Freshfields is acting for the official receiver
One of the largest UK insolvencies for years, the collapse of construction giant Carillion is poised to have a wide-ranging impact on a number of industries, not least among the most prominent restructuring and insolvency advisers in the City. Continue reading “Carillion collapse: Global 100 firms take centre stage as construction giant enters liquidation”
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. Continue reading “Comment: Magic Circle playbooks in Europe are full of contradictions’”
As Legal Business gathered a group of the legal elite at the top of Tower 42 to debate the issues facing the world’s top law firms – the question arose as to whether anything truly threatens law’s premier league.
Certainly the going has been more challenging since the banking crisis for all sections of the legal industry, whether you are betting on ‘flight-to-quality’ or ‘more-for-less’, but overall the Global 100 looks no nearer to an existential threat or much meaningful consolidation. AI? The accountants? New Law providers? The former reflects a genuine force set to substantially change the industry, though it is not apparent whether that will come at the expense of high-end law firms. The latter two players have yet to come near to living up to the fanfare made for them.
Continue reading “Superstar clients and super-threats to global law”
US and Magic Circle advisers on the mega acquisition of ARM holdings by Japanese group SoftBank will together rake in £14.5m in fees, the latest deal documents show.
Continue reading “In the bank: Global 100 firms bill £14.5m on mega ARM acquisition”
Firm posts impressive 8% PEP hike and 7% revenue increase despite headcount drop
With the unaudited results of firms in, Freshfields Bruckhaus Deringer has produced the standout 2015/16 financial performance in what was another muted year for the City’s most powerful law firms.
From an intensely competitive market in Asia to renewed fears of states breaking from the EU, law firm leaders give us the global perspective.
‘It is encouraging that the factors contributing to a high level of dealmaking over the past year remain in place, and we are optimistic that these conditions will sustain robust M&A activity, particularly in the telecoms/media and energy sectors, and consolidating industries, such as pharma and healthcare. We may see increased interest in inbound M&A into Europe as its economic recovery continues.’
Eric Friedman, executive partner, Skadden, Arps, Slate, Meagher & Flom
‘Most people underestimate how competitive it is in Asia to win work against UK and US firms. Clients are very selective and it’s very price competitive, even for the complex cross-border work. Everyone is competing hard to get to know the client.’
Stuart Fuller, global managing partner, King & Wood Mallesons
Continue reading “Global 100 – Market Comment 2015: Word from the World”
For all the improving signs, glancing at our annual Global 100 report shows headline performance largely comparable with 2013. The group increased billings by 4% to $88.63bn, a rise of 4% and the same growth rate achieved in 2013. Continue reading “Comment: Global 100 – a little bit of life before Lehman returns. But only a little”
Magic Circle firm posts 16% PEP hike against 7% revenue increase
Clifford Chance has emerged as the strongest-performing Magic Circle firm financially for 2013/14, as the UK elite all unveiled unaudited sterling figures to coincide with the launch of the Global 100 this month.
The 3,000-lawyer firm has revealed a 7% rise in revenues to £1.36bn, up from £1.27bn in 2013. Profit per equity partner (PEP) has increased significantly to push average partner drawings back to over £1m after a blip last year, up a trend-busting 16% to £1.14m from £983,000.
Continue reading “Clifford Chance eclipses UK elite as Global 100 unveiled”
Although the global recession laid many of the world’s leading law firms low for a time, this year’s Global 100 sees a return to form for some storied players. Legal Business discovers which firms have found their powers again.
It has been a rough few years for the supermen and women of the world’s largest law firms. While the disputes and insolvency markets have soared since the 2008 banking crisis, the big name transactional lawyers who had driven their firms’ growth for the preceding two decades faced a prolonged period where their powers and status faded as confidence ebbed from Western markets.
