The ESG report – Overview: Turning on a greenback

‘Two years ago, if you asked top firms about their ESG credentials they would tell you about the beach clean-up they organised or how they don’t use plastic bags. Now everyone’s got an ESG website and I’m sure many have made statements they wish they hadn’t.’

The words of Ben McQuhae, founder of specialist sustainability law firm Ben McQuhae & Co, speak of the conundrum facing pundits attempting to scrutinise the environmental, social and governance (ESG) bona fides of the top 25 Legal Business 100 and top 25 Global London firms. Continue reading “The ESG report – Overview: Turning on a greenback”

The ESG report – Russia: All bite, no bark

It was uncharacteristically decisive. Rapidly after Russia did the unthinkable and invaded Ukraine on 24 February, many international law firms with Moscow operations hurried out strongly-worded statements at the behest of a hysterical legal press. Linklaters was the first of the major players to react, announcing on 4 March that it would ‘wind down’ its Moscow office, and vowed not to represent any clients connected to the Russian regime. Norton Rose Fulbright (NRF) promised the same, even swearing to withdraw ‘as quickly as we can’, while a host of firms ominously, and vaguely, pledged to ‘review the situation’.

The next few months saw many firms ostensibly live up to promises, albeit at varying speeds. Some favoured a hard and fast exit, and some went as far as to cease acting for any Russian nationals, irrespective of perceived guilt or innocence connected with the war. Fewer took more time to gently spin out their Moscow hubs to become new separate entities, with an optimistic view to reconnecting if the global situation ever makes that politically viable again. Continue reading “The ESG report – Russia: All bite, no bark”

The ESG report – Diversity and inclusion: A false start?

‘I haven’t seen progress like I’ve seen it in the last 18 months or so at any point in my career,’ proclaims Harold Brako, head of Addleshaw Goddard’s Manchester office. ‘It’s been fuelled by a number of reasons, not least the Black Lives Matter movement and George Floyd.’

In June 2019, when Legal Business last wrote about ethnic diversity in the legal profession, the world was a very different place. Theresa May was still prime minister, and most people would have guessed that Covid was some new media-sharing platform. Continue reading “The ESG report – Diversity and inclusion: A false start?”

‘I’ve acted for every villain you can name’: Lessons in ESG from its trailblazers – and how to dodge the greenwashing bullet

Big Law came late to the ESG party compared to regulated financial services industries, with many law firms only getting the memo as recently as the pandemic.

At the forefront of this movement for approaching 20 years are professor Paul Watchman, senior UN legal adviser and former Freshfields partner, and Paul Clements-Hunt, founder of The Blended Capital Group, a former adviser to the UN on sustainable finance and the person who coined the term ESG. Legal Business sat down with these trailblazers to discuss why lawyers must embrace good corporate citizenship. Continue reading “‘I’ve acted for every villain you can name’: Lessons in ESG from its trailblazers – and how to dodge the greenwashing bullet”

The ESG report – Event: Advising and acting for clients on ESG-related risks

ESG imperatives have never been more at the fore for partners, general counsel (GCs), or indeed any professional with exposure to related reputational risk. A webinar, hosted by Legal Business and sponsored by Travers Smith brought together partners, experts from in-house, the Bar and a crisis-management guru for a diverse and challenging debate on the ESG-related risks – and rewards – at the top of the agenda.

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Nathalie Tidman, Legal Business: What are the main ESG risks that corporates are facing right now? Continue reading “The ESG report – Event: Advising and acting for clients on ESG-related risks”

Malta focus: Grey skies turn to blue – the Malta report

‘There was a significant and much welcome upward trend in dealmaking from June 2020 up to the end of last year,’ reflects James Scicluna, co-founder of WH Partners. ‘On the M&A side of things, there’s just been one thing after another.’

Data from the European Commission (EC) would suggest that Malta enjoyed a 2021 characterised by rejuvenation. Having sustained a Covid-induced reduction of 8.3% in 2020, GDP jumped by 9.4% last year, well ahead of the global growth of 5.7% recorded by the World Bank. Continue reading “Malta focus: Grey skies turn to blue – the Malta report”

GC Powerlist Türkiye 2022

Due to the favourable geopolitical location of Türkiye, it is a renowned hotspot for local and foreign investors. Its regulatory and political landscape has also seen recent, rapid evolution and change. Frequent developments are underway to laws regarding real estate, data privacy, citizenship, among others. Moreover, the Covid-19 pandemic presented a distinctive set of challenges for the country and for companies in Türkiye. General counsel (GCs), throughout this period, guided their respective companies with consistent and practical support.

The Legal 500 GC Powerlist: Türkiye 2022 demonstrates an astounding level of legal ability against an arduous, transforming economic background. Driven by resilience, GCs in Türkiye have assumed a leading role in their companies and navigated unparalleled challenges. It does not come as a surprise that the in-house legal profession is burgeoning in Türkiye, attributable to the taxing undertakings they typically face in their organisations. Continue reading “GC Powerlist Türkiye 2022”

The profession must not let yesterday’s ESG news turn into today’s chip paper

As we publish Legal Businesssecond ESG report, the words years ago of a male partner at a Magic Circle firm suddenly returned in a flash. To paraphrase: ‘The problem with City law firms is that they do a big push to keep women, they have a couple of female partners rising through the ranks, they think they have the gender diversity issue fixed. They tick it off the list and move onto the next thing.’

While acknowledging the manifold nuances and difficulties in diversity and inclusion of all kinds, it is disappointing to see how predictable this faddy approach to social progress continues to be. Continue reading “The profession must not let yesterday’s ESG news turn into today’s chip paper”

Target on your back – the rise and fall of the ESG lawyer?

A lot can happen in a year, and never more so it appears than in the constantly evolving world of the ESG lawyer. Pretty much a year ago to the day, we launched our inaugural ESG report, firms and lawyers having had the bandwidth afforded by the pandemic to get their heads around what they wanted their ESG image to be. In many ways, 2021 felt like a less cynical time. The industry at large was emerging from a health crisis, and we were conditioned to be kind, good corporate citizens because, let’s face it, who knew what personal and professional hell Covid might have wrought on the people we were dealing with?

Last year – the tricky task of getting firms to name mandates they’d rejected on ESG grounds notwithstanding – most firms we canvassed with our ESG questionnaire were tripping over themselves to show off their credentials. In 2021, 77% of firms questioned responded to our survey. With such an encouraging response, this year we went out to more firms, again approaching the top 25 Legal Business 100 firms, but also the top 25 Global London firms, not just the top ten. Only 52% responded. Continue reading “Target on your back – the rise and fall of the ESG lawyer?”

The big stories of the past two months

Robust revenue and profit growth for UK and US firms

First to report on a 2021 calendar-year basis, US firms set a high bar for impressive gains as robust financial results were released. Another bumper year for private equity saw Kirkland & Ellis retain its title as the world’s highest-grossing law firm with revenue exceeding $6bn for the first time following a 25% increase, while profit per equity partner (PEP) spiked by more than 19%, reaching $7.38m. Continue reading “The big stories of the past two months”

Strategic recruitment: Ropes makes triple private equity swoop as Latham loses energy partner to Milbank

The hot legal recruitment market is showing no sign of cooling down with summer looming, as firms continued to strengthen their benches at home and abroad.

Starting in May, Ropes & Gray took further steps towards its goal of becoming the go-to private equity practice in the City with the addition of partners Dan Oates, Simon Saitowitz and Angela Becker in the London office. Continue reading “Strategic recruitment: Ropes makes triple private equity swoop as Latham loses energy partner to Milbank”

The American dream: US firms in expansion mode amid wave of international office openings

Spring seems to have brought out the globetrotting spirit among American law firms, with Cravath, Swaine & Moore, Kirkland & Ellis, Winston & Strawn and Quinn Emanuel Urquhart & Sullivan all announcing plans for ambitious office launches in recent weeks.

The headline investment was Cravath’s commitment to a new office in Washington DC. The move, announced on 6 June, will be seen as something of a coup for the traditionally conservative Wall Street giant, the new outpost becoming just the third in Cravath’s international portfolio. The New York headquarters was established in 1819 and the London office opened in 1973. The Manhattan stalwart also once had a presence in Paris and Hong Kong, although those closed in 1983 and 2003 respectively. Continue reading “The American dream: US firms in expansion mode amid wave of international office openings”

Gerrard revelations and Ince restaurant-gate pose ethical quandaries for profession

If the Ukraine invasion and its ensuing debates around right to representation inflicted a bruise on the legal profession’s reputation, recent professional misconduct episodes have surely left a greater wound.

In early May, a Twitter post authored by a Cardiff restaurant owner went viral, containing claims that a group of Ince lawyers had behaved inappropriately towards a waitress. Continue reading “Gerrard revelations and Ince restaurant-gate pose ethical quandaries for profession”

The Client profile: Wayne Spillett, Vodafone

Unlike some flightier in-house counsel, Vodafone’s head of legal for commercial operations, IP and corporate secretariat, Wayne Spillett, has stayed loyal to the company for close to 13 years. After a lengthy conversation, it is easy to see why.

Spillett studied both English and French law at the University of Exeter, developing a keen interest in EU law. The logical next step was a training contract at Lovells, where he qualified as a competition lawyer working out of both the firm’s London and Paris offices. Continue reading “The Client profile: Wayne Spillett, Vodafone”

‘A true star and magnificent friend’: Industry greats bid farewell to Skadden M&A doyen Scott Simpson

Asking around the market for tributes to Scott Simpson, Skadden’s eminent M&A partner who died suddenly at the age of 65 on 29 May, soon confirmed what was long suspected. Scott was the kind of man who got everyone up dancing to rock music, the sort of man who put the shirt-related fear of God into German hoteliers, the consummate enthusiast, sportsman and loving family man. He was the kind of man who would not hear of allowing a legal journalist to go unescorted in a foreign city or flinch when she put her foot in it. Effortlessly kind, generous, clever and funny.

Michael Hatchard, the now retired partner who did much to make Skadden a US heavyweight in public M&A work in Europe, recalls fondly: ‘When called to Düsseldorf for what would become the defence of Mannesmann in the bid from Vodafone, Scott left London just before the New Year holidays without hesitation with an overnight bag. He didn’t surface until the spring, by which time he had become a central player in the defence team and the deal had become recommendable. The hotel eventually asked him to sign a waiver because the collars on his much over-laundered shirts were about to fall off.’ Continue reading “‘A true star and magnificent friend’: Industry greats bid farewell to Skadden M&A doyen Scott Simpson”

Legal 500 data: The Legal 500 Latin America rankings

The tables below summarise top-tier rankings, firstly by country (for the region’s major jurisdictions), and then on a regional basis, as drawn from The Legal 500 Latin America’s 2022 edition (published October 2021). Please note these listings exclude Central America, which will be considered separately in a subsequent edition of Legal Business.

Continue reading “Legal 500 data: The Legal 500 Latin America rankings”