Legal Business

Former Ashurst securities head emerges at Fieldfisher to launch alternative legal business

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Fieldfisher has formed a new business focused on offering alternative legal services aided by document-reading software. The new business unit, called Condor, is being overseen by former Ashurst head of securities and derivatives Christopher Georgiou.

Georgiou (pictured) is chief executive of the new business and is working alongside derivatives partners Guy Usher and Luke Whitmore in conjunction with third-party software providers.

Condor is designed for the financial services market and according to the firm combines document data management and technology solutions with low-cost legal expertise.

Georgiou told Legal Business: ‘Technology is certainly part of it. But it’s more about delivering services and customised solutions to our clients in a way that’s more efficient from a price point of view and more efficient from a process point of view.

He added:’Data extraction is providing clients with the means to understand and organise what’s in their contracts. If you have hundreds of contracts and you want to interrogate them, data extraction and analytics is a way of doing that.

‘It’s a combination of technology and low-cost human resourcing in order to achieve that result.’

Georgiou revealed that Condor is already being implemented with three large banks and that there are two ‘very significant’ projects in place for two global investment banks. However, Georgiou was coy on assigning a monetary value to the new investment.

The fresh focus on technology-assisted solutions for the financial market follows an overarching Fieldfisher strategy to concentrate on financial services. In June last year managing partner Michael Chissick indicated that financial services formed part of three ‘accelerated’ focuses alongside technology and energy & natural resources.

Usher added: ‘In these changing times, with endless amounts of regulatory change, clients are looking for ever faster and cheaper solutions.

‘Some technology platforms already in the market can capture data from standardised industry documents – but Condor has additional value by also providing legal input.’

While working for Ashurst, Georgiou was singled out for praise for his role in securing the firm a place on Credit Suisse’s UK legal panel in March 2016.

tom.baker@legalease.co.uk

Read more: ‘We needed to move on’: Why Fieldfisher has turned its back on the dating game’

Legal Business

LLP accounts: Holman Fenwick slashes top member pay as Fieldfisher boosts leadership remuneration

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The latest release of firm LLP accounts at Companies House has seen Holman Fenwick Willian drastically reduce pay to its top member, as Fieldfisher has increased its top member pay and given more to its leadership team.

Holman Fenwick Willan LLP’s top paid member took home £950,000 for the 2015/16 financial year, a decline from the previous year when the firm’s top paid member earned a robust £3.6m, marking a decrease of 74%. This figure in LLP accounts does not necessarily equate to the highest paid equity partner and can relate to ‘golden handshakes’ to retiring members.

The total number of fee earners also rose to 466 from 2014/15’s 444, while the number of members at the firm remained static at 164. Holman Fenwick increased its staff costs to £52.5m from £49.3m and recorded profits of £49.4m for the last financial year, indicating a 12% increase over 2014/15’s profits of £43.4m.

According to the accounts, Holman Fenwick borrowed £12.4m during the course of the financial year from banks, down on £10.7m from the previous financial year at a percentage decrease of approximately 14%. The statement also indicated that its total bank overdraft facilities amount to £5.5m.

Meanwhile, Fieldfisher recorded a significant upsurge in profit for the financial year 2015/16, and management at the firm benefited, with the members of the firm’s executive committee and supervisory board taking home £9.75m collectively, up from £7.9m the year before.

A spokesperson for the firm said: ‘The firm’s management team has increased in order to better manage the growth in the size of the business. However, when it comes to remuneration, we have a very fair structure which rewards the firm’s highest performers – whether members of management or not.’

The year’s figure of profit before members’ remuneration is £51.3m, about 20% up on 2014/15’s sum of £43.1m. Increase in profits has coincided with a general growth of the business, as the firm has broadened its number of total staff. The figure for 2015/2016 of 597 fee earners and support staff is a marginal increase over the year before’s 559. As a result, Fieldfisher’s total staff costs have risen by approximately £3m, from £33.3m to £36m.

At the top of the company, the highest paid member pocketed £1.2m over the course of the year, however this was a slight decline on last year’s figure of £1.24m. According to the accounts, the firm also slashed its bank overdraft to £1.1m from £5.8m. Despite the downturn in earnings at the top of the pyramid, Fieldfisher has bolstered the number of partners since 2015. There are now 152 members, in comparison to 2015’s 137.

tom.baker@legalease.co.uk

Legal Business

KWM latest: Fieldfisher and Debevoise latest to hire from ailing European partnership

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Fieldfisher and Debevoise & Plimpton are the latest to hire from King & Wood Mallesons‘ (KWM) ailing European practice. Fieldfisher hired technology partner James Walsh, whilst Debevoise announced it is taking on private equity lawyer Simon Witney as a consultant.

Walsh joined KWM in June 2015 alongside three others from Eversheds, in a move by the firm to rebuild its City offering after an early string of post-merger exits. He previously headed Eversheds’ international telecoms practice.

Fieldfisher head of technology Rob Shooter said: ‘James is well-known in the industry as a leader in his field and we are delighted that he’s joining us. His client base and experience spans across the firm’s three focus industries – technology, financial services and energy – and as such he is a fantastic addition to the Fieldfisher team.’

Witney has previously co-led KWM’s funds team in London, and had sat on the firm’s management board. He joins Debevoise as a consultant in order to complete his PhD this year in corporate governance issues in private equity backed companies.

Yesterday (4 January) Legal Business reported Frankfurt-based corporate partner Michiel Huizinga is expected to move to Allen & Overy, whilst in Germany DLA Piper has taken on KWM’s former head of real estate for Germany Lars Reubekeul and real estate partner Florian Biesalski.

New exits come as the firm’s European partnership confirmed yesterday (4 January) it has stopped paying 100 staff as it heads towards administration. The firm confirmed its intention to file for administration in a court filing in December 2016, and has lost almost all of its top 50 billers since it halted its recapitalisation plan late last year. The recap plan ultimately failed, and the firm is carrying more than £30m in debt.

Late last year, it was revealed China has bid for an out-of-administration purchase of certain legacy SJ Berwin offices including Dubai, Germany, Italy and Spain. It is also talking with partners to keep an outpost in London and if a deal is agreed, the acquisition will remain within a verein structure, and the business will take on a significant number of lawyers but without any of legacy SJ Berwin’s liabilities.

georgiana.tudor@legalease.co.uk

Legal Business

‘We learnt a few lessons’: Fieldfisher tries again in China

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Firm completes Beijing merger, plans Shanghai return in 2017

Fieldfisher re-established its China practice in November by merging with 12-partner Beijing firm JS Partners in a combination that operates under a Swiss Verein structure.

Legal Business

News in brief – December 2016

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PARTNERSHIPS AT RISK IN AUTUMN STATEMENT

Chancellor Philip Hammond signalled a change to partnership taxation in November’s Autumn Statement, which is expected to impact law firm pay. Hammond said he will shake up profit-sharing arrangements, and according to UHY Hacker Young tax partner Roy Maugham, the government will propose that partnerships must decide their profit-sharing arrangements at the beginning of the tax year rather than at the end, regardless of how individuals perform.

Legal Business

‘A good start’: Fieldfisher posts 10% half-year revenue rise

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The first LB100 firm to post mid-year results for 2016/17, Fieldfisher, has lifted revenue for the period by 10% to £64.1m. The firm posted an 8% rise to £58.4m for the same period last year.

The mid-tier player attributed the rise to a strong period for the firm’s disputes practice in the UK, and added that Euro earning offices such as Paris and Brussels performed particularly well.

The firm’s half-year figures do not include Fieldfisher’s recent additions in Milan, Birmingham or Beijing.

Managing partner Michael Chissick told Legal Business: ‘We’re very pleased at half year point to have a strong 10% uplift, a good start to the year. While until we finish the year we don’t know exactly how it will end, we are pleased with our result given the challenges in the last six months, like Brexit.’

Chissick (pictured) added: ‘We are continuing to implement our European expansion strategy, including opening in Netherlands and Spain. We are confident we will achieve all of our goals within the timeframe of the strategy and our good numbers give us the right platform to continue doing so.’

The firm posted a 7% increase in firm-wide revenues for 2015/16, up to £121.5m from £113.3m, while profit per equity partner (PEP) last year was up 9% to £550k achieving the firm’s highest PEP figure since 2009/10.

Earlier this year, Fieldfisher launched a new three-year business strategy titled ‘Our Future Refocused’. The firm picked technology, energy & natural resources and finance & financial services as the three sectors to accelerate focus on. Combined these areas make up almost £50m for the firm.

In the last six months, Fieldfisher expanded its international presence, announcing tie-ups with Chinese boutique JS Partners in Beijing , replacing Fieldfisher’s previous relationship with Shanghai-based Ryser & Associates in Shanghai.

Earlier this month the firm also announced its takeover of Birmingham-based commercial firm Hill Hofstetter, and in July joined up with 21 partner Milan-headquartered firm Studio Associato Servizi Professionali Integrati (SASPI) through a Swiss Verein structure.

georgiana.tudor@legalease.co.uk

Legal Business

Fieldfisher latest to boost Chinese presence with JS Partners tie–up

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Fieldfisher has announced a tie-up with Chinese boutique firm JS Partners. The merger is effective today (15 November) and will operate under a Swiss verein structure, as JS Partners adopts the Fieldfisher brand.

The 12 partner firm based in Beijing, was established in 2008 by partner Liu Jinshi and specialises in antitrust and competition, capital markets, corporate, dispute resolution, employment, inbound and outbound investment and intellectual property.

The merger with JS Partners replaces Fieldfisher’s previous relationship with Shanghai-based Ryser & Associates, which the firm had since 2013. Fieldfisher said the firms had retained a good working relationship but had mutually agreed to end the arrangement.

Last week Fieldfisher announced its takeover of Birmingham-based commercial firm Hill Hofstetter, and in July joined up with 21 partner Milan-headquartered firm Studio Associato Servizi Professionali Integrati (SASPI) through a Swiss Verein structure.

Fieldfisher managing partner Michael Chissick (pictured) said the merger will allow the firm to service the growing demand from Chinese clients looking to invest in Europe, whilst also increasing Fieldfisher’s ability to service international clients seeking opportunities in China.

He added: ‘This is the third merger in the last six months that we’ve had as a firm […] In each instance, these firms have proactively sought us out which says a lot about who we are as a firm, the maturity of our partnership, and the strength of our strategy and business.’

Last week, Simmons & Simmons also announced a new joint law venture (JLV) in Singapore with local boutique JWS Asia Law, after last year Dentons announced it was to combine with Chinese giant Dacheng under a Swiss verein structure.

Hogan Lovells last month became the third firm to announce a joint venture with China’s Fidelity Law Firm in the Shanghai Free Trade Zone (FTZ) after Baker & McKenzie became the first international firm to launch a joint office under the scheme when it signed with Beijing firm FenXun Partners in 2015. Holman Fenwick Willan also entered the city in April when it formalised its partnership with Wintell & Co.

georgiana.tudor@legalease.co.uk

Legal Business

Fieldfisher acquires Birmingham presence with £6m boutique takeover

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Fieldfisher has merged with Birmingham practice Hill Hofstetter in a deal that will add £6m to its top line.

Hill Hofstetter is an 18-partner commercial firm with a focus on corporate, litigation, real estate and employment law. It was formed in 2008 after around 25 lawyers spun off from the Midlands practice of Reed Smith. Both Fieldfisher and Hill Hofstetter say they will move to a modern Birmingham office in April 2017.

Fieldfisher managing partner Michael Chissick said: ‘Currently over 80% of Hill Hofstetter’s work is generated by companies with European and international headquarters. Its outstanding experience of high-level corporate and commercial European work means the team will fit seamlessly into the Fieldfisher brand.’

Chissick added that expansion throughout Europe is a focus of the firm’s new strategy, which Fieldfisher launched in June. Later that month, Fieldfisher entered Italy through a merger with 21-partner firm Studio Associato Servizi Professionali Integrati (SASPI), which has offices in Milan, Rome, Venice and Turin. The firm still has the Netherlands and Spain in its sights according to the three-year business plan.

As part of the strategy, the firm is placing an emphasis on technology, energy & natural resources and finance & financial services as its three ‘accelerated’ focuses.

For 2015/16 the firm posted a 7% increase in firmwide revenues, up to £121.5m from £113.3m. The result comes after the firm posted an 8% rise in revenue at the half-year point in November 2015.

The firm also reported an increased in profit per equity partner (PEP) of 9% to £550k this year, up from £506k the year before. This is the firm’s highest PEP figure since 2009/10, although still some way off the £722,000 achieved in 2007/08.

Other firms to move to Birmingham in recent years include Hogan Lovells in 2014 for a nearshoring venture, and Trowers & Hamlins, which also has a back office in the region.

victoria.young@legalease.co.uk

Legal Business

Revolving doors: DLA, Simmons and Fieldfisher all look abroad with international hires

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The summer lull is over with a spate of new laterals for firms including multiple hires at DLA Piper, Simmons & Simmons and Fieldfisher, while US firm Winston & Strawn recruited in the City and Bristows and Weightmans both added to their benches.

DLA led a transfer spree in South Africa with a nine-lawyer hire, including four partners. The firm adds former Webber Wentzel partner Peter Bradshaw as its new head of corporate, along with corporate partners Marita van der Walt and Nada van Dyk and two associates. It also hired finance and projects partner Jackie Pennington from Cliffe Dekker Hofmeyr along with two associates. DLA also added and a new director, Janine Simpson, to its competition practice.

The firm launched its own South African office in October 2015 after ending its 10-year alliance with Cliffe Dekker. South Africa managing partner Johannes Gouws said: ‘The calibre of the lawyer that have joined us clearly demonstrates the strength of DLA Piper’s brand locally and internationally. Our South Africa office is very much open for business with a strong client offering centred on our corporate and finance capabilities.’

In Paris, Simmons & Simmons boosted its financial market practice with lateral hire Nicolas Duboille from Granut Avocats and partner Agnes Rossi from King & Wood Mallesons. The firm recently appointed Simonetta Giordano to its Paris branch, previously of counsel at Clifford Chance.

Fieldfisher was another to strengthen the bench in Europe, with three new partners in its Germany offices. The firm added two lawyers from DLA in Cologne to its Düsseldorf office. Marcus Kamp was a counsel at DLA and Marcus Iske a senior associate, and both join as partners. The firm also adds Oliver Süme as an IT partner in Hamburg, who has acted as president of the European Internet Service Providers Association.

In the City, Winston & Strawn rehired Michael Stepek, who spent 17 years at the firm until 2005 before moving to legacy Hogan & Hartson and then to Akin Gump Strauss Hauer & Feld in 2010. Stepek is an international arbitration partner, having worked across the major global arbitration centres.

UK firms also added to the hiring spree. Bristows added Anna Cook as a partner in its commercial and technology disputes team. Cook had been working as a consultant to Bristows, and was previously a partner at RPC. While Weightmans signed Cassandra Auld as a partner into its Glasgow real estate team. She was formerly a senior associate at Pinsent Masons.

matthew.field@legalease.co.uk

 

 

Legal Business

Italian Job: Fieldfisher merges with Milan headquartered firm SASPI

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UK law firm Fieldfisher has entered Italy through a merger with 21 partner firm Studio Associato Servizi Professionali Integrati (SASPI), which has offices in Milan, Rome, Venice and Turin.

The deal, which will see SASPI change name to Fieldfisher once it takes effect on 1 July, adds 170 lawyers and accountants to the UK-based firm’s 400-strong practice. The combination will create a firm employing nearly 1,000 people globally, and take the number of offices in Fieldfisher up to 13.

The move follows a run of combinations and office launches at the traditionally tech-focused firm, after launching in Silicon Valley in 2012, Shanghai in 2013 and Manchester 2014 through a merger with Heatons.

SASPI was founded in 2002 by John Stewart, a former Italy managing partner at Ernst & Young (now EY). He turned SASPI into one of Italy’s largest tax practices and the firm has strength in banking, corporate, employment and data protection work. Stewart, who was born near Glasgow, will continue as managing partner following the tie-up.

Stewart said: ‘This is the next stage in developing our international presence and being part of a growing international legal brand. This geographic reach was very attractive to us but equally so was the firm’s reputation in technology, IP and banking, all of which complement the growing needs of our clients. Going forward we will look to grow our life sciences, IP and technology capabilities in Italy and to continue our growth of the last five years. We are looking to make Fieldfisher the largest law firm in Italy.’

The deal has been structured as a Swiss Verein, which means the SASPI will not share profits or liability. Fieldfisher managing partner Michael Chissick said: ‘We’re very pleased with the synergies between the client bases of the two firms and there are clear opportunities for cross-selling and co-operation. In particular, the agreement will strengthen our European employment, banking, corporate and tax groups – areas in which SASPI is particularly strong.’

tom.moore@legalease.co.uk