A year on from his move to Allen & Overy (A&O) from Weil, Gotshal & Manges, US bank regulatory head Heath Tarbert talks to Jaishree Kalia about the expanding influence of US regulators and why it’s easier for Magic Circle firms to compete for regulatory work.
‘Highest concentration of millionaire households in the world’: Withers launches alliance with Singapore’s KhattarWong
Just weeks after confirming its expansion plans in Australia, Withers has today (4 February) announced it has established a formal law alliance (FLA) with Singapore law firm KhattarWong.
HSF strategy review puts US merger and new office launches on the agenda
Herbert Smith Freehills (HSF) is accelerating its US development plans, launching consultations to explore a US merger and office openings outside of New York.
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US financials 2014: Baker Botts grows revenues 11% as turnover picks-up at Dechert, McDermott and Goodwin Procter
Following Weil Gotshal & Manges’ impressive profit increase, other US firm numbers continue to paint a positive picture Stateside with Baker Botts recording 11% revenue growth while Dechert, Goodwin Procter and McDermott Will & Emery all see increased turnover.
Global Law Summit misses the mark and a big opportunity
Here at Legal Business we like to set the agenda, so we’re feeling ahead of the game in pointing out shortcomings with this month’s Global Law Summit, the government-backed initiative to celebrate the 800-year anniversary of Magna Carta and British traditions of the rule of law.
The event has been attracting mounting controversy, including last month a scatter-gun attack in The Telegraph (who knew that Telegraph Media Group were such staunch socialists?) and wider criticism of elitism (some fair, some not).
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Pinsents and the confidence dividend – successful law firms need a spring in their step
There are lots of factors that are supposed to have a major role in the success of a law firm that on closer examination are hard to sustain. Issues in this camp include remuneration models, culture, strategy and a specific practice mix. What this list has in common is that there is no right answer – all that matters is what you are doing is appropriate to what you are trying to achieve and the markets that you are working in (and even then it’s less central than supposed). You can be lockstep, eat-what-you kill, collegial or aggressive – it works for some and flops for others. Just look at the extent that the Magic Circle has elevated one particular model of lockstep into some half-baked sacred tenant, with disastrous consequences.
Guest post: Dentons/Dacheng – A theory and rationale
I wasn’t going to write about Dacheng/Dentons until I was. When I first heard about the mega tie-up creating the largest law firm in the world – records are made to be broken, as any number of athletes will happily confide in you – I had only two thoughts: First, this will get everyone’s attention; and second, there is no way any rational person can forecast whether it will succeed or fail or muddle through.
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‘The logical next step’: King & Wood Mallesons secures Singapore licence
Filling in a major hole in King & Wood Mallesons’ (KWM) Asian network, the firm is set to open an office in Singapore, Asia’s largest trading centre for both foreign exchange and commodities.
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Moving up: Walgreens appoints Boots GC as global legal officer
US pharmacy giant Walgreens Boots Alliance has appointed the former general counsel of Alliance Boots, Marco Pagni, as executive vice president and global chief legal and administrative officer just weeks after its £5.6bn merger in December.
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Saudi relations: Clifford Chance special adviser resigns to head public regulator
Clifford Chance’s (CC’s) special adviser in Saudi Arabia, Mohammed Al-Jadaan, founding partner of local firm Al-Jadaan & Partners with which the Magic Circle firm holds a cooperation agreement, has resigned from his role to chair the Capital Market Authority as it oversees the liberalisation of the country’s financial markets.
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Succeeding Eisenberg: Mayhew wins BLP managing partner role
Lisa Mayhew, Berwin Leighton Paisner’s (BLP’s) head of employment, pensions and incentives, has beaten the firm’s corporate chief David Collins to become the firm’s next managing partner.
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Targeting New York: Clifford Chance bolsters NY office with DLA Piper finance partner
With US leadership previously announcing intentions to boost the firm’s New York bench, Clifford Chance has today (3 February) confirmed the hire of DLA Piper’s Gianluca Bacchiocchi as a partner in its banking and finance practice in the Americas.
Revolving doors: OC and Boodle Hatfield both hire in the City while BLP and Pinsents focus on the Middle East
Osborne Clarke started last week with a hire from King & Wood Mallesons in the City but other laterals saw a focus on the Middle East with Boodle Hatfield’s London hire dealing with clients in the region as well as central Asia while Pinsent Masons and Berwin Leighton Paisner (BLP) both hired in the UAE.
Significant departures: Latham & Watkins hires CC’s private equity co-head Oliver Felsenstein
Latham & Watkins has strengthened its corporate bench in Germany with the hire of Clifford Chance’s (CC) co-head of private equity Oliver Felsenstein and partner Burc Hesse.
Accounts revealed: Hogan Lovells records 3.9% international revenue boost as profits slide
Transatlantic firm Hogan Lovells has become the latest to publish its limited liability partnership (LLP) accounts for the 2013/14 financial year, and has recorded a 3.9% revenue boost in its International LLP from £581m to £604m.
Trainee retention: Reed Smith, A&O and HSF keep on over 90% of spring 2015 qualifiers
Allen & Overy (A&O), Herbert Smith Freehills and US firm Reed Smith have helped to quash the nervousness among trainee lawyers across the City, with each keeping over 90% of their recently qualified trainee intakes.
A 17-year dispute: Roadchef workers win legal battle against DAC Beachcroft client over employee shares
Hundreds of workers at motorway service operator Roadchef are set to share a windfall after a 17-year long legal battle against the company’s former chief executive regarding an employee share option scheme.
‘We’re on a journey we haven’t completed yet’: BLM elects senior partner Mike Brown for second term
In an uncontested election, risk and insurance-focused law firm BLM has unanimously re-elected its senior partner, Mike Brown, for a further three-year appointment.
Targeting South Korea: Milbank opens in Seoul
The influx of Western law firms in South Korea continued today (2 February) after local authorities rubber stamped Milbank, Tweed, Hadley & McCloy’s launch in Seoul.
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