UK firms have made significant moves stateside, with Allen & Overy and Simmons & Simmons announcing the opening of new US offices.
Allen & Overy’s US expansion project appears set to continue. With a new office in Boston set to open following the arrival of a five-partner group from Goodwin. The firm, which has been recruiting across numerous US practice areas since the collapse of the planned merger with O’Melveny & Myers, welcomed the new partners into its intellectual property litigation practice, significantly bolstering its offering in the life sciences industry. Elizabeth Holland will join the New York office and is set to become the head of the US life sciences practice, with Bill James joining the firm in Washington. Continue reading “A&O opens in Boston as Simmons launches in Silicon Valley”
‘Not everybody gets corrupted. You have to have a little faith in people.’ The parting shot from Woody Allen’s iconic 1979 film Manhattan resonates among the Wall Street elite lamenting the increasing lure of megabucks within even the most clubby of partnerships.
In a legal community renowned for its glacial pace of change, New York has recently seen its share of upheaval, triggered by headline-grabbing paychecks testing faith in patrician partnership models. Continue reading “Letter from Manhattan – The $6.4m question”
If much of the commentary in this issue focuses on what has gone awry for major UK law firms in the previous decade, this column will tackle one big opportunity ahead and there is no bigger opportunity for City firms than the US.
Now for many, the received wisdom is that the London elite have wasted their chance, leaving the vast US legal market effectively closed to them. There is much to that argument. Had the group built on their initial beachheads in the early 2000s, the picture would be very different now. Clifford Chance (CC) partners still lament the Rogers & Wells tie-up, a mis-sold marriage that nonetheless offered a basis for growth that CC instead spent the next 15 years squandering. Had it achieved a conservative 3-5% annual growth at this practice after the deal, it would be generating over $600m stateside now. Continue reading “Cracking Wall St is the prize of the decade for City leaders”
Rachel Gonzalez, general counsel, Starbucks
Starbucks has a fundamental business tenet that we are creating a welcoming place for all people, and that means inclusion and diversity is critical to our success. We provide inclusion training and tools to managers to ensure we are preparing all leaders to foster a diverse culture based on merit. Continue reading “Different strokes – Three perspectives in championing diversity in corporate America”
Dentons will have more than 1,000 lawyers across 33 US markets following the latest in a long line of tie-ups announced since the start of the summer.
After expanding in South America, Asia Pacific and Africa through ten mergers since July, the globetrotting firm has announced it is to combine with 175-lawyer Midwest firm Bingham Greenebaum and 140-strong Pennsylvania-bred Cohen & Grigsby. Continue reading “Dentons double merger adds 300 lawyers to create ‘first truly national US law firm’”
Andrew Ballheimer, Allen & Overy’s (A&O’s) global managing partner, has promised heavy investment in its US practice in the wake of the City giant’s abandoned tie-up with O’Melveny & Myers, saying new US hires are on the verge of being announced.
Speaking to Legal Business on Friday (6 September), Ballheimer said the market could expect ‘more focus and speed of execution’ in the Magic Circle firm’s US recruitment push as new partners, including US lawyers, have recently been voted in by the partnership. Continue reading “‘Focus and speed’: A&O to fast-track US investment after foiled O’Melveny merger with new hires imminent”
Judging the world’s largest law firms, it is becoming a familiar tradition after we unpack the results of the Global 100 to look ahead to a more troubled outlook… which then turns into another year of robust growth.
Take 2019’s results, one of the strongest showings since the banking crisis a decade ago, which have seen the group push revenue up 9% to $113.51bn, while profits per equity partner (PEP) across the 100 increased 7% to an average $1.87m. Over a third of firms saw revenues increase by more than 10%, up from 16 in 2016; just four saw declining turnover. While underlining revenue per lawyer once again barely moved upwards, there are now 19 firms with PEP in excess of $3m, all bar one American, and eight exceeding $4m. Continue reading “Comment: Global 100 reportcard – US leaders continue decade-long surge as City rivals dither”
For reporters used to the profession’s usual cautious pronouncements, it is striking how enthusiastic California lawyers are about the outlook; in the Bay Area you can forget the caveats that still dominate in New York and London. ‘We are in this extraordinary period of extended boom,’ says Cooley’s San Francisco corporate partner Rachel Proffitt. ‘We see equal strength in capital markets and M&A and that’s because there is so much capital. All indicators point to a continued strong year.’
The list of bullish quotes collected in a dozen interviews with the West Coast legal elite is certainly lengthy. Many note the much-touted fact that if the state was a country, California would be the world’s fifth-largest economy (now larger than the UK). It is also America’s most populous state and third-largest by land mass, measuring 770 miles at its longest point. Others simply invite you to drive down the 101 route from San Jose to San Francisco and look around at the offices of the Sunshine State’s corporate titans like eBay, PayPal, Google, Visa, Intel, Oracle, Twitter… the full list of tech giants remaking multiple industries on a global level. Continue reading “Global 100 – Letter from Silicon Valley”