US law firms are facing a fundamental overhaul over the way they calculate and distribute their profits that could result in far higher short-term tax bills if controversial proposals currently before Congress are approved. The proposals could see US firms with over $10m in revenues forced to switch their accounting model from a cash basis, …
Identified as one of a handful of firms based outside New York that have mounted a serious challenge to the Wall Street old guard, California’s Gibson, Dunn & Crutcher has followed posting double-digit revenue growth for 2012, with a slightly more modest but nonetheless impressive 7.4% increase in revenues for 2013. Revenues for 2013 were …
When many firms were busy cutting costs and dicing teams in 2008, Bingham McCutchen weathered the economic downturn pretty well thanks to the solid inflow of work in its debt restructuring practice. Five years later, with corporates finding cash far easier to come by, and Bingham is feeling the pinch after its H2 2013 restructuring …
Despite the recent relative economic revival in the US, the world’s largest legal market remains turbulent but early numbers from major US players do indicate many firms are now sustaining growth. Early out of the gate, White & Case has published its 2013 financial results reporting a steady 4.1% increase in global revenues with profits per …
Continue reading “US results season: White & Case sees revenues increase 4% as PEP hits $1.87m”
Schulte Roth & Zabel’s (SRZ’s) 80-strong top-tier transatlantic funds practice is set to grow after the US firm announced this week it is to move to bigger premises in the City on the back of increasing demand from its European clients. The firm aims to grow its international practice focusing on cross-border insolvencies, restructurings, distressed mergers …
Norton Rose’s last pre-Fulbright & Jaworski merger limited liability partnership accounts reveal that the top 10 LB100 firm’s bank loans rose from £47m to £55m during 2013, with the amount repayable within one year up from £3.3m to £16m, although its net debt has been cut by over two thirds. The firm, which this week named …
Skadden, Arps, Slate, Meagher & Flom’s longstanding European head Bruce Buck has stepped down from his role as London head as the leading Wall Street firm also makes a series of senior appointments that have seen a shift in power to the City. After 25 years as Skadden’s City head, London-office founder Buck (pictured) has been …
With five of its nine overseas offices in South and East Asia, it is perhaps unsurprising that Stephenson Harwood has become the latest UK firm to make plans to open in the burgeoning Seoul market, with the hire of DLA Piper’s local office head and litigation partner Michael Kim. Kim brings with him a developed reputation …
Allen & Overy (A&O) has pointed to the growth and profitability of its Madrid office and the recovery of the Spanish economy for its decision to launch in Barcelona, with the hire of local corporate partner Antoni Valverde from rival firm Freshfields Bruckhaus Deringer, announced today (4 February). Valverde, who made partner at Freshfields in 1997 and …
Continue reading “European expansion – A&O launches in Barcelona with hire of Freshfields partner”
Latest exits add to departures of two partners from City headquarters The expiry of Clyde & Co’s three-year post-merger partner lock-in appeared to pass almost unnoticed last April, but the UK top-20 firm has lost two London partners in recent months as its established US practice was hit in January with a 15-strong team walk out, …
Continue reading “Clyde & Co loses 15-strong US litigation team to LeClairRyan”
