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  • June 16, 2010 |

    International firms in London: Swoop to conquer

    June 2009, and it was just another not-so-hectic day in the finance department of Addleshaw Goddard's London office - which, after some busy years in the middle of the decade, had slowed dramatically following the onset of the credit crunch in 2007. The firm had recently posted its annual financial results, announcing a fall in revenue of 11.4% and a 30.9% decline in profits per equity partner (PEP), having earlier that year cut 10% of its partnership. Needless to say, acquisition finance partner Phil Slater was on hand to answer his phone when it rang that morning.

    1 minute read

  • June 9, 2010 |

    Dentons partners vote to back Sonnenschein merger deal

    Denton Wilde Sapte's merger with Sonnenschein Nath & Rosenthal has been rubber-stamped after partners at both firms approved the merger today (9 June) in two firmwide votes. Both law firms needed 75% of their partnerships to support the proposed union, which was worked out between the management of the two firms with discussions held since last summer and the proposals announced last month (26 May).

    1 minute read

  • June 9, 2010 |

    Partners wary of expected US/UK mergers

    Senior lawyers are expecting more mergers between US and UK law firms in the wake of the creation of Hogan Lovells and SNR Denton, but many remain sceptical of the tangible benefits of such tie-ups, according to Legal Week's latest Big Question survey. Ninety-two percent of respondents to the survey felt that the two recent high-profile deals are likely to lead to an upturn in merger activity between large US and UK practices, including 13% who said such tie-ups are 'much more likely'.

    1 minute read

  • June 9, 2010 |

    Editor's comment: Consolidate, later

    Considering how much they like to talk about globalisation, lawyers have some contradictory ideas regarding the concept. Take this week's Big Question poll on transatlantic mergers, which finds a clear - if not overwhelming - consensus that there is a need for consolidation in the legal industry. There is also a feeling that the newly-confirmed merger between Denton Wilde Sapte and Sonnenschein Nath & Rosenthal will create a stronger proposition for large clients. In fact, three out of four respondents believe the deal would, to some extent, create a stronger platform for clients compared to the legacy practices in isolation.

    1 minute read

  • June 9, 2010 |

    Lloyds invites firms to pitch for first post-merger panel

    Lloyds Banking Group has embarked upon a full UK panel review, creating a combined roster for Lloyds TSB and HBOS for the first time. The banking giant has invited a large number of UK law firms to pitch for the review, with a view to creating a new panel with firms appointed along practice lines.

    1 minute read

  • June 1, 2010 |

    Wages of spin - the rise of salaried partners

    When it comes to employment prospects at the UK's leading law firms, the global recession has been the bloodiest period in recent memory. There is, however, one category of senior lawyer whose ranks have swelled dramatically - that of the salaried partner. Legal Week research reveals that collectively the top 30 UK law firms added 435 lawyers to their non-equity partner headcount between 2007 and 2009. Far from reflecting a profession in rude health, however, this phenomenon is a direct result of the fight by leading law firms to manage their way through the recession.

    1 minute read

  • June 1, 2010 |

    Dentons and Sonnenschein set to secure global merger

    Denton Wilde Sapte is to merge with US firm Sonnenschein Nath & Rosenthal, creating SNR Denton, a 1,250-lawyer firm with offices spreading across four continents. The tie-up is set to be rubber-stamped by a partner vote next week (9 June) and will go live on 30 September, with Dentons chief executive Howard Morris named co-chief executive alongside Sonnenschein chairman Elliott Portnoy.

    1 minute read

  • May 28, 2010 |

    Eversheds posts 28% partner profits rise against 3% drop in revenues

    Eversheds has posted a 28% increase in profits per equity partner (PEP) as the firm becomes the first of the UK top 10 to release its 2009-10 financial results. PEP rose to £517,000 from last year's figure of £404,000, while total profits also grew by 20%, with all staff and lawyers set to receive a £1,000 firmwide bonus payout in August.

    1 minute read

  • May 27, 2010 |

    Hogan Lovells' children and Wilde Sapte's final goodbye

    If imitation is flattery then the newly-launched Hogan Lovells must be feeling well and truly buttered up this week with the news that Denton Wilde Sapte is to merge with Chicago's Sonnenschein Nath & Rosenthal. After all, the deal's structure is a carbon copy of the model used on a larger scale by Hogan Lovells: two profit centres, partnerships and financial years remaining separate with a Swiss Verein over the top, joint chief executives and moves to align but not fully integrate partner remuneration.

    1 minute read

  • May 26, 2010 |

    Dentons seals US merger deal with Sonnenschein to form SNR Denton

    Denton Wilde Sapte has reached an agreement to merge with US firm Sonnenschein Nath & Rosenthal, creating a 1,250-lawyer firm with offices on four continents. The two firms today (26 May) announced that their management boards had agreed to back the merger, which will see the two firms unite as SNR Denton subject to a full partner vote at both firms.

    1 minute read