Strategic recruitment: Kirkland takes four from the Magic Circle as global players make moves in Madrid

Strategic recruitment: Kirkland takes four from the Magic Circle as global players make moves in Madrid

The beginning of autumn has seen the lateral hiring merry-go-round intensify after the more muted summer months, as UK and international firms secured substantive reinforcements in corporate, funds, tax and infrastructure.

The headline City arrival came as Kirkland & Ellis brought in Allen & Overy (A&O)’s global co-head of infrastructure Sara Pickersgill. Ranked in The Legal 500’s Hall of Fame, Pickersgill is an established market leader in infrastructure, energy and renewables corporate transactions, having been with the Magic Circle firm for more than 20 years. Pickersgill was swiftly followed to Kirkland by infrastructure funds partners James Boswell and Paul Sampson, who arrived from Clifford Chance and A&O respectively. Then in October they were joined by infrastructure M&A partner Toby Parkinson, who had been co-head of CC’s infrastructure sector. Continue reading “Strategic recruitment: Kirkland takes four from the Magic Circle as global players make moves in Madrid”

Stick or twist? City firms battle it out in NQ salary brinkmanship after Allen & Overy freezes rates

Stick or twist? City firms battle it out in NQ salary brinkmanship after Allen & Overy freezes rates

The war for junior talent at the top end of London’s legal market entered a new phase of brinkmanship this year, as firms jostled for position after Allen & Overy (A&O)’s decision to freeze its associate rates.

A&O froze its newly-qualified (NQ) salaries in late June, citing a ‘more challenging business environment’. The firm typically reviews pay later in the year, but A&O decided to bring the decision forward. Continue reading “Stick or twist? City firms battle it out in NQ salary brinkmanship after Allen & Overy freezes rates”

‘Never say never’: KPMG legal chief Nick Roome on law firm buyouts and supercharging lateral recruitment

‘Never say never’: KPMG legal chief Nick Roome on law firm buyouts and supercharging lateral recruitment

At a watershed moment in the Big Four’s protracted entrance into the UK legal market, KPMG’s head of legal remains bullish about making a big impact

A provocative 2017 Legal Business cover, featuring EY’s UK legal head Philip Goodstone, questioned: ‘Big Four, Big Threat?’ At the time it felt like a pressing question. These days it feels more rhetorical. Continue reading “‘Never say never’: KPMG legal chief Nick Roome on law firm buyouts and supercharging lateral recruitment”

Partner promotions: Kirkland unveils largest ever class as US firms reveal 2022 cohorts

Partner promotions: Kirkland unveils largest ever class as US firms reveal  2022 cohorts

The first wave of US firms has announced their latest round of partner promotions, as Kirkland & Ellis, White & Case, Goodwin, Morgan Lewis and Covington & Burling revealed their classes of 2022.

Kirkland & Ellis has minted 193 lawyers in a new record for the expansive juggernaut, following the 151-strong round announced last year and the 145 promotions unveiled in 2020. Continue reading “Partner promotions: Kirkland unveils largest ever class as US firms reveal 2022 cohorts”

The big stories of the past two months

The big stories of the past two months

Robust revenue and profit growth for UK and US firms

First to report on a 2021 calendar-year basis, US firms set a high bar for impressive gains as robust financial results were released. Another bumper year for private equity saw Kirkland & Ellis retain its title as the world’s highest-grossing law firm with revenue exceeding $6bn for the first time following a 25% increase, while profit per equity partner (PEP) spiked by more than 19%, reaching $7.38m. Continue reading “The big stories of the past two months”

Strategic recruitment: Ropes makes triple private equity swoop as Latham loses energy partner to Milbank

Strategic recruitment: Ropes makes triple private equity swoop as Latham loses energy partner to Milbank

The hot legal recruitment market is showing no sign of cooling down with summer looming, as firms continued to strengthen their benches at home and abroad.

Starting in May, Ropes & Gray took further steps towards its goal of becoming the go-to private equity practice in the City with the addition of partners Dan Oates, Simon Saitowitz and Angela Becker in the London office. Continue reading “Strategic recruitment: Ropes makes triple private equity swoop as Latham loses energy partner to Milbank”

The American dream: US firms in expansion mode amid wave of international office openings

The American dream: US firms in expansion mode amid wave of international office openings

Spring seems to have brought out the globetrotting spirit among American law firms, with Cravath, Swaine & Moore, Kirkland & Ellis, Winston & Strawn and Quinn Emanuel Urquhart & Sullivan all announcing plans for ambitious office launches in recent weeks.

The headline investment was Cravath’s commitment to a new office in Washington DC. The move, announced on 6 June, will be seen as something of a coup for the traditionally conservative Wall Street giant, the new outpost becoming just the third in Cravath’s international portfolio. The New York headquarters was established in 1819 and the London office opened in 1973. The Manhattan stalwart also once had a presence in Paris and Hong Kong, although those closed in 1983 and 2003 respectively. Continue reading “The American dream: US firms in expansion mode amid wave of international office openings”

Gerrard revelations and Ince restaurant-gate pose ethical quandaries for profession

Gerrard revelations and Ince restaurant-gate pose ethical quandaries for profession

If the Ukraine invasion and its ensuing debates around right to representation inflicted a bruise on the legal profession’s reputation, recent professional misconduct episodes have surely left a greater wound.

In early May, a Twitter post authored by a Cardiff restaurant owner went viral, containing claims that a group of Ince lawyers had behaved inappropriately towards a waitress. Continue reading “Gerrard revelations and Ince restaurant-gate pose ethical quandaries for profession”

‘A true star and magnificent friend’: Industry greats bid farewell to Skadden M&A doyen Scott Simpson

‘A true star and magnificent friend’: Industry greats bid farewell to Skadden M&A doyen Scott Simpson

Asking around the market for tributes to Scott Simpson, Skadden’s eminent M&A partner who died suddenly at the age of 65 on 29 May, soon confirmed what was long suspected. Scott was the kind of man who got everyone up dancing to rock music, the sort of man who put the shirt-related fear of God into German hoteliers, the consummate enthusiast, sportsman and loving family man. He was the kind of man who would not hear of allowing a legal journalist to go unescorted in a foreign city or flinch when she put her foot in it. Effortlessly kind, generous, clever and funny.

Michael Hatchard, the now retired partner who did much to make Skadden a US heavyweight in public M&A work in Europe, recalls fondly: ‘When called to Düsseldorf for what would become the defence of Mannesmann in the bid from Vodafone, Scott left London just before the New Year holidays without hesitation with an overnight bag. He didn’t surface until the spring, by which time he had become a central player in the defence team and the deal had become recommendable. The hotel eventually asked him to sign a waiver because the collars on his much over-laundered shirts were about to fall off.’ Continue reading “‘A true star and magnificent friend’: Industry greats bid farewell to Skadden M&A doyen Scott Simpson”

BLM salaried partners forced to re-apply for roles as Clyde merger looms

BLM salaried partners forced to re-apply for roles as Clyde merger looms

Salaried partners at BLM will have to re-apply for their positions once the firm’s merger with Clyde & Co goes live on 1 July.

Subject to a consultation, the salaried partners at BLM will be automatically transferred to Clyde with the title of legal director, and then given three options. Aside from remaining a director, they can apply to become a salaried partner (this option is only open to the casualty insurance practice) or a full equity partner at the merged firm. Continue reading “BLM salaried partners forced to re-apply for roles as Clyde merger looms”