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  • August 1, 2013 |

    DWF, Kennedys and RPC shine as two thirds of top 50 see PEP fall over five years

    Two thirds of firms in the UK top 50 have seen profits per equity partner (PEP) fall over the past five years, according to research compiled by Legal Week. The figures show that only 16 firms in the top 50 have increased PEP since the 2007-08 financial year, compared with more than 30 that have seen profits slide. More than 20 firms have seen PEP fall by over 10% in the five-year period since the height of the credit crunch, with Field Fisher Waterhouse, Speechly Bircham and Trowers & Hamlins all seeing partner profits tumble by more than 40%.

    1 minute read

  • July 24, 2013 |

    A&O partner takes up two-year secondment to Takeover Panel

    Allen & Overy corporate partner Seth Jones has been appointed as secretary of the Takeover Panel, becoming the latest City partner to take up a secondment at the regulator. Jones will take up a two year placement in September, replacing Ashurst corporate partner Tom Mercer in the role, who is now returning to the firm. Jones will be the fifth A&O partner to be appointed, the two most recent being Richard Hough in 2000 and Mark Gearing in 1992. He has advised on a wide range of corporate transactions including public and private M&A and joint ventures. He also has a broad international experience, having spent three years in Allen & Overy's Dubai office.

    1 minute read

  • July 23, 2013 |

    Credit Agricole kicks off review of external legal advisers

    Credit Agricole is conducting a review of its external legal advisers, with all firms previously appointed to the French bank's panel asked to re-pitch for a place. Clifford Chance (CC), Freshfields Bruckhaus Deringer, Ashurst, Hogan Lovells, Linklaters, Gide Loyrette Nouel, Norton Rose Fulbright and Baker & McKenzie are all understood to be re-applying for places on the bank's global roster.

    1 minute read

  • July 21, 2013 |

    Freshfields and BLP confirm 80%-plus autumn trainee retention rates

    Freshfields Bruckhaus Deringer and Berwin Leighton Paisner have announced their trainee retention rates for the second intake of 2013, with both firms keeping on more than 80% of their intake. Freshfields is keeping on 81% of its autumn qualifiers, with the magic circle firm offering 40 of its 48 newly-qualified (NQ) lawyer positions, with 39 accepting – the same number that stayed on in March's intake http://www.legalweek.com/legal-week/news/2238763/magic-circle-duo-post-marginal-dips-in-spring-nq-intake. At the time positions were offered to 40 of its 46 NQs, giving it a retention rate of 85%.

    1 minute read

  • July 21, 2013 |

    Eversheds, Hogan Lovells advise on Times publisher News UK's HQ move

    Eversheds and Hogan Lovells both scooped lead roles on securing the letting for all 17 floors of The Place at London Bridge to media company News UK. News UK, which is part of News Corp and owns some of the UK's most popular media brands such as Dow Jones, The Wall Street Journal, The Times, The Sunday Times and The Sun, will take up the 430,000 sq ft of space on a single lease term of 30 years. Eversheds acted for the landlord – a joint venture between the State of Qatar and Sellar property – through a London team led by real estate Nicholas Bartlett with assistance from associate Helen Robinson.

    1 minute read

  • July 18, 2013 |

    Minters eyes Singapore launch as Aussie firm sees revenues dip 1%

    Minter Ellison – one of the two remaining independent law firms among Australia's 'big six' – has set its sights on revenue growth from its Asian offices as it reveals a 1% dip in revenue to A$416m (£252m). The Sydney-based firm is also considering opening an office in Singapore as part of a strategy to boost its international work in response to a sharp slowdown in domestic M&A activity. Minter Ellison currently has overseas offices in Hong Kong, Beijing and Ulaanbaatar, Mongolia, and says around 25% of its revenue is generated by offshore work.

    1 minute read

  • July 11, 2013 |

    Ashurst sets out details of top team ahead of Australia integration

    Ashurst has set out further details of its new management line-up ahead of its full financial integration with its Australia arm, with managing partner James Collis taking the role of global managing partner and the senior partner role set to be phased out. Legacy Blake Dawson managing partner John Carrington has been appointed as managing partner Australia, while an agreement has also been reached over the composition of the new 14-member global board, which will comprise partners from both legacy firms.

    1 minute read

  • July 10, 2013 |

    Line-up of top law firms win spots on new RBS EMEA panel

    Clifford Chance (CC), Allen & Overy (A&O), White & Case and Eversheds are among a host of firms to have won places on Royal Bank of Scotland's (RBS) EMEA legal panel. At least 21 international firms have taken coveted spots on the panel - which covers the bank's legal work across 24 European, Middle East and African countries - following a competitive tender process.

    1 minute read

  • July 4, 2013 |

    Ashurst revenues inch up as PEP dips 9%

    Ashurst has posted broadly flat revenues for 2012-13, with year-on-year takings up £1m to £323m and profits per equity partner (PEP) down 9%. The firm also posted a 6% fall in net profit, which dropped to £105m, while PEP fell 9% to £680,000 from last year's figure of £744,000.

    1 minute read

  • July 4, 2013 |

    Branching out - how top law firms are going beyond the City to cut costs

    Deutsche Bank's global head of compliance, Simon Dodds, is one of many senior in-house lawyers to have called on City-based law firms to farm out straightforward legal work to low-cost centres. "Magic circle law firms in particular have a problem with their model. [They have] commoditised to some extent but lawyers are sitting in London – the most expensive place in the world," he told a Legal Week conference.

    1 minute read