prognosis on how the market will shape up in 2023
After yet another galling sexual misconduct episode to blight the profession, the Solicitors Regulation Authority (SRA) has come out swinging after accusations it was slow to act.
In October 2021, former Eversheds Sutherland trainee Thomas Hagyard was jailed for eight years after being convicted of two counts of assault by penetration, and two counts of sexual assault. Hagyard had joined Eversheds only a month prior. Continue reading “SRA defends year-long striking off process for Eversheds trainee convicted of sexual assault”
While Legal Business is not the type of publication to force a tenuous link in order to make a feature topical, isn’t it timely that our Global 100 analysis on law firms structured as Swiss Vereins – ‘Capture the flag’ – coincides with the football World Cup of FIFA (also a Verein)? Continue reading “Much snootiness still remains, but the Vereins are actually fine”
It is a treacherous business, making market predictions for the year ahead. Too conservative and the pundit is guilty of clinging to the ‘cautiously optimistic’ soundbite, which is the ultimate in fence-sitting and has become one of the most banal phrases in legal industry history. Too adventurous and you run the risk of being over-zealous in predicting market-altering developments.
Of course, it is better to take a stab rather than be accused of being non-committal. Continue reading “A bonanza year for the Global 100 – is the table about to turn?”
The Legal 500’s Ben Wheway takes a look at the rationale behind the proposed merger and what a combined firm could look like
The latest merger news to hit the headlines involves two firms which have been down this road before – Womble Bond Dickinson and BDB Pitmans.
On the Womble Bond side, the 2013 union of Newcastle’s Dickinson Dees and Bristol’s Bond Pearce created Bond Dickinson, which then combined with US firm Womble Carlyle in 2016. Meanwhile, BDB Pitmans was formed by the 2018 merger of London’s Bircham Dyson Bell and South-East firm Pitmans. Continue reading “Womble Bond-BDB Pitmans: The data driving the national tie-up talks”
The largest six Swiss verein firms have pursued varying expansion strategies over the past decade – Ben Wheway looks at what The Legal 500 data reveals
The six biggest international verein firms have transformed their global footprint over the past decade, stepping into new markets around the world via mergers, alliances and targeted expansion. Rankings data drawn from The Legal 500’s global guides provides useful insight into the scale of this change, as well as the relative rates of growth among the group. Continue reading “Verein check: how the big six global players have grown over ten years”
Ask any City partner about the current state of the market, and they will point to a softening in the M&A market in line with the clouds gathering over the economy. It seems no one told Tesla and SpaceX owner Elon Musk, who recently completed a highly-publicised acquisition of social media giant Twitter. The initially hostile takeover pulled in some of the US’ premier law firms, but events since suggest that the legal proceedings may be only just beginning.
Musk’s headline-grabbing acquisition was completed in October. According to filings, the total payment was $44bn (£38.1bn), making the transaction one of the largest M&A deals of 2022. It also saw the company taken private, having previously been listed on the New York Stock Exchange.
Continue reading “Musk’s Twitter takeover sparks legal feeding frenzy, but leaves more questions than answers”
Legal 500 data highlights the contrast between the laser-focused firms cleaning up in core markets and the wide footprint of the global giants
While the upper echelons of the Global 100 are inevitably dominated by US heritage firms with a global footprint, a re-ordering of the group by Legal 500 rankings presents a notably different hierarchy. Continue reading “Size matters: which Global 100 firms have the most Legal 500 rankings?”
