Thomas Alan assesses the early financial results in a tougher year for the UK’s chasing pack
The latest financial results from the UK’s mid-table firms show a more challenging economic environment is producing a lag on growth in the domestic market, as firms look to Europe to continue Brexit-proofing their growth. Continue reading “Challenging Brexit headwinds force City middleweights to look to Europe for growth”
Hamish McNicol reports on Eversheds Sutherland taking the partnership shackles off its Konexo offering
The alternative legal service provider (ALSP) market is estimated to be worth more than $10bn annually. Research led by Thomson Reuters, called Alternative Legal Service Providers 2019: Fast Growth, Expanding Use and Increasing Opportunity, found that the revenue generated from ALSPs had grown to that amount in 2017, up 13% from an estimated $8.4bn a couple of years earlier. Continue reading “Eversheds spins off New Law arm to supercharge growth and attract external investment”
Anna Cole-Bailey rounds up the latest senior corporate in-house moves
A string of general counsel (GCs) have made career changes of late, including high-profile names such as the long-serving Bank of America Merrill Lynch (BAML) European legal chief Sajid Hussein and Rio Tinto GC Philip Richards. Continue reading “‘Time for a change’ as multiple corporate legal chiefs leave posts for pastures new”
The leadership of Slaughter and May’s Italian ally, BonelliErede, claims the firm has moved far ahead of its competitors after the recent takeover of litigation and corporate independent, Lombardi e Associati.
In a significant move for a market traditionally used to schisms, the merger – effective from July – sees Bonelli strengthen its position as the largest of the country’s three champions, growing its lawyer headcount by 70 to more than 500. Continue reading “Italian legal market consolidates as local champion Bonelli merges with rival Lombardi”
Eversheds Sutherland has chosen one of the most competitive legal markets for its first US office launch since its transatlantic union went live just over two years ago.
The firm in June opened its seventh US base in Chicago, home to strong Global 100 players Sidley Austin and Mayer Brown, and the world’s highest-grossing firm, Kirkland & Ellis. The focus will initially be on real estate, M&A and litigation, targeting the diversified industrials, technology, media and telecoms, financial institutions and energy sectors. Continue reading “Eversheds launches in Chicago and dreams of California in first post-merger US moves”
Slaughter and May and Clifford Chance (CC) are representing the City elite on a £4.8bn offer for Merlin Entertainments, in a deal that brought together a line-up of heavy hitters with Kirkland & Ellis and Latham & Watkins also fielding veteran partners.
The deal was announced on 28 June with Merlin, which is being advised by Slaughters, agreeing the terms of a recommended offer. The acquiring consortium comprises Kirkbi – the investment vehicle for Lego’s founding family – alongside private equity houses The Blackstone Group and the CPP Investment Board (CPPIB). Continue reading “City and US heavyweights line up on Lego owner’s £4.8bn offer for Merlin”
While some law firms claim to be all things to all clients, for almost a decade Simmons & Simmons has focused its efforts with increasing rigour on a select number of sectors. Given its unhappy period of drift as a generalist corporate finance player, recent years have delivered far better results. And nowhere is that more in evidence than in its particular take on financial services.
Its importance is reflected in the numbers. Currently the firm has 117 partners across its financial markets practice, 63 of which are in the UK, while 40% (around £150m) of firm-wide revenue comes from finance. Even here the firm has often avoided too much business-as-usual work for banking clients – a certain route to poor margins – to zero in on funds, asset managers and more esoteric areas of regulation. Continue reading “Deal View: A niche within a finance niche gives Simmons that much-needed edge after years of drift”
If there’s one City practice that has barely paused for breath in recent years, it is private equity (PE). Global buyout values reached a record high in 2018 and, while Mergermarket data suggests the first half of 2019 slipped back somewhat, activity levels remain strong, with take-privates driving much marquee M&A activity.
This has only served to underline the drawing power of the sector’s top dealmakers and recent years have seen a flurry of lateral moves. Kirkland & Ellis, Simpson Thacher & Bartlett and Latham & Watkins are among the most potent threats to the Magic Circle, but others, such as Skadden, Arps, Slate, Meagher & Flom and Willkie Farr & Gallagher have also made investments to build out their City operations. Continue reading “Top Trumps, City-style – Who holds the cards in private equity?”
A longstanding legal wrangle that saw Mark Prevezer, Watson Farley & Williams’ former head of real estate seek £300,000 in damages from the firm, has been settled out of court.
The move puts an end to a law suit that was expected to head to trial at the High Court in November this year, in which Prevezer alleged breaches of a consultancy agreement signed by the parties in March 2016 and for reputational harm suffered for ‘wrongful removal’ from his position of global head of the firm’s real estate practice. Continue reading “WFW and former real estate head settle £300k High Court claim”
The leadership at Osborne Clarke (OC) is conscious of any complacency creeping in after more than doubling in size in the last five years.
The firm recorded another year of double-digit growth internationally in 2018/19, up 11% to €304 last year and with non-UK revenue growing slightly to account for 44% of turnover. Growth was a little slower in the UK, up 8% to £150m as net profit rose 3% to £63m. Continue reading “Not about PEP: OC looks long-term after surpassing €300m with 11% revenue growth”
The newly-installed British Government led by Conservative Prime Minister Boris Johnson will see a barrister take the role of Justice Secretary after Robert Buckland QC was appointed to replace David Gauke.
Johnson announced Buckland’s appointment on Wednesday (24 July) as part of the new Prime Minister’s sweeping cabinet shake-up that saw all but four of the senior ministers that served under his predecessor Theresa May resign or fired. Continue reading “Buckland becomes Justice Secretary as Johnson administration unveils Brexit-dominated team”
Mishcon de Reya has maintained steady revenue growth in its 2018/19 financial results, increasing its top line by 10% to £177.8m, as profit per equity partner (PEP) remained flat.
While the firm saw a greater revenue growth rate than the 8% uptick last year to £161.3m, PEP has failed to keep pace, with the flat result coming off the back of a 9% dip to £1m last year. Continue reading “PEP stays flat for Mishcon as revenue growth regains momentum”
Money laundering and workplace harassment cases are increasingly occupying the workload of the profession’s regulator, according to data from the Solicitors Regulation Authority (SRA).
The report released today (25 July) reveals the breakdown of cases the SRA has worked on and its enforcement activity between November 2017 and October 2018. The report suggests money laundering; dubious investment schemes; and workplace harassment – as well as the related misuse of non-disclosure agreements (NDAs) – are increasingly pervasive within the profession. Continue reading “SRA report reveals money laundering and #MeToo cases driving increases in workload”
Stewarts Law has partly recovered from a 20% drop in turnover last year in what managing partner John Cahill described as a ‘very satisfactory’ year, although partner profits have continued to fall.
The UK’s largest litigation-only firm increased revenue by nearly 11% to £69m in the 2018/19 financial year, following a 20% drop in turnover from £77.9m to £62.4m last year. Profit per equity partner (PEP) decreased a further 16% to £1.2m from last year’s £1.4m: a figure that had dropped 28% the previous year. Continue reading “Stewarts’ PEP descends as revenue follows ‘non-linear’ growth path with 11% bounce”
Gordon Dadds has posted a pace-setting set of results that have seen revenue and profit soar thanks to the addition of Ince & Co last year.
The listed entity, Gordon Dadds Group Plc, saw revenue boosted 69% from £31.2m to £52.6m following its £43m acquisition of Ince. It is a positive set of results that come after the business suffered a share price drop to an all-time low only three months ago.
Continue reading “Ince merger pays dividends for Gordon Dadds as revenue and profit skyrocket post acquisition”
RPC has reported revenues of £108.6m for its legal business for 2018/19 after selling half of its management consulting arm.
The firm, which offloaded 50% of RPC Consulting to software company Marriott Sinclair in April 2018, announced today (25 July) that both like-for-like revenue and net profit for its legal arm alone rose 4% in 2018/19. Continue reading “‘Very encouraging’: RPC posts profit growth in shrinking partnership after splitting off consulting business”
Addleshaw Goddard managing partner John Joyce ‘would never have dreamed’ the firm would grow by more than 60% since his appointment in 2014.
But despite that strong growth trajectory, as well as profit per equity partner (PEP) growth of 89% and a £90m improvement in its cash position to £59m of reserves since the 2013/14 financial year, Joyce (pictured) said the plan is simply to ‘press on’. Continue reading “Addleshaws exceeds wildest five-year revenue dreams with 14% bump to £275m for 2018/19”
Shoosmiths believes it is still on target to hit £200m in revenue after a steady financial year which saw modest growth and steady profit per equity partner (PEP) results after an 18% surge last year to £434,000.
The results today (24 July) showed a 7% increase in turnover to £137.6m, while net profit was up 6% to £37.9m, a significant slowdown on last year’s 22% growth. PEP was almost flat, edging up 2% to £441,000, but the result comes after an impressive hike in the metric last year. Continue reading “‘Last year wasn’t a blip’: Shoosmiths revenue rises 7% as profit growth slows”
HFW has scored a litigation ‘win-win’ after adding both a £25m litigation funding deal and a litigation analytics partnership to its practice.
The firm announced today it was partnering with both litigation start-up Solomonic, which launched commercially at the start of the year and uses court data for predictions and case research, and with litigation funder Augusta Ventures. Continue reading “HFW ramps up litigation prospects with £25m funding deal and analytics partnership”
