Life During Law: Kevin Gold, Mishcon de Reya

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My career has been one of misfortune for others and fortune for me. I had two senior partners that died – one was very young, Alan Rosin at Bayer Rosin – he was in his 40s, I was about 30. As a result of his death, which was a huge tragedy, I inherited a practice.

Bayer Rosin was a unique firm. The partners were either South African or East African. South Africa was just coming through apartheid and so on his death the opportunities presented themselves. Many firms wanted to merge with us as we had a strong practice in the region. One was Mishcon… I brought about half the firm with me, others went their own way. The second person was the then-senior partner Martin Bayer. He came to Mishcon but died a few years after we joined.

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KWM launches ‘global partner’ programme to secure star recruits

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With its City rivals increasingly breaking their remuneration models for star hires, King & Wood Mallesons (KWM) has created a firm-wide remuneration pot to fund marquee hires across the world.

Intent on rebuilding its corporate department in London following a string of big-billing partner exits, the move will allow KWM to at least double the amount of money it can currently offer incoming partners and pay over £2m for top names.

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DLA Piper launches new sector strategy

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Global law giant DLA Piper has launched a seven-sector strategy as the firm bids to sharpen its focus from its current 15 and foster greater cross-selling.

DLA Piper, which is pushing a high-profit agenda that last year resulted in a 13% jump in profit per equity partner to $1.33m, will reduce its sector focus from 15 to seven industries. These are: banking and financial services; life sciences; real estate; insurance; technology; energy; and media, sports and entertainment.

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Ranson eyes Eversheds’ chief exec role as he leads growth drive

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In a move which sets him in a strong position to run for chief executive when incumbent Bryan Hughes steps down in 2017, Eversheds managing partner Lee Ranson has been tasked with leading a ‘Growth Agenda’ following the firm’s subdued performance in this year’s Legal Business 100, which saw growth flatline, and profit per equity partner (PEP) edge up by 2%.

The strategy revamp was announced during a practice group conference this summer as the firm’s three-year plan came to an end. Ranson told Legal Business the agenda was about making sure junior lawyers coming through the business have the skillsets and opportunities to sell.

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UK-driven law firms outperform City leaders in this year’s dynamic-changing LB100

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This year’s Legal Business 100 (LB100) has seen the dynamics of the UK legal market turn on its head as national-driven law firms outperformed those at the top of the table, including the Magic Circle.

Overall, total revenue for the LB100 in the financial year 2014/15 is down 1% to £20.64bn, while lawyer headcount has also decreased – down 2% to 64,024. But, these figures mask the positive performance from firms ranked 26-50, with average turnover up 6% to £112m. While revenue per lawyer (RPL) was down 3% to £248,000, profits were up – with profits per equity partner (PEP) seeing a double-digit increase of 10% to £453,000.

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News in brief – September 2015

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BAKERS’ 2014/15 FINANCIALS SEE FIRM SLIP BEHIND DLA

Baker & McKenzie revealed it generated $2.43bn in the year to 30 June 2015, a 4% fall on last year’s $2.54bn. The firm said a strengthening dollar had hit its top-line and also helped push profit per equity partner down to $1.14m from $1.29m. The firm said it had invested in a new financial and management system and hired 51 lateral partners over the year.

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Latest hires boost Fried Frank’s bold City expansion plans under Graham White

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Former Kirkland & Ellis de facto London head Graham White has experience in building City practices and almost a year after being recruited by Fried, Frank, Harris, Shriver & Jacobson to revive its London offering, the outpost has seen some credible arrivals. But as two more partners officially join in September, White is planning more recruits and a move to larger offices.

White, who joined in October 2014, was tasked to build out three main practice areas – finance, private equity and funds – and then support the expansion of M&A, followed by real estate and restructuring.

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‘A critical first step’: WLG sets sights on global stage with Canadian tie-up

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Wragge Lawrence Graham & Co (WLG) has set out its global ambitions, following the announcement in July of its union with Canadian firm Gowlings. Gowling WLG will create a 622-partner law firm across 18 cities, and is billed as a new Global 100 practice with revenues estimated at over £400m.

Although some peers have expressed surprise at WLG’s decision to go into the Canadian market, the combination is being pitched by management as a platform to reboot the combined firm as truly global.

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Keeping up with the Joneses – will A&O’s pay overhaul keep top talent?

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Sarah Downey looks at the £20k pay boost and whether the market will follow suit

Allen & Overy (A&O)’s decision to award lucrative associate salaries similar to some US firms in July, as part of a wider overhaul of how it rewards junior lawyers, has sparked renewed debate in the City about how best to retain top talent.

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A&O and Freshfields win work on Bwin’s bidding battle

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888 looks set to strike £900m deal

Deal lawyers took little respite over the summer as the traditional lull failed to materialise. One deal that kept teams at Magic Circle duo Allen & Overy (A&O) and Freshfields Bruckhaus Deringer busy was the bidding battle between 888 and GVC Holdings for online gambling company Bwin.Party Digital Entertainment.

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