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  • February 27, 2014 |

    Two sides of the coin – can Travers and Macfarlanes still be classed as City bellwethers?

    With their UK-centric business models and focus on private equity, if anyone was going to be hit hard by Lehman Brothers' 2008 collapse and the subsequent implosion of the global financial markets, it was top 50 UK law firms Macfarlanes and Travers Smith. Traditionally paired together as tight and conservative partnerships with a heavy transactional bent and a distinct absence of international networks, some rivals predicted the two would struggle to quickly regain the form that – pre-crisis – had set them apart from many of their mid-market peers. As Macfarlanes senior partner Charles Martin puts it: "Before the downturn the firm was more heavily transactional: private equity, corporate and real estate. All of this stopped in its tracks in 2008 – it was as though we were hit by a freight train in the night." In fact, while profits per equity partner (PEP) fell by more than 30% at both firms in the first chaotic financial year post-Lehman between 2007-08 and 2008-09, the pair's fortunes subsequently recovered well. Travers saw revenues soar by 11.6% in 2009-10 against a 53.5% rise in PEP, with that year's bumper growth helping to ensure that profits in 2012-13 were 5% higher than five years earlier. And while Macfarlanes has yet to regain its boom-time PEP high of £1.1m, at just shy of £990,000 for the last financial year it has come pretty close in far less buoyant market conditions.

    1 minute read

  • February 26, 2014 |

    Shearman, Jones Day and Covington partners to join Freshfields trio in establishing new arbitration firm

    Partners from Shearman & Sterling, Jones Day and Covington & Burling are set to join three senior disputes lawyers from Freshfields Bruckhaus Deringer in establishing a global arbitration boutique.

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  • February 25, 2014 |

    Paul Hastings and McDermott post revenue rises as K&S joins $2m PEP club

    Paul Hastings, McDermott Will & Emery and King & Spalding each posted global revenue rises in 2013, according to financial results released by the US-headquartered law firms this week.

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  • February 25, 2014 |

    Sidley Austin mulls Germany exit following Frankfurt partner losses

    Sidley Austin has placed the future of its Frankfurt office under review, following a number of recent partner departures. Among the options being considered by management is the closure of the office and the transfer of clients and referral relationships to a German firm, Legal Week understands.

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  • February 21, 2014 |

    Revenue increases at City offices of Shearman and K&L outpace global rises

    Shearman & Sterling and K&L Gates have both posted increased global revenues, becoming the latest US-headquartered law firms to report strong financial performance in 2013. In London, Shearman saw a 20% revenue increase to $134.8m (£80.9m), the office's fourth straight year of revenue growth against a lawyer headcount rise of 7%. The results mean that since 2009, City revenue has increased 36%. The revenue jump means accounts fo

    1 minute read

  • February 19, 2014 |

    Sidley, Latham and V&E all post revenue increases for 2013

    Sidley Austin, Latham & Watkins and Vinson & Elkins have become the latest international firms to announce increases in year-on-year revenues. Latham saw revenue climb 2.7% to $2.29bn (£1.38bn), while profits per partner edged up 1.9% to $2.49m (£1.49m) and revenue per lawyer by a smaller margin to $1.11m (£664,000).

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  • February 17, 2014 |

    Transfer Window Asia: recent moves including Latham, Weil and Two Birds

    Shearman & Sterling has expanded is project development and finance practice with addition of Allens partner Anthony Patten in Singapore. Patten previously led Allens' oil and gas team in Asia and Australia, before which he was a partner in Ashurst's London energy, transport and infrastructure group. He also spent six years working in London and the UAE as a senior in-house counsel at Royal Dutch Shell.

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  • February 17, 2014 |

    Shearman launches nuclear projects group with Pillsbury hire

    Shearman & Sterling has launched a global nuclear power practice with the hire of Pillsbury Winthrop Shaw Pittman's international nuclear group head George Borovas in Tokyo. The US firm, which last month hired Allens' oil and gas leader for Asia and Australia, Anthony Patten, said it was investing in its projects group globally in a bid to tap new opportunities.

    1 minute read

  • January 30, 2014 |

    Is Weil's partner exodus a sign trouble is brewing at the firm's London office?

    When Weil Gotshal & Manges last year announced 170 redundancies across its associate and support staff ranks, the market was shocked but viewed it as a difficult but necessary decision. A drop in high-profile restructuring and litigation work had contributed to flat global revenues for 2012 against a nearly 9% fall in profits. Executive partner Barry Wolf admitted at the time of announcing the cuts that some partners may decide to leave as a result of "meaningful compensation adjustments for certain partners" due to the changes in the economy, but no numbers were referenced. Since then more than 30 partners – equating to around a tenth of the global partnership – have left. This included at least 17 partners packing up in Houston and Dallas, as well as several senior partners from the firm's east coast bases. Market sentiment suggests at least some of the senior departures represent collateral damage.

    1 minute read

  • January 30, 2014 |

    Cleary grabs mandates on pair of Google deals including €3bn mobile sale

    Cleary Gottlieb Steen & Hamilton has scored roles on a brace of deals for Google, including the internet search giant's proposed €3bn (£1.8bn) sale of Motorola Mobility to Lenovo.

    1 minute read