There was never any doubt that 2018 would prove another good year for US law firms in London coming off what has been a great decade for the breed. But it is only when you start to pull together the numbers that you realise how fast the City legal market is shifting in favour of American entrants. Legal Business has a reputation for being bullish on US firms in London. These numbers indicate that we haven’t been bullish enough. There are now more than 7,000 lawyers working in the London offices of the top 50 largest practices in London. Even stripping out the impact of including the legacy Berwin Leighton Paisner’s City practice, that’s an annual increase of 7%, a startling growth rate and one that is actually accelerating even as many expected investment in London to slow in the face of the UK’s looming exit from the EU.
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”
Revolving Doors: Akin Gump does the double, Kirkland boosts funds and Sidley recruits crime veteran as US firms power lateral market
Akin Gump Strauss Hauer & Feld led the way in the City lateral market last week after hiring two funds partners from O’Melveny & Myers’ City arm, while Kirkland & Ellis and Sidley Austin also made senior hires.
Daniel Quinn and Aleksander Bakic start their new roles at Akin Gump today (1 April), after the duo decamped from Allen & Overy’s prospective merger partner O’Melveny. Both focus on private equity transactions, and will work in the firm’s investment management practice and transactional platform in London. The Texas-bred Akin Gump, meanwhile, also announced the hire of Allen Shyu in Beijing, who joins from Stephenson Harwood. Continue reading “Revolving Doors: Akin Gump does the double, Kirkland boosts funds and Sidley recruits crime veteran as US firms power lateral market”
A year after becoming the first law firm to break the $3bn barrier, Latham & Watkins has posted an even stronger set of financial results, growing revenue at a faster 11% rate to hit $3.386bn in 2018.
Meanwhile, Sidley Austin joined the growing number of US firms to report double-digit growth for their City operations in 2018, hiking London revenue 14% to £97.5m. Continue reading “‘Only the beginning’: Latham adds more than $300m to top line as Sidley nears £100m in the City”
Further evidence of significant lateral movement between US players in London emerged today (7 February), with news that one the City’s most respected finance veterans, Chris Kandel, has quit Latham & Watkins after nine years to join Morrison & Foerster’s resurgent City arm.
Kandel, a standout performer with a proven track record in leveraged finance, acquisition finance and restructuring, joined Latham in 2010 from White & Case, where he was co-head of the London bank finance practice. He was global co-chair of Latham’s finance offering. Continue reading “MoFo strikes London pay dirt with hire of Latham finance co-chair Kandel”
An array of City and US firms have landed roles advising on Boston Scientific’s buyout of British healthcare firm BTG in the latest bumper deal in the pharmaceutical sector. Allen & Overy (A&O), Shearman & Sterling, Travers Smith, White & Case, and Arnold & Porter Kaye Scholer were all called upon to advise on the deal, continuing a spate of takeovers in the UK healthcare market.
Shearman acted as lead counsel for longstanding client Boston Scientific, with a team headed by New York corporate partner Clare O’Brien alongside London-based veteran Europe and Middle East M&A head Laurence Levy. City firm Travers worked alongside Shearman, with partner Mahesh Varia advising on share option schemes, while Arnold & Porter Washington DC antitrust partner Michael Bernstein was also drafted in by Boston Scientific. Continue reading “Pharma just the tonic for US firms leading on Boston Scientific’s £3bn bid for BTG”
- Herbert Smith Freehills (HSF) is advising entertainment and communications company ARRIS on its proposed $7.4bn acquisition by CommScope Holding Company. The HSF team is led by corporate partners Gavin Davies, Alex Kay and Caroline Rae. Pinsent Masons is acting for CommScope on the acquisition with corporate partners Rob Hutchings and Roberta Markovina leading. Alston & Bird also advised CommScope while fellow US outfit Troutman Sanders acted alongside HSF for ARRIS.