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  • March 18, 2009 | International Edition

    Commentary: The leveraged finance team with a shortage of leverage

    When Legal Week revealed in February that Allen & Overy (A&O) had asked five partners in its London leveraged finance team to depart as part of its sweeping restructuring, it is fair to say the move generated some surprise.Yes, the sector has been devastated by the financial turmoil over the last year, leaving A&O and its 69-partner City banking practice heavily exposed. But even so, the level of departures from the firm's 12-partner leveraged finance team - historically one of A&O's most influential and highly-rated practices - was still unexpected.

    1 minute read

  • December 10, 2008 | International Edition

    Video: Companies warned on tough competition laws

    Companies need to increase their awareness of competition issues as the UK Office of Fair Trading (OFT) and the European Commission (EC) toughen their stance on unfair trading, Norton Rose competition partner Mark Jones (pictured) has warned. Speaking in the seventh episode of Legal Week Crisis Management Q&A in association with Norton Rose, Jones says companies need to ensure they have sufficient training and compliance procedures in place to avoid cartel activity and price-fixing. Jones warns that despite talk that competition laws have become less important since they were overlooked by the Government to pass the Lloyds TSB/HBOS merger, laws relating to price-fixing and cartel activity are still being heavily enforced.

    1 minute read

  • November 12, 2008 | International Edition

    Leading City firms continue to post double-digit H1 financials

    A host of major City firms including Allen & Overy (A&O) have withstood the economic turmoil to report double-digit growth in revenues for the first half of 2008. A&O last week (7 November) became the first magic circle firm to post its results for the six months - revealing an 11% increase in revenue on the same period last year. The hike saw the firm's revenues grow to £548m from last year's equivalent figure of £493m.More than half of the firm's billings came from outside the UK, with A&O opening in both Munich and Sao Paolo during the six-month period.

    1 minute read

  • October 2, 2008 | International Edition

    Diversity guru tells law firms to focus on promoting inclusion

    Recruiting a diverse workforce is easy but top City law firms are falling down when it comes to creating an inclusive atmosphere where lawyers from all backgrounds want to stay and build their careers.Leading diversity consultant Linbert Spencer told delegates at a Shilton Sharpe Quarry (SSQ) forum last week, that inclusion is one of the hardest issues facing law firms today - rather than the initial recruitment of minority workers.Spencer applauded the efforts already being made to encourage diversity in the legal sector, but said that firms need to be clearer about what they are trying to achieve. Firms need to concentrate on how many people from diverse backgrounds they can retain rather than the number they can recruit. In particular, Spencer argued that distinct firm cultures - something many City leaders pride themselves on - can cause problems if they mean people from all backgrounds are forced to try and fit into the same mould. "Diversity is a given - everyone is different. The task is managing inclusion. If you start by looking to change your diversity you are conceptually starting in the wrong place," Spencer said.Delegates, including diversity officers and human resources managers from many of the City's largest firms, were also told to view Government diversity legislation as the base level below which no-one should sink. Current legislation deals with discrimination on the grounds of race, religion, age and sex, but there are other areas that can make people feel uncomfortable or isolated. To this end, Spencer argued firms need to be aware of the message they are sending to the market if they want to attract and retain the best talent. Spencer said: "The recruitment process starts before you actually decide to go out and look for people. It is all to do with your image and the market perception of you as an office, as a firm and as an industry." He also cautioned that recruiting from 'non-traditional backgrounds' should not mean lowering standards. He argued maintaining a 2:1 degree barrier was fine as long as, within that bracket, law firms ensure they are attracting the most diverse group of recruits. His words come against a backdrop of law firms looking at broadening recruitment criteria to include aptitude and psychometric testing rather than just academic qualifications. Norton Rose is considering axing the minimum requirement of a 2:1 degree from training contract applicants, while Herbert Smith is also in the process of reviewing its application process.Despite the additional costs involved in increasing diversity, firms were warned not to reduce efforts to recruit a mixed workforce as a result of the global economic crisis and cost-cutting.SSQ director Gavin Sharpe likewise told delegates at the event, which was supported by Legal Week, that law firms tackling diversity should avoid knee-jerk reactions. He said: "Diversity panics partners. They say 'let's have someone with a 2:2 from an ethnic minority. That is not what I think diversity is about."

    1 minute read

  • September 3, 2008 | International Edition

    Cleary confirms exclusive College of Law deal

    Cleary Gottlieb Steen & Hamilton's City arm has sealed an agreement with the College of Law that will see the College become the firm's exclusive provider of the Graduate Diploma in Law, the Legal Practice Course (LPC) and the Professional Skills Course (PSC). The agreement will start in September 2009 when Cleary will send 12 of its future trainees to the College for the LPC. The trainees will be able to study in any of the College's centres around the UK, although most are expected to attend the Moorgate centre, where the LPC and PSC electives will be taught in firm-specific groups.

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  • August 4, 2008 | International Edition

    Pinsents pips Norton Rose to top spot in AIM client rankings

    Pinsent Masons has knocked Norton Rose off the top spot as adviser to the largest number of clients on London's Alternative Investment Market (AIM) after a strong Q2 performance. Pinsents leads the rankings, advising 59 AIM-listed clients during the last quarter, according to data complied by Hemscott. The national firm has gained three new AIM client this quarter, climbing two places from third spot in Q1.

    1 minute read

  • August 4, 2008 |

    Pinsents pips Norton Rose to top spot in AIM client rankings

    Pinsent Masons has knocked Norton Rose off the top spot as adviser to the largest number of clients on London's Alternative Investment Market (AIM) after a strong Q2 performance. Pinsents leads the rankings, advising 59 AIM-listed clients during the last quarter, according to data complied by Hemscott. The national firm has gained three new AIM client this quarter, climbing two places from third spot in Q1.

    1 minute read

  • July 31, 2008 | International Edition

    Olswang introduces director position as partner alternative

    Olswang has become the latest law firm to introduce an alternative to partnership, ushering in a new legal director position.The role, which will be taken up for the first time in September, is designed to be an alternative to the traditional partner route rather than a stepping stone. However, it will still be possible for legal directors to receive a further promotion into the partnership.

    1 minute read

  • June 19, 2008 | International Edition

    Herbies reverses trainee pay freeze to match peers

    Herbert Smith has backtracked on its decision to freeze trainee salaries at last year's levels, with the top 10 City firm moving to increase its rates from September this year. The firm announced today (19 June) that from 1 September first-year trainees will receive a 4% pay rise, taking their salaries from £36,000 to £37,500.

    1 minute read

  • June 19, 2008 | International Edition

    Barclays protects partners against weak pound

    Barclays is launching a new service to let law firm partners individually protect their earnings against exchange rate fluctuations. The service, which is to be rolled out in a matter of weeks, will allow partners to hedge their earnings against currency fluctuations individually rather than through their firms, as is currently available.

    1 minute read