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

City of London

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”

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

Sebastian Prichard Jones

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”

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”

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

Lee Ranson

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”

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

Paul Jenkins

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”

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”

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

Hope floats

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”

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

Bird & Bird is celebrating its 30th 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”

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

James Miller

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”

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”

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

Clifford Chance

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”

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”

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”

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

Simmons & Simmons office atrium

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”

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”

‘All options on the table’: US investment pays off as A&O sees double-digit revenue increase

Allen & Overy (A&O) has set an early Magic Circle benchmark, today unveiling a robust 10% uptick in global revenues from £1.77bn to £1.94bn.

Growth was broadly matched in terms of profit before tax, which was up 9% from £822m to £900m. This translated to a milder 3% jump in profit per equity partner (PEP) from £1.9m to £1.95m, but the figures are cast in a favourable light given significant US investment. Continue reading “‘All options on the table’: US investment pays off as A&O sees double-digit revenue increase”

Hat-trick heroes: HSF hails international impact for steady financial growth

Herbert Smith Freehills

Herbert Smith Freehills (HSF) has recorded its ninth consecutive year of growth, with across-the-board increases in revenue and profit.

Global turnover saw a respectable 6% uptick from just over £1bn to £1.1bn, while overall profit increased 4% from £366.9m to £381.2m. Profit per equity partner (PEP), rose 6% from £1.099m to £1.163m. Continue reading “Hat-trick heroes: HSF hails international impact for steady financial growth”

Financials 2021/22: Slipping profits and muted organic growth overshadow another acquisitive year for Knights

David Beech

Knights has failed to build on its encouraging H1 results, today (12 July) unveiling a sedate 2% organic growth in revenues and a 2% dip in underlying profit before tax (PBT).

Factoring in the firm’s buyouts of regional firms Langleys, Mundays and Keebles throughout the year, overall turnover jumped 22% from £103.2m to £125.6m. In a statement, Knights attributed the stuttering organic growth to being ‘held back by Omicron in the typically important fourth quarter’. Continue reading “Financials 2021/22: Slipping profits and muted organic growth overshadow another acquisitive year for Knights”

Foreword

Latin America has a rich and diverse culture with a population of over 660 million people from many different ethnic groups and cultural ancestries. Due to the region’s diversity, it is essential for companies and their workforces to continuously prioritize the need for diversity and inclusion in their general work environments, including in their boards and senior management positions, which data indicates are more than 90% occupied by men, mostly from a similar ethnic group.

Studies show that Latin American women are underrepresented among the top echelons of the legal profession – as they also are in the wider corporate environment – despite having a higher level of education than their male counterparts on average (as is the case in Brazil, for instance) or them representing half of the students in law school (as is the case in Mexico).

In the region, both the legal profession and the wider corporate environment face similar challenges in terms of gender equality.

The causes of this inequality are perceived by women as being rooted in the traditional unequal distribution of domestic tasks, the culture of ‘machismo’ and unconscious bias. Apart from purely career-related consequences, these causes also result in other unwanted behaviours, such as workplace harassment, which is frequently mentioned by women when asked about their working conditions.

Much remains to be done in this regard, but over the past 20 years, diverse groups have been trying to raise their voices to increase awareness and fight for their rights and needs. In particular, women have launched initiatives which aim at empowering themselves into a force to be reckoned with and at making opportunities for themselves. They have created groups – like Lawyers in Skirts, in Brazil – to develop their network and mentor each other to achieve their career objectives.

These groups organise workshops and conferences about inclusion, diversity, and women leadership, and have brought to the public’s attention that the evolution of these issues is intricately linked to the economic development of their region and respective countries.

Indeed, gender equality has been proven to contribute to poverty reduction and economic development. According to a McKinsey study, there would be an 11% automatic increase in the global GDP if the gender gap were closed, and specifically, the Latin American GDP would increase by 14% if women were encouraged and assisted in participating as economic actors.

The groups have reached out to female lawyers from other jurisdictions, where accessing top positions is perceived to be easier, and often receive their support. The organisation WILL (Women in Leadership in Latin America), a São Paulo-based non-profit unit, now has advisory boards in Bogotá, the US and London, which enable them to have access to a wider audience and help established lawyers, as well as aspiring ones supporting them throughout their careers.

These organisations already see improvement in top-tier law firms and corporations, but they now want to reach all women with legal degrees, and even expand their programmes to universities, broadening their socio-economic reach into any social group or institution where bias might lurk.

Interestingly, despite women finding it challenging not to have peers to exchange ideas with when they make it to the top echelons of a law firm, it appears that some of these organisations – like Abogadas MX, in Mexico – are admitting men as workshop participants, allies and even board members and mentors. Generally, the non-profits have found this experience enriching, and have discovered that their presence brings the opportunity for a synergistic learning experience, showing that diversity is a question that concerns us all, regardless of gender.

In most cases, if not in all, these groups work towards women being in a fair competition with men – they do not advocate for women to be given extra rights solely based on their gender, but rather, an even playing field.

And indeed, after years of fieldwork, they conclude that lawyers can help:

  1. They can impact policies and laws through the specialized skills of their profession and demonstrate how important it is to support women in general. In several jurisdictions, women do not have access to courts or fair laws, for instance, and some gender-related legal issues, like gender violence, are still common in Latin America. Consequently, they feel that there is a lot of space to improve the laws, but also to give equal access to the court system.
  2. At a corporate level, lawyers can participate in advocating and creating policies for companies that need to adopt gender inclusion and diversity policies.
  3. Furthermore, employees rely upon legal departments to be stewards of ethics and good governance, meaning that these departments must set a good example and promote diversity and inclusion themselves.

Their influence over corporate policies might even be greater in the post-Covid-19 pandemic world. The above-mentioned McKinsey study shows that during the pandemic, women, LGBTQ+ people, POC and parents were found to be struggling more with issues such as mental health, work-life balance, isolation (from co-workers and managers) and job opportunities. These issues were also more pronounced in emerging economies and, in several jurisdictions, were accentuated by a surge in gender-based violence linked to the work-from-home policies.

Many companies have since attempted to offer more policies that are responsive to these struggles and provide greater balance, flexibility, and improve their internal communication.

Given the importance of D&I, this report intends to offer fresh perspectives and insights from across the Americas on where we are as a legal community and also suggestions on what is working to advance inclusion across the Americas.

Through interviews with leading GCs from all over the region, we found that though the situations and nuances differed from country to country, and some seem to be doing better than others there is much that can be learned from one another.

Colombia, for instance, has a high percentage of women in leadership positions, and women have space in the corporate world. In Brazil, however, gender inequality seems to come in addition to other discriminations, such as sexual orientation or ethnicity.

The consensus we found is that, in addition to improving the corporate culture, the legal and regulatory frameworks could be modified to help with D&I. For instance, more transparency could be asked from companies about their hiring/promotion processes and policies could be passed to protect D&I leaders within companies, etc.

However, implementing a change entails asking people to change their behaviour, which they might resist. This requires leadership, diplomacy and pedagogy, and to place the right people in the right positions.

Boards and management teams should always be transparent as to what they are trying to achieve, how they are trying to achieve it, and they should be able to measure the results of any new policy.

In a sense, leveraging the collective experience of a diverse workforce is not as simple as hiring different people and alchemizing their perspectives into corporate gold. Inclusion is as fundamental – it is essential to create an environment where diverse people can feel welcome enough to perform at their full potential.

Maria-Leticia Ossa Daza
Chair of the Latin America Practice
Willkie Farr & Gallagher

Allan Cohen
Research Editor
The Legal 500: In-House Research Team