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  • September 12, 2013 | International Edition

    The home guard – the missing identity of global law firms

    If year-on-year fee increases and a buoyant M&A market imbued a certain stasis, five years of economic woes have certainly driven change through the conservative legal profession. The comparative proliferation of global giants of the ilk of Hogan Lovells, Norton Rose Fulbright and, more recently, King & Wood Mallesons SJ Berwin (KWM) serve as fine examples of the diverging market, with an increasingly international client base driving the case for cross-border mergers.

    1 minute read

  • September 12, 2013 |

    Firms set sail on Chinese bank's $1.5bn boat purchase

    Norton Rose Fulbright and Watson Farley & Williams have taken roles on the first stage of a $1.5bn (£962m) deal that has seen French oil and gas group Bourbon sell nine boats to the Industrial and Commercial Bank of China (ICBC). The first phase of the sale, worth $144m (£92m), comes after a deal was drawn up by Bourbon and ICBC Financial Leasing earlier this year, which will see 51 vessels sold to the Chinese company by mid-2014.

    1 minute read

  • September 12, 2013 |

    All systems go – why IT considerations are front and centre in law firm mergers

    The recent spate of big law firm mergers has brought IT to the front and centre of strategic discussions as partners recognise how reliant on technology their work has become...

    1 minute read

  • September 12, 2013 |

    The home guard – the missing identity of global law firms

    If year-on-year fee increases and a buoyant M&A market imbued a certain stasis, five years of economic woes have certainly driven change through the conservative legal profession. The comparative proliferation of global giants of the ilk of Hogan Lovells, Norton Rose Fulbright and, more recently, King & Wood Mallesons SJ Berwin (KWM) serve as fine examples of the diverging market, with an increasingly international client base driving the case for cross-border mergers.

    1 minute read

  • September 12, 2013 |

    Government announces plans to launch planning court in 'radical' shake-up of UK justice system

    The Ministry of Justice is considering the establishment of a specialist planning court to speed up the review process for large-scale infrastructure projects, as part of a "radical" set of proposals to reform public law and speed up the economic recovery. An eight-week consultation on a raft of proposed changes to the judicial review system was announced by Justice Secretary Chris Grayling (pictured) last week, including a separate 'planning chamber' staffed by expert judges; a tighter timeframe for applications; only allowing people with a direct interest in cases to apply for judicial review; and changing the rules around who has to pay legal costs so applicants foot part of the bill.

    1 minute read

  • September 12, 2013 |

    Wall Street weighs up the world – are New York's elite committed to competing on a global level?

    In 1989, only seven million Americans owned a passport – a derisory 3% of the US population and a figure that was oft-brandished by scornful Europeans. Since then the situation has improved markedly, with a far more respectable 110 million of the country's 313 million citizens holding a valid passport at the last count. That still lags the 70% of British passport-holders, but the change shows a US that has taken up full residence in the global village – an unavoidable response to the emergence of rival economic powerhouses such as China.

    1 minute read

  • September 12, 2013 |

    China's consuming passion – the country's taste for luxury goods is powering the M&A market

    Despite the drop in the number of US and European investments in China, Elizabeth Broomhall reports that the country's taste for luxury means law firms are still confident about inbound deal prospects – something they say is crucial as competition heats up for outbound M&A mandates...

    1 minute read

  • September 12, 2013 |

    Profit margin split highlights stark disparities across UK top 50

    Freshfields Bruckhaus Deringer has emerged as the most profitable firm in the UK top 50, with 2012-13 financial results showing profit margins across the group have remained broadly static. Freshfields comes out top when ranking the top 50 firms by profit margin, with net profit as a percentage of revenue standing at 44.9%. Linklaters places second with a 43.7% margin, with Macfarlanes and Travers Smith – the 28th and 40th largest UK firms respectively by revenue – ranking third and fourth and Allen & Overy (A&O) completing the top five. Average profitability across the 42 top 50 firms that fully disclosed their financial results stands at 25.2% for 2012-13, flat on the previous year's figure of 25.8%.

    1 minute read

  • September 10, 2013 |

    Clydes hires Aussie partner trio to lead construction and shipping practices

    Clyde & Co has ramped up its new Australia operation with the hire of three partners from firms including King & Wood Mallesons (KWM) and Norton Rose Fulbright. Two of the new recruits - KWM partner Beth Cubitt and Norton Rose Fulbright partner Glen Warwick - will launch an Australia construction practice for the firm, while the third - Maurice Thompson, who joins from Australian firm HWL Ebsworth - will lead its shipping, trade and commodities practices in the country.

    1 minute read

  • September 5, 2013 |

    Law firm optimism grows despite flat volumes in last quarter, CBI study reveals

    Hopes for increased business volumes and profitability at law firms have reached their highest peak since 2007, according to a survey of senior industry professionals. The report, produced by the Confederation of British Industry (CBI), found that although respondents from management, legal and other professional services reported that business volumes were flat over the last quarter, firms were confident that business volumes would pick up over the coming three months.

    1 minute read