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Global 100 overview: Playing a blinder

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”

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Global 100: Slaughter and May – Keeping the magic alive

‘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”

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SRA defends year-long striking off process for Eversheds trainee convicted of sexual assault

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”

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A bonanza year for the Global 100 – is the table about to turn?

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?”

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Womble Bond-BDB Pitmans: The data driving the national tie-up talks

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”

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Verein check: how the big six global players have grown over ten years

data variation

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”

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Musk’s Twitter takeover sparks legal feeding frenzy, but leaves more questions than answers

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”

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Size matters: which Global 100 firms have the most Legal 500 rankings?

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?”

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Latham scores lead role in Man Utd’s potential sale as US outfits advise on Tom Ford deal

Latham & Watkins has had a busy November, picking up several multi-billion-dollar instructions across the sports, retail and telecoms sectors. Among the other firms securing lead roles are US peers Skadden, Paul Weiss and Orrick and Magic Circle competitors Linklaters and Allen & Overy (A&O).

Following Latham’s lead role in the £4.25bn acquisition of Chelsea FC earlier this year, the firm has been instructed by Manchester United as it pursues a potential sale.
Continue reading “Latham scores lead role in Man Utd’s potential sale as US outfits advise on Tom Ford deal”

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HSF, Davis Polk and Eversheds act on Made.com collapse as market expects FTX fallout

Partners from Herbert Smith Freehills (HSF), Davis Polk and Eversheds Sutherland have secured advisory roles on the administration and £3.4m sale of online furniture retailer Made.com to Next.

In early November, Made.com filed notice of its intention to appoint administrators, advised by a HSF team led by London restructuring partner John Chetwood and including City corporate partners Ben Ward and Caroline Rae. Since the administration, 320 Made.com jobs have been axed as the company collapsed.
Continue reading “HSF, Davis Polk and Eversheds act on Made.com collapse as market expects FTX fallout”

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Global 100: Ten-year view – Playing the long game

The contrast between the Global 100 reports in 2012 and 2022 is startling: in 2012 the global elite was feeling the pinch with transactional markets stagnant in the wake of the global financial crisis a few years before. For the 63 firms that appeared in both years’ reports – unchanged by significant merger activity between those dates – 2012 was marked by single-digit rises in revenue, profits and lawyer numbers at the top 100 firms. With inflation running at around 3% in the UK and US then, performance in real terms was even more muted than the top-line figures suggested – it was essentially a flat year for many, set against the backdrop of shock and awe that came from Dewey & LeBoeuf filing for bankruptcy in May 2012 that gave many law firm leaders pause. Just five firms had gross revenues of $2bn or more, while only the top 23 firms in the table turned over more than $1bn. Five-year growth for Global 100 firms following the boom of 2007, was pedestrian – at best.

Continue reading “Global 100: Ten-year view – Playing the long game”

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In with the new: Big Law rings in the changes amid City leadership shake-up

For many law firms, the end of the year marks elections for various leadership positions. This year has been no exception, with DLA Piper, Osborne Clarke, TLT and Goodwin all voting in new management.

DLA has turned to IP litigator Ruth Hoy as its new office managing partner in London, taking over from London leadership stalwart Tom Heylen, who will move into the new role of UK client and sectors partner.
Continue reading “In with the new: Big Law rings in the changes amid City leadership shake-up”