Lawyers are a pessimistic bunch by nature and, with the big four Magic Circle firms posting another year of solid but unspectacular revenue and profit per equity partner (PEP) growth, the consensus view is that 2018/19 could have been a lot worse. Amid a wider slowing of the UK economy and Europe’s deal markets in …
‘Some of the management are dinosaurs. They don’t understand how important this is.’ So speaks one loyalist Freshfields Bruckhaus Deringer partner of a growing unease shared by some regarding the City giant’s direction. When Legal Business’ last focus on the 276-year-old institution hit desks in late 2015, the question was how newly-elected senior partner Edward Braham …
Continue reading “The Global 100: The devil you know – The two visions for Freshfields”
Compared to the dramatic events that have defined each of the three previous years, 2018/19 was relatively benign for the world’s top 100 law firms. True, the world has been dealing with increasing protectionism, US-China trade wars and the endless saga of the UK-EU divorce. But none of these headwinds were a shock for an …
A longstanding legal wrangle that saw Mark Prevezer, Watson Farley & Williams’ former head of real estate seek £300,000 in damages from the firm, has been settled out of court. The move puts an end to a law suit that was expected to head to trial at the High Court in November this year, in …
Continue reading “WFW and former real estate head settle £300k High Court claim”
City stalwart Ashurst has followed suit with peers in the Square Mile to raise the salary for newly-qualified solicitors (NQs), upping the ante to £105,000 including bonuses. The move will mean a 9% pay increase for NQs, who were previously in line for maximum remuneration of £96,600, effective from the 2020 financial year.
Bringing up the rear of the Big Four City firms to post solid but unspectacular financial results, Allen & Overy (A&O) has increased its top line by 5%, sending revenue up by £75m to nearly £1.63bn. A&O’s £1.627bn turnover relegated it from second to third largest Magic Circle firm in revenue terms after Clifford Chance …
Continue reading “Not easy out there: A&O adds £75m to its top line amid muted PEP showing”
Paul Jenkins, Ashurst’s indomitable managing partner, is aiming to reach profit per equity partner (PEP) of £1m in the next financial year as the City stalwart unveils its best financial results to date. On the back of three consecutive years of growth, the firm added £77m to its top line to hit £641m for the …
Continue reading “Ashurst set to reach £1m PEP target after 31% surge as revenue tops £641m”
Freshfields Bruckhaus Deringer has become the second of the Magic Circle to reveal 2019 results, posting a 6% uptick in profit per equity partner (PEP) to £1.84m, while sustaining last year’s income growth to push its top line up 5%. The firm’s turnover grew £70m to £1.472bn on last year’s £1.403bn as net profit edged …
Allen & Overy (A&O) has become the latest Magic Circle firm to hike its salary for newly-qualified solicitors (NQs) to £100,000, narrowly beating a similar commitment from final holdout Linklaters. The move will see NQs take home a minimum of £100,000, including bonus, marking a 20% uptick on the £83,000 salary set by A&O less …
Continue reading “A&O pips Links to the post in Magic Circle NQ pay hikes”
The Solicitors Disciplinary Tribunal (SDT) has thrown out an application by Freshfields Bruckhaus Deringer partner Ryan Beckwith to dismiss its prosecution following misconduct allegations made against him by a junior member of staff. The move came to light today (19 June) on the second day of a case management hearing before the SDT. The case against …
Continue reading “Freshfields partner fails to block SDT sexual misconduct tribunal”
