Latham surges to become world’s first $3bn law firm… but can Kirkland take its crown?

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Latham surges to become world’s first $3bn law firm… but can Kirkland take its crown?

Latham & Watkins has become the first law firm ever to report revenues over $3bn with the Los Angeles-bred firm adding nearly $250m to its top line.

The US giant today (22 February) confirmed financial results for the 2017 year, showing an 8.5% hike in revenues to $3.06bn, against $2.82m the previous year. Profit per equity partner (PEP) shifted up 6% to $3.24m, arguably sealing its status as the most potent global law firm, underwritten by credible transactional and disputes coverage spanning the US and Europe. Revenue per lawyer grew at a modest 1.5% pace to $1.26m while the firm increased its headcount 6.9% to 2,436 lawyers. Continue reading “Latham surges to become world’s first $3bn law firm… but can Kirkland take its crown?”

Client Intelligence Report: Data view – Big talk on legal ops fails to change buying habits

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Client Intelligence Report: Data view – Big talk on legal ops fails to change buying habits

Anecdotally, in-house budgets are being scrutinised like never before, and law firm billing is starting to catch the attention of chief financial officers.

As almost any general counsel (GC) will tell you, legal teams are coming under sustained pressure to introduce metrics and benchmarks, along with more robust financial management and project management tools, to help demonstrate their grasp on value. In short, procurement methodologies are now being applied to legal services. Continue reading “Client Intelligence Report: Data view – Big talk on legal ops fails to change buying habits”

Client Intelligence Report: Data view – Who provides better service among the world’s elite – US or UK law firms?

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Client Intelligence Report: Data view – Who provides better service among the world’s elite – US or UK law firms?

The chart below illustrates the overall key performance indicator (KPI) scores as defined by the Client Intelligence Report (www.clientintelligencereport.com), for 30 of the largest law firms in the world by size.

The overall KPI ratings show US firms are significantly outperforming their UK counterparts when it comes to client reviews. Of the 15 firms listed here, all but four exceed the average, while only one solely UK-headquartered firm hit comparable scores. Continue reading “Client Intelligence Report: Data view – Who provides better service among the world’s elite – US or UK law firms?”

Lucky 13 in London as Kirkland unveils mammoth partner round and taps City rival for restructuring hire

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Underlining the meteoric rise of a group of elite US law firms, Kirkland & Ellis has unveiled one of the largest promotion rounds ever seen from a single legal partnership, minting 97 new partners, including 13 in the firm’s fast-growing City arm.

The number of London promotions is more than double last year’s round, when six lawyers were made up, and up on last year’s total tally of 81. It is also larger than the entire partnership of top 50 UK law firm Travers Smith. Continue reading “Lucky 13 in London as Kirkland unveils mammoth partner round and taps City rival for restructuring hire”

Ashurst to lose five remaining New York structured finance launch partners to US firm

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Ashurst to lose five remaining New York structured finance launch partners to US firm

Five New York-based partners are to leave Ashurst for US finance firm Chapman and Cutler, completing the full departure of the ten-partner team the firm hired from McKee Nelson in 2009 to launch a structured finance practice.

Collateralised loan obligation (CLO) partners Pat Quill, David Nirenberg, Steve Kopp, Doug Bird and Tom Glushko will all leave Ashurst this week, after originally arriving as part of a 30-lawyer finance team which included ten partners in 2009. The deal gave Ashurst a presence in both New York and Washington DC. Continue reading “Ashurst to lose five remaining New York structured finance launch partners to US firm”

To the hilt – Meet the US firms going all in to dominate the City’s leveraged finance scene

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To the hilt – Meet the US firms going all in to dominate the City’s leveraged finance scene

Nowhere has the battle for City legal talent been more intense than in leveraged finance. Will the Americanisation of Europe’s credit markets drive on the advance of US firms or has the bubble burst?

‘It’s a shrinking universe in terms of those playing in the top tier,’ says one partner. ‘Two years ago there were about 15 firms which were completely capable and honest when they said: “We’re a leveraged finance house.” I don’t think that’s the case anymore. It’s a very, very small community and there are so many more clients concentrated with fewer firms.’

Continue reading “To the hilt – Meet the US firms going all in to dominate the City’s leveraged finance scene”

Q&A: Cooley’s Justin Stock talks launching in London and his ambition to match US success

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Q&A: Cooley’s Justin Stock talks launching in London and his ambition to match US success

Two years after Cooley‘s launch in the City with a dramatic flurry of hires, the office has hit turnover of $47m and grown rapidly. Matthew Field talks to Cooley London managing partner Justin Stock about the firm’s next move. Continue reading “Q&A: Cooley’s Justin Stock talks launching in London and his ambition to match US success”