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  • June 13, 2013 |

    Pure lockstep out of favour as economic woes prompt partner pay shake-up

    Half of the UK's leading law firms have either changed their partner remuneration structure since the onset of the credit crunch or are currently reviewing it, according to Legal Week's latest Big Question survey, which highlights the increasing acceptance of merit-linked pay for partners. Forty percent of partners responding to the survey said their firm had changed its remuneration model for partners since the onset of the financial crisis, with a further 11% in the process of looking at it and an additional 1% saying they had plans to review it. About 41% had made no changes, while 6% said they had reviewed their partner reward system but decided against an overhaul. The findings show that only 10% of respondents work in firms with pure lockstep structures, compared with 27% in firms with pure merit systems and 23% in firms keeping aside part of their profits for rewarding top earners. The largest group – 40% – said their firms operate modified locksteps allowing partners to be moved up or down or held based on their individual performance.

    1 minute read

  • June 13, 2013 |

    Nabarro turnover climbs 2.6% as PEP looks set to leap 30%

    Nabarro has seen turnover for the 2012-13 financial year climb by 2.6%, with the increase coming against a predicted 30% rise in profits per equity partner (PEP). The top 30 UK firm has announced an unaudited revenue figure of £116.3m compared with £113.4m the previous year. PEP has not been formally calculated but is expected to climb to £430,000, which would represent a jump of roughly 30% compared with last year's audited PEP figure of £332,000.

    1 minute read

  • June 13, 2013 |

    Macfarlanes boosts real estate with Shearman partner hire

    Macfarlanes has strengthened its commercial real estate practice with the hire of Shearman & Sterling partner Clare Breeze. Breeze, who is due to join at the firm in the beginning of July, has been a partner at Shearman since 2009, and has acted for a range of developer and investor clients including Stanhope, AIG and Argent Estates.

    1 minute read

  • June 13, 2013 |

    The building blocks to create and sustain value from the right organisational structure

    Getting the right building blocks in place to create and sustain value from the right organisational structure is a key challenge for the modern day GC. Clearly, the CEO/Board will have a major influence on how the legal function should be structured and you will have to find a way of fitting your preferred solution into the jigsaw puzzle that is the wider organisation around you. This article explores ways of approaching The Structural Challenge over the course of a 6-12 month period.

    1 minute read

  • June 10, 2013 |

    Keeping it practical when structuring your resources

    Through their discussions with the ValueDynamics panel, Addleshaw Goddard have collated the top hints and tips in addressing The Structural Challenge.

    1 minute read

  • June 10, 2013 |

    ValueDynamics - the structural challenge

    In this, the second article of the ValueDynamics series, Addleshaw Goddard considers the second of four sections of the study: the Structural Challenge. The Structural Challenge supports the Value and Performance challenges and enables General Counsels to address the fundamental area of identifying and developing the right structure for your in-house legal team.

    1 minute read

  • June 6, 2013 |

    Post-recession recovery falters as growth dwindles across UK top 100

    The UK's top 100 law firms saw revenue growth in 2012-13 fall to less than half of that seen last year, with fee income across the group climbing by just 2.6%, as confirmation of the first formal financial results begins to trickle out from the country's top firms. Deloitte's latest quarterly law firm survey found the UK top 100 concluded 2012-13 with a year-on-year Q4 turnover increase of 2.4% – the slowest quarterly growth since October 2010. The average fee income increase of 2.6% across the group for the full financial year – which compares with growth of 6.6% last year – masks a host of disparities between firms. Notably, those in the top 10 saw revenues climb by only 1.5%, compared with 4% in the 11-25 category and 2% in the 26-50 group.

    1 minute read

  • June 4, 2013 |

    The structural challenge

    In this, the second article in the ValueDynamics series, Addleshaw Goddard considers the second of four sections of the study: the Structural Challenge. The Structural Challenge supports the Value and Performance challenges and enables General Counsels (GCs) to address the fundamental area of identifying and developing the right structure for your in-house legal team.

    1 minute read

  • June 3, 2013 |

    Addleshaws signs formal alliance with Japan best friend in Asia push

    Addleshaw Goddard has entered into a formal alliance with its Japanese best friend Hashidate Law Office, as part of a new initiative to ramp up its overseas capabilities. The 750-lawyer firm, which recently launched a new international division led by private equity partner Andrew Carpenter to spearhead its expansion outside of the UK, has had a best friends relationship with Hashidate for 15 years.

    1 minute read

  • May 31, 2013 |

    Addleshaws sees PEP rise 2% as revenue dips 2% after expansive year

    Addleshaw Goddard has posted a 2% drop in turnover for the 2012-13 financial year, alongside a 2% increase in profits per equity partner (PEP). Despite the slight drop in fee income, which fell from £169.5m to £167m, PEP has risen for the second year in succession, up to £457,000 from £446,000. The firm added that its margin stood at 27%, up from 26.5% in 2011-12.

    1 minute read