After the party – market slowdown pushes US leaders to take stock in London

Posted on |
After the party – market slowdown pushes US leaders to take stock in London

The easy narrative is that the party is over. After years of rapid expansion by international law firms in London, 2023 saw lawyer headcount at Global London firms inch up by just 1.8% – a figure which appears to provide confirmation that the City interlopers are finally starting to apply the brakes in London as deal volumes dry up.

And that narrative does bear up to scrutiny – to an extent. Last year more than half of the 50 Global London firms saw headcount in the capital flatline or decrease, and across the largest ten, combined headcount fell by 1%, with big firms such as White & Case, Baker McKenzie and Reed Smith all seeing London lawyer count dip. Continue reading “After the party – market slowdown pushes US leaders to take stock in London”

McDermott hires London M&A partner from Cooley as global revenue nears $2bn mark

Posted on |
McDermott hires London M&A partner from Cooley as global revenue nears $2bn mark

McDermott has announced today (28 February) that Michal Berkner has joined the firm as a partner, bolstering its transactions practice in London.

She joins from Cooley, where she led the cross-border M&A practice, including negotiated and unsolicited transactions and joint ventures. Her clients include strategic and private equity buyers and sellers in public and private transactions. Continue reading “McDermott hires London M&A partner from Cooley as global revenue nears $2bn mark”

‘Stunning achievement’: revenue and profit surge at Quinn’s London office

Posted on |
‘Stunning achievement’: revenue and profit surge at Quinn’s London office

Quinn Emanuel Urquhart & Sullivan posted an impressive set of 2023 financial results for its London office today (10 January), with revenue up 47% to £196.6m and profit up a staggering 60% to £153.6m, with a profit margin of 78%.

London senior partner Richard East (pictured), who founded the office in 2008, said: ‘We are extremely pleased with our 2023 results. It is a stunning achievement for a “disputes only” practice to approach £200m in revenue, especially taking into account the number of partners we have in London. This year’s results were boosted by a material one-off success fee, but even without this fee the office has very significantly improved revenue and profit as against 2022.’ Continue reading “‘Stunning achievement’: revenue and profit surge at Quinn’s London office”

Weil set for new London leadership as longstanding office head Mike Francies prepares to step down

Posted on |
Weil set for new London leadership as longstanding office head Mike Francies prepares to step down

Longstanding Weil Gotshal & Manges London managing partner Mike Francies is set to step down after more than 20 years in the role. Francies, who joined Weil from Clifford Chance in 1998 and started leading the office two years later, will retire at the end of 2024.

Public M&A partner David Avery-Gee and private equity partner Jonathan Wood will work alongside Francies as co-managing partners for a transition period starting in January 2024. Continue reading “Weil set for new London leadership as longstanding office head Mike Francies prepares to step down”

Skadden goes organic with three City promotions as investment intensifies in London

Posted on |
Skadden goes organic with three City promotions as investment intensifies in London

Skadden has made up its largest haul of new partners in London since 2008, a further showing of support for the City office after an uncharacteristically expansive stint in the lateral recruitment market of late.

The move sees the famously conservative Wall Street giant promote three new partners as part of a 17-strong global round, matching a commitment to organic growth in London last seen 13 years ago. Continue reading “Skadden goes organic with three City promotions as investment intensifies in London”

‘Reloaded, but not in time’: Dechert defends revenue and profit dip as Mayer Brown inches past $1.5bn turnover

Posted on |
‘Reloaded, but not in time’: Dechert defends revenue and profit dip as Mayer Brown inches past $1.5bn turnover

As the financial reporting season for Global 100 firms gathers pace, some less eye-catching financial results have emerged, with Dechert seeing a 6% revenue and profit reversal and Mayer Brown growing turnover only marginally to exceed $1.5bn.

Mayer Brown grew global revenue a sedate 2% to $1.52bn from just shy of $1.5bn last year when the firm recorded 7% revenue growth, while revenue per lawyer saw a slight 1% dip to $900,000 in 2020. Profit per equity partner (PEP) numbers were more heartening, climbing 11% to $2m from $1.8m in 2019 in the context of a 2% uptick in partners to 657 from 646 last year. Total lawyer headcount increased 3% to 1,685 from 1,632 in 2019. Continue reading “‘Reloaded, but not in time’: Dechert defends revenue and profit dip as Mayer Brown inches past $1.5bn turnover”

‘Growth in the offing’: Cooley’s City turnover hit by IP team exit as PEP tops $3m 

Posted on |
‘Growth in the offing’: Cooley’s City turnover hit by IP team exit as PEP tops $3m 

Cooley’s London office has suffered a 4% revenue drop following the loss of its intellectual property team amid a striking 25% surge in PEP to $3.2m and strong financials globally.

The results revealed London turnover fell to $70.3m from $72.9m in 2019 – a reversal after a 9% increase last year marked a third consecutive year of revenue growth .  Continue reading “‘Growth in the offing’: Cooley’s City turnover hit by IP team exit as PEP tops $3m “

Rude health: White & Case City revenue soars 18% and PEP cracks $3m to defy Covid

Posted on |
Rude health: White & Case City revenue soars 18% and PEP cracks $3m to defy Covid

White & Case has traversed the pandemic minefield to reveal its strongest City financial results yet, with the London office increasing revenue by 18% in 2020 to $397m from $337m in 2019.

The pacey London showing comes against a backdrop of global success and proved something of a resurgence, given disappointing results in 2019 when City revenue dropped 4% amid subdued global  turnover growth of 7%. Continue reading “Rude health: White & Case City revenue soars 18% and PEP cracks $3m to defy Covid”

US march into London continues as Armstrong Teasdale completes acquisition 

Posted on |
US march into London continues as Armstrong Teasdale completes acquisition 

Missouri-bred Armstrong Teasdale has made an ambitious London launch via the acquisition of Kerman & Co and its 50 lawyers and staff.

The buyout will boost Armstrong Teasdale’s global headcount to over 340 lawyers, and marks the firm’s eighth office opening in the last two years. It swiftly follows the firm’s Delaware launch in January.   Continue reading “US march into London continues as Armstrong Teasdale completes acquisition “