Legal Business

Odimba-Chapman succeeds Bates as Clifford Chance London managing partner

Clifford Chance has named employment partner Chinwe Odimba-Chapman as its new London managing partner, succeeding Michael Bates.

Stepping into the role as of 1 January, Odimba-Chapman (pictured) will be CC’s first black London managing partner. She currently serves as the firm’s global people and talent partner.

Bates, who is a Legal 500 Hall of Famer for corporate M&A, is stepping down at the end of this year after seven years in the post and moving back into a fee-earning role.

CC lifer Odimba-Chapman joined the firm in 2002 and became a partner in 2018. Her practice focuses on advising global clients on a wide range of employment law issues on a cross-border basis.

Global managing partner Charles Adams said: ‘I would like to congratulate Chinwe on her new role and would like to again thank Michael for successfully leading our UK business for seven years to its current strong and market-leading position.’

Odimba-Chapman has also been appointed as co-regional managing partner for the firm’s ‘One Europe’ region, alongside regional managing partner for continental Europe, Steve Jacoby.

Adams continued: ‘We know Europe like nobody else, with top experts in every key jurisdiction and proven strengths in working on the most complex cross-border mandates where we can have the biggest impact on our clients’ success.’

elisha.juttla@legalease.co.uk

Legal Business

Hunton takes 11-strong energy team from EY Law as CC and Latham make key hires

Leading the moves this week, US law firm Hunton Andrews Kurth has expanded its London office with the addition of an 11-lawyer energy and infrastructure team from EY Law, including four partners who moved together from DLA Piper less than five years ago.

The team – which includes partners Charles Morrison, Dimitri Papaefstratiou, Simon Collier and Harry Brunt, as well as five associates, a counsel, and a consultant – specialises in energy and infrastructure deals across oil and gas, renewables, thermal power, and emerging technologies like carbon capture and hydrogen.

This marks another setback for EY Law, which previously lost partners Alan Cunningham and Richard Skipper to Hunton in October, with the firm adding over two dozen lawyers to its London office since August 2023.

Hunton managing partner Sam Danon said: ‘The team aligns well with our international growth strategy, which is focused on ensuring that we’ve achieved critical mass in key practices, in core industry focus areas and in geographies where client demand is strong’.

Elsewhere in the City, Clifford Chance has hired Philipp Girardet as a partner in its global antitrust group. He joins from Willkie Farr & Gallagher, where he was chair of the European competition practice group. Leaving Willkie after eight years, he brings experience advising on EU and UK competition law, including complex, cross-border merger control, FDI and antitrust/cartel defence cases.

He previously was a partner at King & Wood Mallesons where he moved in 2016 to set up the firm’s London competition practice.

Nelson Jung, head of London antitrust at CC, commented: ‘We are thrilled to welcome Philipp to our team. He is an outstanding lawyer who advises clients on their most complex and strategic antitrust matters.’

CC has also recently seen some departures in London. Former head of UK real estate construction Marianne Toghill has left for Simmons & Simmons after more than three decades at the magic circle firm.

A Legal 500 leading partner for non-contentious construction, Toghill focuses on complex London real estate development deals and has advised on a range of iconic buildings in the capital including the Shard, Battersea Power Station and Canary Wharf.

Duncan Athol, a partner in Simmons’ construction team, commented: We are delighted to have secured such a highly-regarded construction partner in Marianne. Her vast experience, long-term client relationships and deep industry knowledge will immediately enhance the offering of our thriving construction team and wider ENRI practice.

CC counsel Michael Evans has also left to join White & Case as an IP and tech partner. Evans advises on the technology regulatory, IP, contract and data aspects of corporate transactions, commercial contracts and strategic projects.

White & Case has hired Haynes Boone’s London head of finance Emma Russell. Funds finance partner Russell is set to join after eight years at Dallas-headquartered firm. She brings almost 25 years’ experience having spent time at firms including Carey Olsen, King & Wood Mallesons and Squire Patton Boggs.

Her practice focuses on the full range of fund lending products across fund sectors including private equity, real estate, secondaries and infrastructure.

White & Case vice chair Oliver Brettle said in a statement: ‘Emma’s addition is another important step in the ongoing growth of our investment funds capabilities globally.’

Meanwhile, Gibson Dunn & Crutcher has continued to expand its transactional capacities in London with the addition of public company M&A partner Will McDonald.

McDonald has moved after almost 18 years at Jones Day, becoming partner in the firm’s 2018 round of New Year promotions. His arrival follows the additions of White & Case private equity partner Will Summers in September and Linklaters’ co-head of leverage finance David Irvine who moved in April, becoming the firm’s co-chair of global finance.

During a two-year secondment at the Takeover Panel, McDonald was involved in regulating over 250 transactions including Anheuser-Busch InBev’s £71bn offer for SABMiller.

Another firm making moves in the IP space is Paul Hastings which has tapped boutique IP law firm EIP for intellectual property litigator Alex Morgan.

Morgan, who was made up to partner in April, advises on major disputes involving cross-border IP issues and has played a key role in EIP’s representation of Optis against Apple and ThroughPuter against Microsoft. He leaves after almost seven years at  EIP and had previously spent seven and a half years at Baker McKenzie.

Brown Rudnick has also been active in the real estate space, welcoming Eversheds Sutherland real estate partner Angus Ford who joins as the firm’s head of UK & European real estate in London.

Ford specialises in advising on innovative residential, retail, and industrial developments including cloud storage facilities. He joins after nearly 12 years at Eversheds and previously spent time at legacy Berwin Leighton Paisner and Osborne Clarke.

Meanwhile, private client partner, Jonathan Burt has decamped to Charles Russell Speechlys following a six-year stint at Harbottle & Lewis.

Burt arrives with more than 30 years of experience advising entrepreneurs, business and wealth owners on international private client matters. He has also spent time at Harcus Sinclair, Baker & McKenzie and as a managing director at Barclays Wealth.

Payne Hicks Beach has tapped Withers for property partner Peter Lamb and private client senior associate Phineas Hirsch who has joined as a partner.

Lamb joins after 11 years at Withers and has worked on a broad range of transactions for major organisations, entrepreneurs and individuals. Hirsch is fluent in French and Spanish and has developed significant experience in dealing with foreign assets and estates in Continental Europe.

In the US, Freshfields has welcomed corporate lawyer Calise Cheng and employee benefits and executive compensation practice Heather Brookfield to its Silicon Valley office.

Cheng has slotted into the firm’s capital markets group. She moves after seven years at Cooley having previously spent 11 years at Wilson Sonsini Goodrich & Rosati. Brookfield, meanwhile, focuses on the representation of companies in their compensation and employee benefits matters. Her move comes after three and a half years at Goodwin Procter.

In Germany, Latham & Watkins has welcomed capital markets partners Oliver Seiler and David Rath back to the firm’s Frankfurt office after the pair moved to White & Case in July.

Seiler and Rath advise advising issuers, private equity sponsors, and underwriters on a range of domestic and international equity capital markets transactions.

‘We are thrilled to welcome Oliver and David back to Latham,’ said Burc Hesse, office managing partner of Latham & Watkins in Germany in a statement. ‘With their reputation as top capital markets partners in Germany, Oliver and David will recontribute extensive expertise and a track record of success in innovative transactions.’

 tom.cox@legalease.co.uk

Legal Business

‘How hard are you prepared to work?’ – partners who’ve made it on how they built a book of business

‘If anyone had all the right answers, they’d be getting all the work in the City,’ jokes Cleary London private equity partner Michael James, when asked for tips on how junior partners should start building up the books of business needed to guarantee their long-term success.  

In an industry as competitive as the top-end London legal market, with no shortage of talented lawyers and firms ready to undercut prices, the reality is that getting that initial book of business off the ground – and keeping it – can be tough.  

Legal Business

Rating the lawyers – what the data tells us about Clifford Chance

How do your clients rate the service they receive from your firm? Every year, we ask hundreds of thousands of clients to score firms on metrics such as lawyer quality, billing, communication and expertise, as part of the Legal 500 research. As well as providing insight on each firm, this means we can also benchmark firms against each other.

Lawyers and team quality – how does CC score?

Clifford Chance scores 80.94 for lawyers and team quality – as illustrated below, that score is 1.03% below the average for Global 100 firms; better than DLA’s score, but below Linklaters. Conversely, Herbert Smith Freehills scores 0.33% above the average.

(The rest of this article is available to logged-in users onlyIf you are unable to log in above right, please click ‘Forgot your password?’ below to gain access to the full article).

Legal Business

‘Great progress everywhere but fastest in the US’: CC posts 28% Stateside hike as PEP rebounds

Clifford Chance (CC) has become the third magic circle to reveal its financial results for 2023-24, posting global revenue growth of 9% to £2.3bn, up from 5% last year. 

Profit, meanwhile, saw double-digit growth of 10%, up to £856m.  Profit per equity partner (PEP) was up slightly from £2m to £2.04m, back to the figure reported in 2021-22 after a slight dip last year. 

Commenting on the results, global managing partner Charles Adams said: ‘In another year of very strong performance, our record profits have enabled us to make substantial investments in our global team and operations. These strategic investments are already yielding benefits for our clients and our firm and position us for long-term success.’ 

When discussing the drivers of growth, Adams highlighted CC’s global litigation and disputes resolution and regulatory investigations teams, which accounted for more than 20% of the firm’s total income. He also emphasised the firm’s focus on the energy transition and infrastructure investment, as well as the technology sectors. 

The firm’s private capital sector was also highlighted, noting that in 2023, CC advised on 224 M&A deals with a total value of $208bn. Standout mandates during the year included advising Partners Group on the sale of public sector cloud software company Civica, while the firm has also been working with longstanding FTSE 100 client Informa on its £1.2bn offer for Ascential and acting for Unilever on the sale of its water purification business, Pureit, to water technology company A. O. Smith.

Over in the US, the firm saw a 28% increase in revenue. ‘We are making great progress everywhere, but fastest in the US,’ commented Adams. 

Along with its newly opened Houston office, and its offices in New York and Washington, the firm added a total of 19 partners during the year, bringing  total number in the US to 115. Notable hires include New York finance partner Jason Ewart, who joined from Latham & Watkins, and energy and infrastructure partner Marcia Hook, who moved from Kirkland & Ellis in Washington. 

In the firm’s Houston office, which has been open for just over a year, partner headcount has doubled to 14, with a total of 41 fee earners. New hires include M&A partner Jonathan Bobinger, who joined from Baker Botts, and energy and infrastructure partner Jonathan Castelan, who moved from Latham to co-head the firm’s energy transition group.  

The firm’s US progress will be closely watched by market peers given recent successes enjoyed by its magic circle competitors, with Freshfields making strides across the pond with an impressive run of high-profile hires, and Allen & Overy securing its long-awaited merger with Shearman & Sterling to form A&O Shearman.

elisha.juttla@legalease.co.uk

For more, see Magic Circle in the US: Running to stand still

Legal Business

‘Slightly alarming’ – Clifford Chance, Linklaters, A&O Shearman match Freshfields’ NQ pay hike

Clifford Chance and A&O Shearman joined Linklaters this week in matching Freshfields’ NQ pay hike from £125,000 to £150,000, leaving Slaughter and May the sole Magic Circle firm still on the lower rate.

Following the pattern set by Freshfields earlier this month, all three firms are also increasing trainee pay. First-year trainee salaries at each firm will rise from £50,000 to £56,000, while second-year trainee salaries will increase from £55,000 to £61,000.

Commenting on the pay rises, Linklaters firmwide managing partner Paul Lewis said in a statement: ‘We are committed to rewarding our people competitively in our market. Our salary changes reflect this and enable us to attract and retain exceptional lawyers to provide the highest quality service to our clients.’

A&O Shearman’s statement, meanwhile, quoted new London managing partner Denise Gibson: ‘Our compensation structure gives us flexibility to reward expertise, performance and wider contribution and is designed to be highly competitive to reflect the markets in which we operate.’

The move also means that legacy Shearman lawyers at the now-merged firm will avoid taking the pay cut they faced when it was reported in April that A&O Shearman would stick with the legacy A&O NQ salary of £125,000 rather than matching Shearman’s £145,000.

However, some recruiters are warning that this latest round of NQ and trainee salary hikes will raise concerns among mid to senior-level lawyers.

Speaking to Legal Business, David von Dadelszen, director at James Legal, said: ‘This is a slightly alarming continuing trend that isn’t reflecting of increasing salaries for more senior lawyers where it may create retention issues. Clients must question getting advice from junior lawyers who are paid so highly.’

In a similar vein, Hannah Benger, business manager at Montresor Legal told LB: ‘Magic Circle salaries usually level out at the mid to senior level, which may create some issues, particularly given the consistent increases at leading US firms.’

She continued: ‘The other Magic Circle firms may find it harder to retain their top talent if they do not match the £150,000 NQ salary level. Although there has been some disparity in NQ pay between the Magic Circle in recent years, this is harder to justify given the significant and uniform increase at Freshfields, Linklaters and Clifford Chance.’

The increases will pile pressure to up salaries on other London firms. Slaughter and May last raised NQ salaries in November, with no further increase after its most recently six-monthly pay review in April.

However, many US firms continue to offer pay packets still more generous than even the increased Magic Circle rates. In Benger’s words: ‘The client base of Magic Circle firms is different to US firm clients who are used to paying a lot more.’

With NQ bonuses to be paid out in the coming months, Benger added: ‘It will be interesting to see what the Magic Circle firms do with bonuses. It is coming up to bonus season, and there is likely to be renewed interest in making a move to premium US firms if Magic Circle firms cannot compete with Cravath bonuses.’

elisha.juttla@legalbusiness.co.uk

alexander.ryan@legalbusiness.co.uk

Legal Business

Energy perspectives: Clare Burgess

What made you decide to become a lawyer and why did you choose to go into infrastructure transactions?

I chose to study law with thoughts of becoming a barrister. While at university I was introduced to City law firms through the milk rounds and was drawn to the emphasis on working as a team, opportunities to work on headline deals, international secondment opportunities… and the law school grants!

Legal Business

‘Doubling down’: CC’s London PE head sets out strategy as buyout partners predict uptick

Spencer Baylin, Clifford Chance’s recently-appointed London private equity head, discussed his ambitions for the practice with LB as we garnered views from peers on how the market is faring.

In December, CC lifer Baylin stepped up to the role soon after the high-profile loss of Christopher Sullivan to Paul Weiss’ M&A practice amid the US elite firm’s aggressive drive to build a top-tier corporate practice.

Legal Business

Mixed bag for Clifford Chance as it joins the £2bn revenue club but profits and PEP stall

Clifford Chance (CC) today (19 July) became the second Magic Circle firm to post revenues in excess of £2bn after Allen & Overy achieved that milestone last week.

CC’s headline turnover figure of £2.062bn showed an increase of 5% on last year’s £1.969bn, and marks the eighth consecutive year of revenue growth for the firm.

However, profit remained more or less flat at £781m, compared with a 9% uptick to £783m in 2021/22.

Profit per equity partner (PEP) dipped slightly from £2.04m to £2m, in contrast to last year’s bullish 10% growth.

The firm put its flat profitability down to increased costs. ‘Lawyer salaries are our largest cost’, admitted chief financial officer Patrick Glydon, pointing also to investments in real estate, IT, and business professionals’ salaries.

Global managing partner Charles Adams acknowledged upward pressure on NQ and junior salaries, driven in large part by ultra-competitive US firms: ‘Clifford Chance is a multi-jurisdictional, multi-product firm. We compete with US firms in some of those sectors and geographies. Where we do compete, we have to be able to remunerate our people at competitive rates.’

Global litigation and dispute resolution was the key driver of growth, with ‘increased activity levels across all areas’. At the same time, CC reported steady performance in non-contentious work: ‘Despite a year of subdued M&A activity across the industry, our transactional teams maintained positive momentum buoyed in part by an active tech sector and private capital fund raising’, noted Adams. ‘Demand for our global advisory expertise was robust.’

Looking ahead to 2027, CC has in place a four-year growth plan focused on what Adams called ‘our one-firm priorities of client experience and operational excellence’. With what it calls its ‘People and Talent Strategy’, CC aims to continue to make lateral hires in core areas around the globe, with Adams noting ‘private capital, energy transition, infrastructure, tech including AI, and healthcare and life sciences’ as key growth areas.

‘Our US capabilities remain our top priority’, he said. The firm reported that 42% of its 24 lateral hires in FY2023 were in the US, and noted that this figure does not include the seven partners it recruited to open its Houston office.

Glydon also commented on US growth: ‘We were flat in the US in the first half of last year, as our international competitors were. But we saw high single-digit growth in the second half of the year, and that has continued into this year.’

Adams said that the firm was ‘not pursuing’ a US merger, but was instead focusing on ‘steady and sustained growth’ and ‘a progressive and constant buildup’. However, he noted, ‘we would not rule out any option in pursuit of that strategy.’

Similarly, the firm did not rule out further office openings, both in the US and around the world. ‘The answer is a sort of constant maybe’, said Adams. ‘We shall see what sort of talent we can recruit, and what opportunities we can unlock.’

alexander.ryan@legalease.co.uk

Legal Business

Life During Law: Jeroen Ouwehand

I never thought I would be a lawyer. I’m from Amsterdam, and I did a student traineeship in 1991, which was quite a common thing for Dutch law students back then. It’s like a summer internship at a law firm. I was blown away by Clifford Chance – the dynamism, the people, the quality of the work. I just loved it. I was given the chance to apply for a job to start the year after and I got it. That was quite unusual in those days because the job market wasn’t easy.

If you’d asked me at the age of 23 or 24, I would have said I wanted to go into international relations or business. Before I studied law, I was thinking of going to a university in the US which was strong on international relations, then go and work at an international organisation. My fascination with international relations very much came into force in my former role as senior partner and now as leader of our global ESG board.