Page 88 – Legal Business

3 August 2022

Onward, Singapore: King & Spalding names new managing partner as Sidley backs laterals in the city state

As a growing number of international firms pivot their focus in Asia to Singapore, King & Spalding’s appointment of banking heavyweight Andrew Brereton as the office’s new managing partner could be viewed as a declaration of redoubled commitment to the city state.

The Atlanta-headquartered firm first brought the Clifford Chance veteran on board at the start of 2019 as part of an effort to build out its finance and restructuring capabilities in the wider region. Continue reading “Onward, Singapore: King & Spalding names new managing partner as Sidley backs laterals in the city state”

3 August 2022

‘A growing, globally active business’: Addleshaw’s European push spurs 18% revenue growth

Addleshaw Goddard has credited its increased European footprint for the promising financial results released today (3 August), which saw revenue rise by 18% to £377m, and an increase in profit by 16% to £155m.

Regional revenue performance is also testament to the firm’s improvement in Europe. Though UK turnover was up a solid 15%, it paled in comparison with that generated overseas, which jumped a striking 30%. Continue reading “‘A growing, globally active business’: Addleshaw’s European push spurs 18% revenue growth”

3 August 2022

Revolving Doors: Keystone adds three while Arnold & Porter launches in Amsterdam

Keystone Law has bucked the trend of a summer slowdown of the lateral market, adding three ‘principals’ across its litigation and real estate teams.

The AIM-listed firm recruited litigators Tracy Sell-Peters and Gregor Kleinknecht from DWF and Hunters Law respectively, while transactional real estate partner Samantha Leigh joined from Freeths. This continues the firm’s acquisitive streak, which has seen it hire 41 principals in the financial year 2021/22, adding to its 51 partner-equivalent hires the previous year. Continue reading “Revolving Doors: Keystone adds three while Arnold & Porter launches in Amsterdam”

27 July 2022

Freshfields reports ‘very solid performance’ as it progresses US growth plans

Freshfields Bruckhaus Deringer today (27 July) announced its 2021/22 financial results, becoming the latest magic circle firm to highlight its US growth amid a robust performance.

The firm marked its sixth consecutive year of revenue growth with a 10% rise, bringing its turnover to £1.7bn – notably pacier growth than its 5% increase to £1.59bn last year. Continue reading “Freshfields reports ‘very solid performance’ as it progresses US growth plans”

27 July 2022

Revolving doors: Shearman adds three in Europe as Squire brings in Birmingham corporate lead

As summer holiday season kicked in amid a quieter lateral market, Shearman & Sterling dominated this week, with the Wall Street stalwart announcing three partner hires across its European offices.

In London, the firm enlisted project development and finance partner Julia Derrick. A specialist in M&A and commercial contracts in the oil and gas sector, Derrick spent her entire career at Ashurst before making the move. Continue reading “Revolving doors: Shearman adds three in Europe as Squire brings in Birmingham corporate lead”

26 July 2022

Fieldfisher sees 15% turnover growth as PEP tops £1m

Fieldfisher today (26 July) confirmed a ninth consecutive year of growth, showing a solid 15% firm-wide revenue increase to £330m. Profit per equity partner (PEP) at the firm was even more buoyant, topping the £1m mark for the first time as it jumped 22% to £1.05m.

At a UK level, the firm recorded a 17% rise in turnover across its London, Manchester and Birmingham offices. The Germany practice was similarly prosperous, posting a 16% rise across the year. The Silicon Valley office, which opened in 2012, also grew in both revenue and headcount. Continue reading “Fieldfisher sees 15% turnover growth as PEP tops £1m”

26 July 2022

Macfarlanes credits ‘active approach’ by clients as PEP nears £2.5m

Marking its twelfth consecutive year of revenue growth, Macfarlanes today (26 July) unveiled bullish double-digit gains across the board, with turnover increasing 16% to £303.7m.

Profit per equity partner (PEP) rose 19% to £2.484m to exceed that of both Clifford Chance and Allen & Overy, which have recorded PEP of £2.04m and £1.95m respectively. Continue reading “Macfarlanes credits ‘active approach’ by clients as PEP nears £2.5m”

22 July 2022

Sponsor message: A new age begins for Moral as Moral | Kınıkoğlu | Pamukkale | Kökenek

We are thrilled to announce that our firm will officially be transforming from Moral & Partners to Moral | Kınıkoğlu | Pamukkale | Kökenek, an attorney partnership, as of July 1, 2022. Founded in 1968, Moral has undergone a remarkable transformation since 2013 and has grown into one of the preeminent law firms in Turkey. With the efforts of 70 + professionals, Moral now streering the legal market in Turkey. This could not have been achieved without the confidence of our esteemed clients in us and our dedicated team – thank you all.

A new age begins. We will now be providing legal services as Moral | Kınıkoğlu | Pamukkale | Kökenek Attorney Partnership. Building on our legacy since 1968, we will carry the firm into the future using our well-established, highest quality services combined with a proven, new generation approach. We will do our best to ensure a sustainable future for our team and clients. Continue reading “Sponsor message: A new age begins for Moral as Moral | Kınıkoğlu | Pamukkale | Kökenek”

22 July 2022

Fire up the engine: Transactional boom fuels bumper year for Eversheds Sutherland

Eversheds Sutherland had its transactional divisions to thank, as the firm’s corporate practice turned in its ‘best ever year’ to help achieve rocketing profits.

Profit per equity partner (PEP) jumped a considerable 26% from £984,000 to £1.2m, surpassing the £1m barrier. Net profits increased a similarly pacey 23% to £150.3m, while revenue was up 8% from £629m to £678.4m. Continue reading “Fire up the engine: Transactional boom fuels bumper year for Eversheds Sutherland”

21 July 2022

Globetrotting Ashurst continues frenetic growth with double-digit revenue and profit boosts

Marking its sixth consecutive year of revenue growth, Ashurst has reported a robust set of financials headlined by a 12% jump in turnover from £711m to £798m.

Profit per equity partner (PEP) was also up by a significant rate, growing 13% from £1.038m to £1.175m. According to the firm, revenue and PEP have grown respectively by 8% and 12% on average each year over the last six years. Continue reading “Globetrotting Ashurst continues frenetic growth with double-digit revenue and profit boosts”

21 July 2022

Financials 2021/22: CMS rebounds from quiet year with double-digit revenue growth

CMS is the latest cab off the rank in unveiling its financial results, today (21 July) announcing global revenues of €1.746bn, a healthy 18% hike over 2021/22. The UK top line also saw solid growth, rising 14% to £644m.

The numbers make the firm one of the few to see greater growth in the last 12 months than in 20/21. Last year, the UK business was only able to muster a negligible £1m revenue rise, while the global figure was up 3%. Continue reading “Financials 2021/22: CMS rebounds from quiet year with double-digit revenue growth”

21 July 2022

Acquisitions pay off for DWF as firm reports striking 21% profit hike

DWF has lived up to its financial promises from last year, as acquisitions and a structural overhaul underpinned respectable growth.

DWF’s organic revenue, which does not factor in last year’s buyouts of compliance training company Zing 365 Holdings and Barnescraig & Associates, a Canadian insurance claims and loss adjusting business, was up 4% from £338m to £350m. Overall revenue was also up 4%, from £401m to £416m.

Continue reading “Acquisitions pay off for DWF as firm reports striking 21% profit hike”

21 July 2022

‘Supercharged’: Bird & Bird reports robust revenue and profit growth

Bird & Bird is celebrating its 30^th year of consecutive revenue growth, adding 10% to its top line to £445.6m in 2021/22, up from £405.6m last year. In euro terms, this is a 15% hike to €525.3m from €455m last year.

The tech-focused firm’s net profit is also up by 22%, while PEP is up 11% to €767,000. This is the second year of rebounded growth after a dip in 2020 profits. Meanwhile, it reported net cash of €1.6m, up from net debt of €10.4m and €30.7m as of 30 April 2021 and 2020 respectively. Continue reading “‘Supercharged’: Bird & Bird reports robust revenue and profit growth”

20 July 2022

Financials 2021/22: RPC posts mixed results with robust revenues and dipping profits

RPC has posted mixed 2021/22 financial results, today (20 July) unveiling a 10% increase in revenue across its London, Bristol, Singapore and Hong Kong offices to £149.4m, albeit with a decline in profits..

Though the revenue figures are impressive, the firm was not able to maintain the level of growth seen in 2021, during which revenue jumped a striking 24% to reach £136m. Overall, revenue has spiked by 36% since 2020. Continue reading “Financials 2021/22: RPC posts mixed results with robust revenues and dipping profits”

20 July 2022

Revolving Doors: Pallas launches in the US as Linklaters takes New York finance duo

Laterals hires have continued on both sides of the pond as UK firms make inroads in the US.

Just months on from its London inception at the start of the year, Pallas Partners has announced the launch of US operations with the hire of Duane Loft in New York. Loft, who specialises in restructuring and bankruptcy disputes, will lead the stateside practice, which is soon to welcome further laterals, according to founder and managing partner Natasha Harrison (pictured). Like Harrison, Loft joins from Boies Schiller Flexner after 11 years at the firm. Continue reading “Revolving Doors: Pallas launches in the US as Linklaters takes New York finance duo”

19 July 2022

‘Our team has delivered’: Clifford Chance nears £2bn revenue as PEP breaks £2m barrier

Clifford Chance has become the second Magic Circle firm to post encouraging 2021/22 financials, announcing today (19 July) an 8% rise in revenue to £1.969bn.

Partnership profit and profit per equity partner (PEP) were both similarly encouraging. Profit swelled by 9% to £783m, while PEP passed £2m for the first time, reaching £2.04m after a 10% increase. Continue reading “‘Our team has delivered’: Clifford Chance nears £2bn revenue as PEP breaks £2m barrier”

18 July 2022

National champions: Surging revenues at Shoosmiths and TLT yield record results

Following on from their impressive performances last year, top 50 national players Shoosmiths and TLT have both unveiled strong 2021/22 financial results, characterised by pacey revenue increases.

At Shoosmiths, revenue jumped 8% from £167.9m to £181.8m, while net profit grew a healthy 9% from £55.4m to £60.7m. Profit per equity partner (PEP) was up by a less eye-catching 3%, from £658,000 to £675,000, however last year’s robust 41% jump in PEP is fresh in the memory. Continue reading “National champions: Surging revenues at Shoosmiths and TLT yield record results”

18 July 2022

Adviser review: Cripps and Gowling WLG win spots on Landsec’s expanded panel

Commercial property developer Land Securities Group (Landsec) has unveiled its revamped property legal panel, expanding its roster from seven to nine firms as it aligns its legal service providers with its new emphasis on mixed-use urban neighbourhoods.

Cripps and Gowling WLG are new additions from its last review in 2016, while Bryan Cave Leighton Paisner, CMS, DAC Beachcroft, Eversheds Sutherland, Herbert Smith Freehills, Hogan Lovells and Pinsent Masons were all reappointed for a five-year term. Continue reading “Adviser review: Cripps and Gowling WLG win spots on Landsec’s expanded panel”

17 July 2022

‘London’s dominance is slightly dwindling’: Simmons appoints German head to new European client relations role

Simmons & Simmons has created a new head of European client relations role in an effort to support continental clients in the post-Brexit landscape.

The position will be filled by the firm’s current German country head and longstanding global disputes chief, Hans-Hermann Aldenhoff. Aldenhoff, who has run the firm’s disputes function for 13 years, will be winding down his fee-earning to focus on the new role. Continue reading “‘London’s dominance is slightly dwindling’: Simmons appoints German head to new European client relations role”

14 July 2022

Revolving doors: One in, one out for Dentons as Macfarlanes boosts City tax offering

Lateral activity had an international flavour this week, as firms announced new arrivals across Europe, the US and Africa.

Macfarlanes has announced Sophie Donnithorne-Tait as the latest addition to its London tax practice. Capable in all aspects of UK corporate tax and with a specialism in advising investment fund clients, Donnithorne-Tait moves from Akin Gump and will join later in the summer. Continue reading “Revolving doors: One in, one out for Dentons as Macfarlanes boosts City tax offering”