Equitable Life put pensions at risk when it nearly collapsed in 2000. But 18 years on it has completed its turnaround with Life Company Consolidation Group (LCCG) agreeing to acquire the UK’s oldest life assurer for £1.8bn. Equitable Life turned to Freshfields Bruckhaus Deringer, which fielded a team led by corporate insurance partner George Swan …
It has been a dramatic year for the world’s top 100 law firms in three respects. Our prediction that the group would break the $100bn barrier by the end of 2016 did not quite happen in last year’s report, but that barrier has been smashed a year later with total revenue for these firms rising …
Continue reading “Global 100 Overview: They might be giants”
Mayer Brown and Reed Smith are continuing their recent expansion trajectories, this time at the expenses of Norton Rose Fulbright (NRF)’s London base and Pinsent Masons’ Middle East operations. NRF saw the exit of one of its most senior London partners as veteran litigator Sam Eastwood headed for the door after three decades to join Mayer Brown.
In a case that has put antitrust law on the front pages, the European Commission (EC) has fined Google a record €4.34bn for breaching competition rules after Clifford Chance (CC)’s client FairSearch triggered a long-running investigation. Cleary Gottlieb Steen & Hamilton and Allen & Overy (A&O) were on the losing side as the EC found …
Continue reading “CC wins out as Google’s record fine in landmark antitrust case heralds new era”
In what has been a strong reporting year already for a number of mid-market pacesetters, it is perhaps surprising to find that the frenetic growth of recent years at Mishcon de Reya has finally slowed. The firm’s 8% top-line growth to £161.3m remains strong but is slower than last year’s 17% hike to £149.4m and …
Continue reading “Blistering run comes to an end for Mishcon as PEP falls and revenue growth slows”
Kirkland & Ellis is building on the rapid growth of its Texas operations with the opening of a second office in the US state. The Chicago-bred giant announced on Wednesday (11 July) it would open a new eight-partner base in Dallas, hiring six lawyers from US rivals including Jones Day M&A partner Michael Considine.
Linklaters has posted a mixed bag of financial results as revenue grew by a solid 6% to pass the £1.5bn mark but profits have failed to keep pace, increasing by just 2%. As the last of London’s big four to announce its 2017/18 results, the revenue increase to £1.52bn means the Silk Street firm is …
Continue reading “Linklaters fails to keep pace up with profit growth as revenue breaks £1.5bn”
Macfarlanes has grown its revenue 20% to £201.5m in yet another sign of a strong financial year for mid-tier City firms. Profits per equity partner (PEP) also rose 26% to £1.74m as the firm lifted operating profit 25% to £107m, cementing its position as one of the most profitable operators in the Square Mile.
Taylor Wessing is joining the growing list of City firms expanding into low cost centres in the UK by launching an office in Liverpool. The UK top 20 firm’s new base will open in September with an initial team of 11 lawyers and business support staff. Taylor Wessing will appoint a partner to lead the new …
Continue reading “Taylor Wessing follows northshore wave with 10-lawyer Liverpool launch”
For months lawyers have been talking of unexpectedly robust trading conditions but the first clear indication from the City elite come today (3 July), as Clifford Chance (CC) announces a 5% income hike for 2017/18, while partner profits surged to £1.6m. The first set of results from a Magic Circle outfit show revenue up from £1.54bn …
