DAC Beachcroft has opened an office in Miami, led by a former AIG lawyer, as it looks to strengthen its Latin American offering by connecting local insurance clients to the rest of its network.
NYLon – if you can make it there…
If there is one big trend in the analysis of Legal Business in recent years it is the encroaching existential threat represented by US-bred law firms. That could be termed ludicrous simplification given the differences between individual law firms both US and homegrown but in many respects it remains a generalisation that speaks to profound transatlantic differences in approach covering the majority of the world’s largest law firms. There is a US model built on individualism, intense focus on profitability and higher pay for stars, and a resistance to bureaucracy. In contrast the UK’s brand of internationalism, backed by a far more institutionalised approach, had been startlingly successful until the banking crisis flipped the market.
Since then, pretty much everything has been flowing in the direction of US firms, which obviously have the huge advantage of feasting on the world’s largest legal market and biggest economy. The key issue – as highlighted in this month’s Global London debate – is that while US firms have shown some ability to appropriate elements of the UK approach to strengthen their global advance, London firms are doing their US rivals the huge service of not returning the favour.
Global 100: New York report – City heat
Legal Business took a tour of New York for our Global 100 special and found Wall Street’s elite in a confident mood amid robust deal markets and the ongoing regulatory push.
New York, June 2015. Once the summer arrives in Manhattan, everyone wants to leave – to head upstate or to the Atlantic Coast. Anything to escape the oppressive heat. But among the city’s top-performing law firms, the mood is hot but not bothered. The nine months since Legal Business last visited the Big Apple have brought favourable conditions.
In 2014, the 20 firms in the LB100 that are predominately New York-based amassed $17.03bn at an average revenue per lawyer of $1.2m – well ahead of the Global 100 average and those of the first and second quartiles.
Guest post: ‘More mystery and misinformation’ – welcome to a world without the AmLaw 100
We’re now well into the Am Law 100 season. My former colleagues at The American Lawyer have published their biggest issue of their year, the annual scorecard of the 100 top-grossing US law firms. This much-anticipated report has managed to survive three decades of criticism and consternation and remains the financial benchmark in the US legal market.
Freshfields looks to ruffle New York disputes market with hire of Simpson Thacher’s Martin
Freshfields Bruckhaus Deringer has made a significant move to enhance its US practice with the hire of Simpson Thacher & Bartlett’s experienced corporate disputes specialist Linda Martin.
Orrick strips down on global stage as two German branches are shut
The apparent international retrenchment of Orrick, Herrington & Sutcliffe continues with the top 40 US law firm announcing this week that it is closing its Frankfurt and Berlin offices.
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One of the giants – Bankruptcy legend Harvey Miller dies at 82 after defining US workouts for decades
Bankruptcy pioneer Harvey Miller, one of America’s leading commercial lawyers of the post-War period, has died at the age of 82, it was announced this week.
The Weil Gotshal & Manges partner was America’s most prominent bankruptcy practitioner, playing a pivotal role in a string of landmark cases, including the wind-up of Lehman Brothers, the largest corporate bankruptcy in US history.
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Global London: Ropes & Gray City revenues jump 30%
In line with other US firms that have sustained robust City growth and after bolstering its headcount by 17%, Ropes & Gray has increased its London office revenues by 30% in 2014, bringing them to around $64m.
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HSF strategy review puts US merger and new office launches on the agenda
Herbert Smith Freehills (HSF) is accelerating its US development plans, launching consultations to explore a US merger and office openings outside of New York.
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Strategy review puts US merger and new office launches on HSF agenda
Further New York growth and Washington DC offering on the cards
Herbert Smith Freehills (HSF) is accelerating its US development plans, launching consultations to explore a US merger and office openings outside of New York.
The performance of HSF’s New York office has exceeded early expectations after landing a number of large white-collar investigations and helping to win the firm a role advising JP Morgan Chase on the Asia end of the Securities and Exchange Commission (SEC)’s probe into whether the bank hiring the offspring of powerful Chinese officials helped it to win work in the country, as US regulators ramp up their checks on New York-based investment banks’ activities in Asia.
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