More law firm insolvencies expected as funding options tighten for smaller firms

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The number of law firm insolvencies is expected to increase after nearly doubling to 39 in 2018, as tightening margins, succession issues and more difficult access to funding put pressure on high street firms. Statistics from the Insolvency Service show the number of solicitor firm insolvencies was up 70% in 2018, from 23 in 2017. …

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Deal watch: Linklaters lands roles on Debenhams administration and Carlyle oil deal

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Deal watch: Linklaters lands roles on Debenhams administration and Carlyle oil deal

Linklaters has secured a role in the pre-pack administration of Debenhams, in which the struggling department store has been taken over by its lenders. Meanwhile, Hogan Lovells and Shoosmiths have acted on M Restaurants’ merger with Gaucho, which was brought out of administration in a rescue deal last September, as multiple firms landed roles in The …

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Introduction: Risky business

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Introduction: Risky business

There is a certain irony to be had in the fact that the best general counsel (GCs) these days are so highly regarded because they are not lawyers in the traditional sense. Increasingly, the conversations the Legal Business team had while researching the 2019 GC Powerlist were about branching out into other areas, with risk …

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DWF valued at £366m ahead of £95m IPO this week

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DWF valued at £366m ahead of £95m IPO this week

DWF will be valued at about £366m when it lists on the main market of the London Stock Exchange this week, making it the largest law firm float to date. The firm said today (11 March) the total offer size is £95m, at 122 pence a share, representing 26% of the company’s issued share capital. …

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DLA global turnover surpasses $2.8bn in second year of growth

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DLA global turnover surpasses $2.8bn in second year of growth

DLA Piper added 8% to its global top line in 2018, making for consecutive years of growth following a dip in 2016. The firm’s global revenue rose to $2.84bn, up on last year’s $2.63bn and continuing a bounce back from when the firm’s total turnover dipped below $2.5bn in 2016 because of exchange rate fluctuations across …

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New Law champion Axiom announces IPO plans in trailblazing move for global legal market

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New Law champion Axiom announces IPO plans in trailblazing move for global legal market

New Law pioneer Axiom is to make good on long-mooted plans to float in a potential milestone for the alternative law sector. Axiom announced today (19 February) that it has submitted a draft registration document for a proposed initial public offering (IPO) with the US Securities and Exchange Commission (SEC). The prospects of a public …

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Hope floats: DWF seeks £75m from expected March IPO

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Hope floats: DWF seeks £75m from expected March IPO

DWF is planning to raise around £75m in an expected listing on the London Stock Exchange next month. The firm said today (8 February) it expects to have a free float of at least 25% of its issued share capital following the initial public offering (IPO), with a final offer price announced following a marketing …

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Cyber-attack hacks at DLA profit as strong UK performance lifts revenue 5%

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Cyber-attack hacks at DLA profit as strong UK performance lifts revenue 5%

Growth in DLA Piper’s UK business has pushed the firm’s international LLP top line to £919m, but 2017’s cyber-attack has weighed on profit. The firm’s international (non-US) revenue for the year to 30 April 2018 grew £42.2m, or 5%, of which £29m related to the UK business. Stripping out the impact of foreign exchange, however, …

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