Magic Circle in the US: Running to stand still

Magic Circle in the US: Running to stand still

‘There are more than 40 US law firms that are more profitable than the Magic Circle. The Magic Circle firms are, in US profit terms, very much middle-of-the-road players.’

Maurice Allen, founder of consultancy LTN & Partners, who has been a partner at Clifford Chance (CC), White & Case, Weil, Freshfields and Ropes & Gray, is under no illusions about the scale of the challenge facing the Magic Circle firms in the US. Top US firms continue to increase their profitability, while UK firms struggle to stand alongside them. Continue reading “Magic Circle in the US: Running to stand still”

Clifford Chance names Cohen first New York managing partner amid fresh bid to crack America with Houston office opening

Clifford Chance names Cohen first New York managing partner amid fresh bid to crack America with Houston office opening

In the wake of Allen & Overy’s stated ambition to merge with Shearman & Sterling, announced in May, Magic Circle peers have found themselves in the unenviable position of having to demonstrate to the market that they also have a coherent US expansion strategy.

Clifford Chance (CC) did not disappoint, on 15 June naming Ness Cohen as the first ever managing partner of its New York office. Cohen, a real estate lawyer by trade, has worked at CC since 1998 and was promoted to the partnership in 2007. He has also held the positions of regional practice area leader of the Americas real estate practice and chair of the Americas personnel committee. Continue reading “Clifford Chance names Cohen first New York managing partner amid fresh bid to crack America with Houston office opening”

A&O opens in Boston as Simmons launches in Silicon Valley

A&O opens in Boston as Simmons launches in Silicon Valley

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”

Letter from Manhattan – The $6.4m question

Letter from Manhattan – The $6.4m question

‘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”

Cracking Wall St is the prize of the decade for City leaders

Cracking Wall St is the prize of the decade for City leaders

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”

Different strokes – Three perspectives in championing diversity in corporate America

Different strokes – Three perspectives in championing diversity in corporate America

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 double merger adds 300 lawyers to create ‘first truly national US law firm’

Dentons double merger adds 300 lawyers to create ‘first truly national US law firm’

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’”

‘Focus and speed’: A&O to fast-track US investment after foiled O’Melveny merger with new hires imminent

‘Focus and speed’: A&O to fast-track US investment after foiled O’Melveny merger with new hires imminent

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”