An oft-cited phrase from partners of law firms is that ‘the partners are the guardians of the firm for the next generation of lawyers’.
However, cultural changes and behavioural traits, particularly those of Generation Y and Millennials, has – and is – leading certain professional services firms to consider the appropriateness of their existing corporate and organisational structures, as well as their working environment and culture. Continue reading “Sponsored briefing: The rise of the law firm IPO”
High-profile litigation funder Vannin Capital has shelved its planned initial public offering (IPO) only one month after announcing its intention to float, blaming volatile equity markets.
The move is a blow for the fast-growing litigation funder, which in September hired Allen & Overy veteran David Morley (pictured) as chair to spearhead the October listing, which would have seen £70m of new shares issued and some shares held by existing shareholders sold. Continue reading “Vannin Capital shelves IPO as volatile market knocks Aston Martin and Funding Circle listings”
Often described as the legal equivalent of Uber, flexible lawyering start-up Lexoo has secured $4.4m in financing to overhaul its global business development.
The backing has been led by investment house Earlybird with additional financing from Forward Partners and Zoopla general counsel (GC) Ned Staple. Continue reading “‘Part of a wider trend’: Flexible lawyering start-up Lexoo secures $4.4m for business development overhaul”
Hamish McNicol speaks to chief executive Adrian Biles about tubthumping, going public and frustration
Gordon Dadds managing partner and group chief executive Adrian Biles talks ambitions for nearly an hour before recalling a story about a businessman who never smiled in photos. The reason being those photos were always the ones that would accompany any bad news stories further down the track. Continue reading “Gordon Dadds acquisition sweep continues but breakthrough deal remains illusive”
DAC Beachcroft will reward top-performing partners with more generous bonuses after the top-25 Legal Business 100 firm voted through changes to its remuneration structure.
The national firm has introduced the new bonus scheme with immediate effect following a full governance review, removing a cap on the level of profit going into its merit pool to allow for more flexibility in remuneration. Continue reading “Profitability drive sees DAC Beachcroft hike bonuses to incentivise top performers”
Hogan Lovells International, which covers the firm’s operations outside of the US, has seen an 8% increase in turnover compared to the previous year, according to the firm’s filings on Companies House. This saw revenue jump from £591m in 2015 to £638.2m for the year ended April 2016. Continue reading “Hogan Lovells International posts 26% PEP boost as firm moves to pay down pension liability”
RPC’s consulting arm will spend more than £3.5m on its acquisition of Cambridge software company Marriott Sinclair, purchased in July 2015. Continue reading “RPC splashes more than £3.5m on software for loss making consulting arm, LLPs reveal”
After resigning last month, King & Wood Mallesons’ (KWM) influential head of investment funds and major biller Michael Halford will be joining Goodwin Procter and has taken several other partners with him.
Continue reading “Goodwin Procter to take Halford and other KWM partners as recap fails”
As the European and Middle East partnership of King & Wood Mallesons considers a rescue plan to stabilise the business, Legal Business can reveal the firm has made a cash call to salaried partners, and guaranteed minimum earnings to equity partners.
Continue reading “Inside KWM’s rescue deal: Management guarantee minimum earnings as salaried partners also tapped for cash”