Stars and stripes in their eyes – assessing the US ambitions of A&O and Freshfields

Stars and stripes in their eyes – assessing the US ambitions of A&O and Freshfields

Nathalie Tidman looks at the struggle for the City elite as US players dominate home and away

‘People like me, making the switch from the Magic Circle to a US firm – a Kirkland, a Latham, a White & Case – did so because being a powerhouse in the US is critical to becoming a truly global law firm.’ Continue reading “Stars and stripes in their eyes – assessing the US ambitions of A&O and Freshfields”

Magic Circle duo goes full throttle on Aston Martin’s landmark London listing

Magic Circle duo goes full throttle on Aston Martin’s landmark London listing

City heavyweights Slaughter and May and Freshfields Bruckhaus Deringer have taken the driving seat on the proposed initial public offering (IPO) of Aston Martin, a float reportedly valuing the luxury car maker at £5bn.

Slaughters won the mandate advising Aston Martin with a corporate team led by Nilufer von Bismarck and including Roland Turnill and Filippo de Falco. The firm is working alongside Aston Martin’s general counsel (GC) Michael Marecki, while Simpson Thacher & Bartlett is advising on US law, led by London-based partner Gil Strauss. Continue reading “Magic Circle duo goes full throttle on Aston Martin’s landmark London listing”

Magic Circle scrambles as UK construction giant Carillion falls into liquidation

Magic Circle scrambles as UK construction giant Carillion falls into liquidation

A heavyweight line-up of Slaughter and May, Freshfields Bruckhaus Deringer, Dentons, Clifford Chance (CC) and Linklaters have mobilised as construction giant Carillion files for liquidation in one of the largest UK insolvencies for years.

Dentons’ restructuring partners Nigel Barnett and Neil Griffiths are advising the liquidator, the Official Receiver, which the government will be providing with funding required to continue to carry out the company’s public services. Continue reading “Magic Circle scrambles as UK construction giant Carillion falls into liquidation”

Magic Circle playbooks in Europe are full of contradictions

Magic Circle playbooks in Europe are full of contradictions

To recap as the UK tiptoes towards banana republic territory in the wake of last month’s inconclusive, prediction-defying general election: City professionals face the prospect of an unsteady government negotiating a logistically-epic exit from the EU with an uncertain agenda against a much larger and better prepared counter-party. That is until the next general election in perhaps the autumn.

But let us put politics to one side and assume that a form of substantive Brexit is happening. Where does that leave top London law firms with such ominous clouds hanging over London as a finance and legal services hub?

Continue reading “Magic Circle playbooks in Europe are full of contradictions”

Snakes and ladders: Magic Circle tweaks lockstep but is it enough to hold off US firms?

Snakes and ladders: Magic Circle tweaks lockstep but is it enough to hold off US firms?

Madeleine Farman reports on recent remuneration changes among the City elite

With the growing threat of losing star partners to aggressively-expanding US firms, the Magic Circle’s traditional remuneration models have come increasingly under pressure. Last month Linklaters voted through changes to its remuneration model, while at press time Clifford Chance (CC) was due to complete a review of where partners should sit on its lockstep in a bid to retain key contributors and manage under-performers, 18 months after voting through the last set of changes.

Continue reading “Snakes and ladders: Magic Circle tweaks lockstep but is it enough to hold off US firms?”

Magic Circle’s ‘disappointing’ approach to apprenticeships

Magic Circle’s ‘disappointing’ approach to apprenticeships

Magic Circle firms have taken a ‘disappointing’ approach to the government-backed scheme, the Trailblazers Apprenticeship in Law initiative, with both Slaughter and May and Clifford Chance ruling apprentices out completely, while Allen & Overy (A&O) and Linklaters have been non-committal.

The only firm to announce any willingness to offer apprenticeships is Freshfields Bruckhaus Deringer, with a spokesperson confirming last month it was ‘looking at a number of ways to attract talented people in Manchester and the apprenticeship model is one that we are hoping to be able to offer later this year’. It is understood the firm is currently mulling over paralegal apprenticeships with no decision on whether this will be offered in conjunction with Trailblazers.

Continue reading “Magic Circle’s ‘disappointing’ approach to apprenticeships”

News in brief – September 2015

News in brief – September 2015

BAKERS’ 2014/15 FINANCIALS SEE FIRM SLIP BEHIND DLA

Baker & McKenzie revealed it generated $2.43bn in the year to 30 June 2015, a 4% fall on last year’s $2.54bn. The firm said a strengthening dollar had hit its top-line and also helped push profit per equity partner down to $1.14m from $1.29m. The firm said it had invested in a new financial and management system and hired 51 lateral partners over the year.

Continue reading “News in brief – September 2015”