King & Wood Mallesons (KWM) has come under scrutiny for an ’embarrassing’ error made on a £40m real estate finance deal carried out on behalf of private equity group, Better Capital, last March.
Akin Gump more than doubles City revenue in first full year since Bingham acquisition
Revenue at US firm Akin Gump Strauss Hauer & Feld rose by 7% to $930m in 2015, with London contributing $91m following the acquisition of Bingham McCutchen’s London office at the end of 2014. The City revenue figure is up more than two and half times what the firm posted the year prior.
‘A valuable contribution’: all change Down Under at CC as founding duo depart firm
Two of the founders of Clifford Chance‘s (CC’s) Australian arm, including the firm’s Sydney managing partner, are stepping down from their roles at the Magic Circle firm.
Dentons UKMEA posts 6% revenue lift as profit jumps 12%
Dentons LLP accounts for the UK, Middle East and Africa have revealed the firm’s revenue increased by 6% for the 2014/15 financial year to £157m from £148m, while overall profit before taxation climbed about 12% to £42.4m from £37.9m.
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Latham & Watkins lures CMA director of mergers to broaden London offering
Latham & Watkins has hired the UK Competition and Markets Authority’s director of mergers Jonathan Parker as it rounds out its London offering.
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LLP latest: NRF accounts show modest profit rise for international business as turnover stalls
In its third year post-merger, Norton Rose Fulbright‘s LLP has revealed flat turnover of £391.7m while overall pre-tax profit rose by 2% to £112m from £109m for the year to 30 April 2015.
London overlooked: Dentons creates one new City partner amid US-heavy promotion round
In a move that goes against its accelerated global expansion this past year, Dentons has promoted just 47 associates to partner in its 2016 round – with a hefty 79% located in the US and Canada – but just two in the UK.
‘Reaped the rewards’: latest accounts underline strong year for expansive Pinsents
Pinsent Masons‘ highest-paid LLP member took home 38% more last year than in 2013/14, as the firm posted double-digit growth across the board.
Comment: Doing something radical – how Dentons sort of won me over
Everywhere I go in legal circles these days, people ask about Dentons. How incredible it would have been even 18 months ago that this child of a second-line Illinois player and the most battered City law brand of the 2000s would attract such interest. Much of that attention is aghast that this dismissed institution has emerged somehow after a remarkable 2015 as the world’s most lawyered firm.
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Revolving doors: team hires galore as Stephenson Harwood, Dentons and Clydes all add to their benches
In a busy week for international hires, several firms have made key team hires around the globe, with Stephenson Harwood, Clyde & Co and Milan all making appointments.
Ashurst to consider non-lawyers for global head position as partner contenders emerge
Candidates to replace Ashurst‘s global managing partner have emerged as Legal Business can reveal the board is using a headhunter to find external non-lawyers to be considered for the role.
Orrick reports bumper promotions including one in London and more women than men
Orrick, Herrington & Sutcliffe has become the latest US firm to announce its partner promotion round making up just one in London from a total of 19.
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Linklaters incoming global banking chief reshuffles deck in shadow finance push
Just weeks into his new role as Linklaters global head of banking, Tony Bugg told the firm’s 200 banking lawyers in London that a reorganisation will take place, with four group leaders introduced with greater power to set individual and group targets.
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IP litigator Sternfeld departs boutique after 15 years to join Fieldfisher
Fieldfisher has bolstered its IP group and its life sciences practice with the hire of three partners from IP boutique Rouse, including veteran litigator Diana Sternfeld.
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Comment: Singapore swing – HSF’s Leydecker on the island state’s threat to the dominance of English law
English lawyers have long had an edge over their US and continental colleagues. English law was established early as the law of trade, business and increasingly projects – a throwback to the days of the Empire. This was a major driver of growth for UK-based firms in recent decades, but it is well known that New York law has become a rival to English law, especially in banking and finance, as corporates tap into the deep US debt markets.
US financials 2015: Paul Weiss, Dechert, Goodwin and K&S all post strong results
US firm revenue-season has begun with leading firm Paul, Weiss, Rifkind, Wharton & Garrison posting year-on-year growth. Revenues were up 7% in 2015 to $1.1bn from $1bn the previous year in what is the firm’s 16th year of record-breaking growth having broken the billion dollar barrier last year.
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Eversheds highest-paid member takes home 5% more as turnover dips
Eversheds‘ highest-paid LLP member took home £1.46m last year, an increase of 5% on the previous year, while turnover at the firm dipped.
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Slater & Gordon UK chief Kinsella retires amid turbulent period for PI group
Australia-listed Slater & Gordon‘s UK chief, Neil Kinsella, has retired and will be succeeded by the firm’s UK head of general law, Siri Siriwardene.
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Linklaters doubles up on IPOs as UK capital markets move swiftly into gear for 2016
Linklaters has got the year off to a flying start for equity capital markets work, leading on the announced initial public offerings (IPOs) of CMC Markets and Countryside Properties, while also advising the underwriters as Clydesdale Bank plans to float.
The Magic Circle firm is providing English and US legal advice to online spread-betting company CMC Markets on its planned flotation on the London Stock Exchange in what will be the year’s first IPO.
Deal watch: Corporate activity in December/January 2015/16
FRESHFIELDS AND STEPHENSON HARWOOD CHECK IN FOR PRIORY SALE
Freshfields Bruckhaus Deringer and Stephenson Harwood led on the sale of the Priory rehab clinic. Freshfields advised US private equity group Advent International on the sale of the Priory Group, which operates more than 300 facilities, to Acadia Healthcare for £1.3bn in January. Acadia was advised by Stephenson Harwood.
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