Summer 2015. Four US lawyers meet at Nobu restaurant in London. Sidley Austin management committee chair Larry Barden and Europe head George Petrow have invited two City-based lifers from long-time Chicago rival Kirkland & Ellis: private equity (PE) partners Erik Dahl and Christian Iwasko. On the table is a plan to shake up Sidley’s loss-making London operation by building a PE practice from scratch. Dahl and Iwasko are sceptical, but their patience with Kirkland has been worn thin by its latest round of top-dollar hires.
A few weeks later, Dahl and Iwasko sneak out of a Kirkland partner conference in Chicago to meet Barden and Petrow again. Doubt is giving way to enthusiasm: Sidley is prepared to invest an eye-catching sum and give the duo free reign. Six months later, the deal is signed. Dahl, Iwasko and four other London partners join Sidley in February 2016. Continue reading “Global London: The Big Long – Inside Sidley’s daring attempt to relaunch as a private equity leader”
In last year’s Global London overview, attention focused on three non-UK firms with more than 400 lawyers in the City. Now, the 500-lawyer barrier has been broken by Baker McKenzie and two rivals are not far behind. Many US firms are achieving London headcount and revenue growth that is leaving worldwide performance for 2018 – which in itself has been strong overall – trailing in its wake.
Global London firms now have more than 7,000 lawyers in the City, 61% more than in 2008, the year Lehman collapsed. But the Global London top 50 in 2019 is again polarised by either dramatic expansion or significant decline – few firms have remained static. Continue reading “Global London overview – Sharks in the fish pond”
To mark the launch of our 2019 Global London report, we ask senior management at the leading US firms in London for a progress update
‘Milbank does not just have stellar transactional practices: a very significant component of the London office are countercyclical businesses such as restructuring and litigation. They are among the strongest performers. At some point the economy may deteriorate, but we have positioned ourselves to thrive in good and bad conditions.’
Julian Stait, London co-managing partner, Milbank Continue reading “The Last Word – Global London perspectives from inside the shark tank”