Month: June 2015

Posted on

Gateways – the lawyer’s view on gaining access to North Africa

While Morocco stands apart as a portal into Africa for foreign investors, neighbour Algeria starts to open up. We ask international law firms to share their experiences of working in the region.

In the globalisation race, Casablanca has established an early lead as one of the primary entry points into Africa, along with Johannesburg. It is akin to the emergence in the last decade of Hong Kong and Singapore as the key finance centres for Asia. But can Morocco and neighbouring Algeria achieve a position of genuine global influence, when Paris, London and also Dubai remain places where many African transactions are executed?

Continue reading “Gateways – the lawyer’s view on gaining access to North Africa”

Posted on

Lockstep has to go for Magic Circle to enter new global elite

Conservatism and intransigence are qualities often bemoaned in the legal industry, in many cases beyond their manifestation. But there is one aspect in which the upper reaches of City law have shown a resistance to change verging on the surreal: the desperate embrace of a highly restrictive model of lockstep.

As we argue in our Future of Law special this month, the Magic Circle model is under intense pressure after seven years in which big changes in the industry and global economy have shifted against the group. Under the bonnet, these firms – which are well-run institutions that have been a British success story for very good reasons – have been through substantial restructuring in response. With a better global economy, strong international networks and transactional and contentious activity currently robust – a leaner and more productive big four are positioned for dramatic increases in profitability as their core markets pick up. And 2014/15 should be a very respectable year for the group.

Continue reading “Lockstep has to go for Magic Circle to enter new global elite”

Posted on

2025: a vision of Big Law

It is 2025 and the view from the nominal head office of the leading City law firm remains as uncertain as it has for the last 15 years. Not that there hasn’t been progress at what would once have been called a Magic Circle firm. With revenues of £2.5bn, the firm now generates only 30% of its income from the UK. That isn’t much more than it earns from its US practice, which was bolstered four years ago by a takeover of an AmLaw 200 practice, and the decision to reshape its executive and partnership to put London and New York at its heart. The notion that it needed to become a true Anglo-American institution was a culture shock but few seriously question it now.

The old lockstep is long gone – top earners in London, New York and Asia earn five times that of junior partners or those working in less profitable jurisdictions and there are two gateways to negotiate, though it’s still a long way from eat-what-you-kill. Profit per equity partner at £1.9m isn’t that much higher than a decade before but top earners take home well over £3m a year.

Continue reading “2025: a vision of Big Law”

Posted on

Be wary of vaulting ambition as competition ramps up in Scotland

An interesting battle is raging in Scotland on levels large and small. In early May, the Scottish National Party (SNP) swept to victory in 56 of the 59 seats available to it in the General Election and party leader Nicola Sturgeon pressed prime minister David Cameron to revisit the draft legislation on devolving more powers to Holyrood. Bolstered by a suddenly soaring national profile, the SNP leader claimed the proposed reforms were not in the spirit of the Smith Commission’s recommendations following the referendum on independence last year. Entente cordiale persists, but there’s an undercurrent of tension on both sides as the 300-year-old union has never looked under more pressure.

This tussle will continue for some time yet as, although the SNP hasn’t pushed for a second independence referendum, that threat will never be far from the table. The UK government might take a more phlegmatic approach and give the SNP exactly what it is asking for… and more. Cameron has been reportedly pressed by some senior Tories to call Sturgeon’s bluff and put full fiscal autonomy on the table, believing the SNP may baulk as that would leave the Scots on the hook for budget collection and cuts as well as spending, potentially leaving the Scots government with an £8bn hole in its budget.

Continue reading “Be wary of vaulting ambition as competition ramps up in Scotland”

Posted on

DAC Beachcroft set for defining post-merger management election

DAC Beachcroft is gearing up for a management election this summer between both insurance and non-insurance partners as the firm looks to select its first new executive team since the merger of Davies Arnold Cooper and Beachcroft in October 2011.

Current senior partner Simon Hodson and managing partner Paul Murray have been in place since 2005 when they were elected to the roles at legacy Beachcroft and then re-elected for a second term in 2010. Neither will stand again this time around.

Continue reading “DAC Beachcroft set for defining post-merger management election”

Posted on

The proposition – what you always wanted to know about adding value (but were afraid to ask)

For years general counsel have professed their commitment to ‘adding value’. Is there any substance to the jargon?

Most general counsel (GCs) don’t think much of the term ‘adding value’ – a surprising revelation considering how frequently those two banal words crop up in conversation with in-house counsel.

Continue reading “The proposition – what you always wanted to know about adding value (but were afraid to ask)”

Posted on

Russian market beckons for Kennedys as others continue to ‘adjust’

After several top 25 global firms cut backs their Moscow offerings last year, there have been signs of renewed interest in Moscow as Kennedys set up a Russian base last month through an exclusive arrangement with local firm and former Clyde & Co best friend CIS Advocates, while Chadbourne & Parke invested in a new managing partner.

Kennedys’ launch comes with the hire of former Clyde & Co Russian insurance practice head Constantin Saranchouk, along with an associate, and follows troubled markets in Russia across 2014 that saw a raft of firms scale back in the region due to international sanctions.

Continue reading “Russian market beckons for Kennedys as others continue to ‘adjust’”

Posted on

Greenberg Traurig builds European real estate team with 12-lawyer hire from A&O and Norton Rose

In a bid to enhance its real estate offering in Central Europe, Greenberg Traurig last month recruited 12 lawyers to its Warsaw office from Allen & Overy (A&O) and Norton Rose Fulbright (NRF).

Joining Greenberg is A&O’s Warsaw real estate head Radomił Charzyński and NRF’s Warsaw real estate head Agnieszka Stankiewicz. Charzyński brings with him three others, including senior associate Karol Brzoskowski, who becomes a partner at Greenberg, and two senior associates, while Stankiewicz, named a leading individual in The Legal 500 for Polish real estate, brings with her local partner Magdalena Życzkowska-Jóźwiak, one senior associate and five associates.

Continue reading “Greenberg Traurig builds European real estate team with 12-lawyer hire from A&O and Norton Rose”

Posted on

Client profile: Carolyn Jameson, Skyscanner

Skyscanner is truly a business of the digital age. Officially launched in 2003, the travel search site, which provides instant online comparisons for over 1,000 airlines, as well as car hire and hotels, has grown to become the number-one flight search engine in Europe and now operates worldwide with offices in eight countries and travel searches in more than 30 languages.

For senior director and general counsel (GC) Carolyn Jameson, this was just one of the factors which encouraged her to join the team as its first legal head two years ago.

Continue reading “Client profile: Carolyn Jameson, Skyscanner”

Posted on

You can’t buy loyalty – the dos and don’ts of making the lateral hiring game pay off

Fieldfisher’s Matthew Lohn argues that patience, structure and a dash of decency go a long way in hiring a partner

For most law firms, growth connotes success. Strategies to deliver the desired growth will usually rely on a steady, sometimes significant, stream of lateral partner hires. These new partners are perceived to be integral to the future success of a business – a supply of fresh talent which can expand different practice areas, enable a firm to enter new jurisdictions and access new clients. Successful law firms openly entice an assortment of lawyers from other firms to initiate or strengthen their offering. Success or failure of lateral hiring has consequently become important and the art and science of the lateral hire is becoming an increasingly analysed issue. Firms need to understand how a ‘lateral’ becomes an established and successful partner of their new firm – so what is the magic formula for success?

Continue reading “You can’t buy loyalty – the dos and don’ts of making the lateral hiring game pay off”

Posted on

Faster, higher, stronger – a vision for a better transport policy

Brodies’ Bill Drummond argues that lack of infrastructure investment is damaging the UK’s major business and legal hubs

Writing this in early May, I’m conscious that many managing partners across the UK are, for once, doing much the same thing at the same time; mulling over the numbers for the past financial year. As I do so, my mind turns to one of the conundrums taxing economists – the UK’s stubbornly low level of productivity, despite our climb out of recession.

Continue reading “Faster, higher, stronger – a vision for a better transport policy”

Posted on

We need to talk… about technology

Shepherd and Wedderburn’s Stephen Gibb argues that the law must keep pace with change when it comes to connected networks

Innovation lies at the core of technology. Evolution and improvement in the ways we design and use basic utilities and infrastructure such as telecoms, water and energy are key to ensuring perennial and adaptable services for an ever-growing global population.

Continue reading “We need to talk… about technology”

Posted on

The Last Word: The vision thing

Senior legal figures provide their take on how the market will shape up over the next 25 years


RISE OF THE ACCOUNTANTS

‘The Big Four are challenging and will be one of the competitive threats over the next five years as they have tremendous resource, access to businesses and more sophisticated models than law firms.’

Roger Parker, EMEA managing partner, Reed Smith


Continue reading “The Last Word: The vision thing”

Posted on

Life During Law: Niri Shanmuganathan, Taylor Wessing

I’ve always been interested in two things. One is people and that is a key part of the business. I’ve always liked the business of law and I wanted a role in the direction of the firm because I am home-grown. I’ve been here a long time – it means a lot to have some influence.

I did a history degree at Durham and I was looking at film and TV production, journalism and law. My family are pretty much all professionals – they would have been concerned if I went down the journalism or TV route.

Continue reading “Life During Law: Niri Shanmuganathan, Taylor Wessing”

Posted on

Six months after surprise exit, ex-Olswang head Stewart packs his bags to re-emerge at Caribbean law firm

After having unexpectedly stepped down from his role as Olswang’s chief executive in October last year amid differences with other partners, David Stewart (pictured) has re-emerged away from the City as a partner at Turks and Caicos firm Griffiths & Partners. 

Continue reading “Six months after surprise exit, ex-Olswang head Stewart packs his bags to re-emerge at Caribbean law firm”