102 jobs to go as BLP redundancy consultation concludes – 58 legal staff depart

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Job cuts Berwin Leighton Paisner

Berwin Leighton Paisner (BLP) has confirmed that it has cut 102 jobs that were placed under review in May, with 58 legal staff and 44 secretarial jobs being lost.

Of those laid off, 84% took voluntary redundancy, reflecting relatively generous severance terms on offer. The redundancy review was announced on 14 May and lasted for 45 days.

The redundancy programme also included a number of additional business service roles although the 735-lawyer firm could not confirm the number affected. It said that a targeted 15% reduction in salary costs was achieved.

It’s now or… later. Hogan Lovells to make decision on dual chief executive structure

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Leadership Hogan Lovells

Hogan Lovells’ senior management has begun discussions over whether to retain the firm’s dual US-UK chief executive (CEO) structure or continue with a single head if UK CEO David Harris steps down as expected next year.

Harris and US counterpart Warren Gorrell have opened the discussion on succession plans with the transatlantic firm’s board, which in turn will canvass the appetite of partners to move to a single leader now the merger of UK firm Lovells and Washington DC’s Hogan & Hartson is three years down the line.

Financial Friday rolls on as Eversheds unveils increase in revenue and profits during 12/13

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Financial results 2012/13 Eversheds Sutherland

Eversheds became the fifth major law firm to confirm its 2012/13 results today (5 July) with the top 15 UK law firm seeing revenues edge up 3% to £376m, while profits per equity partner increased 2% to hit £642,000 for its 133 full partners.

The firm cited a strong performance in its litigation practice, while its financial institutions and energy and national resources sector groups respectively expanded by 20% and 14%. A statement from Eversheds said that it had seen ‘double digit’ growth in its network in Asia and the Middle East, where the firm has been investing.

Reporting season floodgates open as four major City firms reveal 2012/13 revenues

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Financial results 2012/13 AshurstFreshfields Bruckhaus DeringerLinklaters

Reporting season has opened in earnest in the City as Freshfields Bruckhaus Deringer today (5 July) reveals it has bucked the trend towards flat revenue growth among its Magic Circle rivals while Linklaters, Ashurst and Norton Rose Fulbright disclose a varying set of 2012/13 numbers.

In a year that has already seen a number of managing partners blame challenging market conditions for flat revenue streams, Freshfields reported a 7.2% revenue increase from £1.139bn to £1.22bn, while its profit per equity partner (PEP) rose by 7.6% to £1.398m.

Double digit growth for Macfarlanes as firm disputes ‘new normal’

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Financial results 2013 Macfarlanes

A depressed transactional market in the UK has had little effect on the financial performance of Macfarlanes, with the high-performing City firm posting a 12% increase in revenues for 2012/2013 from £102.2m to £114.16m.

The firm, which recorded an 8% rise in revenues in 2011/2012, continues to be one of the most profitable firms in the City, with net income up 16% from £42.44m to £49.25m, equating to a PEP of £985,000 – an increase of 9% on 2011/2012. Profit per lawyer at the firm stands at £158,000 – a rise of 7%.

SJ Berwin creates new COO role with hire of McKinsey’s Baumgartner

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Strategic recruitment King & Wood Mallesons

Top 25 City firm SJ Berwin has announced the hire of Rick Baumgartner as the firm’s first-ever chief operating officer (COO). Baumgartner will join on September 9 from leading management consultancy group McKinsey & Company.

Baumgartner has over ten years’ experience with McKinsey, prior to which he worked at the Australian stock exchange and has held senior roles at accountancy giants Ernst & Young and Deloitte.

Comment: Weil Gotshal and the narrative of the New Normal

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Job cuts Weil, Gotshal & Manges

Whatever the business case for announcing significant down-sizing, there is no doubt that in the field of modern communications Weil Gotshal & Manges scored a significant victory last week in its handling of job cuts.

Confirming its move to cut around 170 staff on 24 June and lower the compensation of 30 partners, Weil was joined up, transparent and eloquent, with executive partner Barry Wolf (pictured) on hand to put a jargon-lite case for its actions. The expected loss of 60 associates is equivalent to roughly 7% of Weil’s associate base.

After the surge a pause – expansive A&O sees a lull in growth as first Magic Circle player confirms 2013 results

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Magic Circle Allen & Overy

Having been the stand-out City player in its weight class since the 2008 banking crisis re-shaped the global legal market, Allen & Overy (A&O) has this year seen a relative slow-down in growth as the firm becomes the first Magic Circle practice to unveil its 2012/13 results.

The 525-partner law firm saw a 0.6% increase in revenues for its year to April 2013, with income hitting £1.19bn. Profit per equity partner was also flat at £1.1m while total profits before tax were up 2% to £496.7m.

Litigation watch: Weil and Quinn Emanuel successful in high profile Barclay brothers Court of Appeal case

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Litigation Quinn Emanuel Urquhart & SullivanWeil, Gotshal & Manges

A high profile Court of Appeal decision has today (3 July) seen Weil Gotshal & Manges and Quinn Emanuel Urquhart & Sullivan see off a challenge against the Barclay brothers and their associated companies over the ownership of three iconic London hotels.

Sir Frederick and Sir David Barclay, represented by Weil Gotshal’s head of litigation Matthew Shankland, successfully defended an appeal by Irish developer Patrick McKillen in a long running dispute over the ownership and control of Claridges, the Berkeley and the Connaught.

Litigation drives growth as Stewarts Law sees PEP break the £1m barrier

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Financial results 2013 Stewarts

The success of litigation-focused firms is again in evidence today (3 July) as Stewarts Law announced an increase in turnover of 29.5% to £45.2m for 2012/13 and average profits per equity partner of £1.1m.

The litigation boutique has seen its turnover almost quadruple from £11.9m in 2007/08 while net profit has hit £20.5m, following a year of key lateral hires and international expansion.