Global 100: Gibson Dunn – A global outlook for an LA stalwart

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Global 100: Gibson Dunn – A global outlook for an LA stalwart

‘We are in growth mode,’ announces Joshua Lipshutz, chief operating officer of Gibson Dunn, as he beams into the boardroom of the firm’s London office via Zoom. An apt statement for a firm that has stormed into the Global 100’s top ten in a year where many firms’ revenues have faltered.

Up four places from its position in 2022, the firm has achieved revenue of $2.74bn, marking a 10% increase from last year and a 67% increase over the past five years. This places the firm in its 27th year of consecutive revenue growth. PEP looks equally buoyant, with the firm seeing a respectable 11% increase to $4.92m.

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Global 100: White & Case: Global elite leader or missed opportunity?

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Global 100: White & Case: Global elite leader or missed opportunity?

‘Our ability to pitch top-ranked teams under both New York and English law, and where needed under the local laws to back that up, remains our USP,’ asserts Oliver Brettle, White & Case’s vice chair, underscoring what sets the firm apart.

Unveiling subdued financials this cycle, the firm’s London arm experienced a modest 1% revenue growth to $451m, contrasting sharply with the 18% and 12% revenue upticks witnessed in 2020 and 2021. Global turnover was also muted, declining by 1% to $2.83bn. However, it still signifies a substantial 57% increase over five years and outperforms the figures observed among Magic Circle peers.

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The Global 100 debate: Going hard and betting long

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The Global 100 debate: Going hard and betting long

Nathalie Tidman, Legal Business: How have your businesses been performing over the last year? What have been the highlights?

Deborah Finkler, Slaughter and May: Remarkably well. I certainly think that we have all been holding our breath for the last two years for the downturn, which still has not entirely happened. The biggest issue we are facing is that we have a higher headcount than we had 18 months ago. You normally wait until things get difficult and then you think about how you are going to cope, but things are not difficult enough. One of the issues I have as a managing partner is persuading people that we need to be out pounding the pavements and getting more work, given that we never make people redundant. Continue reading “The Global 100 debate: Going hard and betting long”

M&A stages tentative comeback but dealmakers remain hamstrung by uncertainty

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M&A stages tentative comeback but dealmakers remain hamstrung by uncertainty

‘The biggest issue for the market is uncertainty’, says Richard Youle, who has headed Skadden’s London office since July. ‘Whether that’s in relation to the current geopolitical landscape, higher interest rates, inflation, or navigating tougher stances by regulators – we’re seeing people take longer to think about transactions and execute them. There’s also a mismatch of expectations – sellers are looking for 2022 prices, while buyers are looking for a reduction.’

Indeed, this view is borne out by the data. According to Refinitiv, worldwide M&A activity for the first three quarters of 2023 is down 27% compared to the same period last year, to a ten-year low of $2trn. There are some positive signs. Q3 2023 saw activity dip 16% on Q2. But four of Refinitiv’s top ten highest-value global deals were announced between June and September, and the months since then have seen further high-value activity. Still, these points notwithstanding, Q3 2023 remains the slowest Q3 since 2012. Continue reading “M&A stages tentative comeback but dealmakers remain hamstrung by uncertainty”

‘A new era of stress’: Perspectives from City restructuring partners and what to expect from 2024

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‘A new era of stress’: Perspectives from City restructuring partners and what to expect from 2024

Casting a glance back at the year nearly at its end, industries faced challenges from inflationary pressures, soaring interest rates, geopolitical uncertainties, and an energy crisis, putting even the more robust sectors to the test.

In the midst of these conditions, company insolvencies during Q2 and Q3 2023 reached their highest point since Q2 2009, according to data provided by the Insolvency Service. Continue reading “‘A new era of stress’: Perspectives from City restructuring partners and what to expect from 2024”

Steadying the ship: Can the FCA strike the right balance between protection and innovation?

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Steadying the ship: Can the FCA strike the right balance between protection and innovation?

Nearly a year after joining the Financial Conduct Authority as CEO in 2020, Nikhil Rathi committed to making the organisation ‘more innovative, assertive and adaptive’. Two years later, some of this change is evident – particularly in its leadership. Continue reading “Steadying the ship: Can the FCA strike the right balance between protection and innovation?”