Legal Business

Ince & Co replenishes Singapore hub with senior appointments

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Singapore Ince & Co
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Ince & Co‘s Singapore venture, Ince Law Alliance, has hired three more lawyers and has appointed a new managing director to its Singapore team as it rebuilds its Asia offering.

Ince & Co Singapore and its alliance partner Incisive Law have added five lawyers to the team in a move which it said bring the senior team to full strength. In October the practice was hit hard by the departure of Ince & Co’s Singapore managing partner Richard Lovell and Incisive Law managing director Mohan Subbaraman, who both quit for Reed Smith.

The firm has appointed Allen & Gledhill associate Felicia Tan as director, which the firm said is the equivalent of a partner in Singapore. Acting on a broad range of legal issues and high-level cases, Tan has experience advising on commercial disputes, shareholders’ litigation, contentious commodities issues, infrastructure, property and construction disputes, judicial review related advice, general corporate litigation and employment related advisory and representation.

Ince has also hired Hill Dickinson associate Moses Lin who joins an associate director. Lin is a disputes lawyer with a focus on marine, commodities and international trade. Tan and Lin will be joined by associate Justin Seet from who joins from Haridass Ho & Partners.

The team will be led by the firm’s new joint managing director Edgar Chin who has been with Incisive Law since 2014. He will work alongside current managing director Bill Ricquier.

Ricquier said in a statement: ‘These appointments underline our commitment to increasing the breadth and quality of services that we offer at Ince Law Alliance. By investing in senior hires in key areas, Ince Law Alliance is now perfectly poised to both grow its capabilities within Singapore, as well as leverage our expertise to cement our position as an internationally recognised Formal Law Alliance.’

madeleine.farman@legalease.co.uk

Legal Business

Differing fortunes: Ince revenue takes another tumble down 4% to £76.2m, as Mills & Reeve sees 7% bump

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Financial results 2016 Ince & CoMills & Reeve
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Shipping and insurance specialist Ince & Co has had another disappointing year financially, with revenue down 4% from £79.4m to £76.2m. This follows on from an 8% drop in turnover last year from £86.7m, which was the worst income drop of all the UK’s top 100 law firms in 2014/15.

UK fee income at the firm stands at £42.8m, down 10% from £47.5 last year. The firm’s international senior partner Jan Heuvels said that the firm had continued to transform and invest in the business.

Heuvels (pictured) added: ‘Examples include the launch of the consultancy LLP, overhauling our remuneration system, moving to brand new offices in London, announcing our new office in Cologne, restructuring our partnership and the appointment of 19 new partners across our network. We exceeded what we expected to achieve financially last year and I am proud of this considering the current challenges in the markets in which we operate.

The last quarter of 2015/16 was our busiest since Q2 2013/14 and we have carried that through into this financial year. I therefore believe that we are beginning to reap the benefits from the improvements that we have made.’

In April the firm confirmed that it was moving away from its traditional lockstep model and introducing a bonus pool above the top of its equity to reward its highest billers.

The changes, which launched on 1 May this year, are expected to encourage a more entrepreneurial culture in a partnership that has historically struggled to keep pace with the changing maritime and insurance legal sector. It is aimed at attracting talent from other firms as Ince & Co works towards building its transactional offering which covers corporate, finance and projects.

Meanwhile, in differing fortunes, fellow LB100 firm Mills & Reeve announced a record turnover figure of £87.2m, an increase of 7% on last year’s figure of £81.6m.

As a result of the strong financial performance the firm also announced the largest ever all staff bonus pool of £1.28m equivalent to 5.2% of the firm’s salary bill.

Mills & Reeve managing partner Claire Clarke said: ‘We are delighted by this strong financial performance which was achieved through growing demand for our services over the last 12 months. It’s also a great tick in the box in terms of our 2020 firm strategy with one of our key objectives to grow faster than the top 100 average.’

kathryn.mccann@legalease.co.uk

Read more about Ince & Co in the feature: ‘Ports in a storm’ 

Legal Business

Coming out swinging – the Ince fightback continues with team hire for Cologne launch

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Strategic recruitment Ince & Co
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Shipping and insurance specialist Ince & Co has opened an office in Cologne with a team of four including two partners from CMS Hasche Sigle and German insurance practice Bach Langheid Dallmayr.

The move, part of an ambitious attempt to reposition the 280-lawyer City firm after a string of departures and tough conditions in its core shipping disputes sector, will hand Ince its second office in Germany, following the launch of its Hamburg arm in 2001.

Stefan Segger joins from CMS, where he was a partner and former head of insurance along with two associates Barbara Lorscheid and Marie Holzhauer. Segger advises clients in the insurance and reinsurance sector on both contentious and non-contentious matters, regulatory work and competition law. Eva-Maria Goergen joins from Bach Langheid, where she was a partner and represented insurers and reinsurers on contentious matters.

Ince senior partner Jan Heuvels (pictured) said: ‘Opening in Cologne is consistent with our strategy of growing our business in our core sectors and geographies.’

The firm’s Hamburg office has over 30 lawyers advising on both contentious and transactional matters across the firm’s core business areas of aviation, business & finance, commercial disputes, energy & offshore, insurance & reinsurance, trade and shipping.

Heuvals has been pressing to modernise Ince after a period in which the firm has been battered by falling revenues and partnership divisions, with revenues dropping 8% to £79.4m in the 2014/15 year. The firm did, however, in April announce the return of shipping disputes rainmaker Faz Peermohamed to head its maritime practice, returning one of its top business generators to the fold.

Ince last month also announced the launch of a new consultancy arm, which will offer non-legal services to the shipping, energy, insurance, aviation, trade and real estate industries. The consultancy launch came as Ince confirmed it is moving away from its traditional lockstep and expanding a bonus pool to reward and retain top performers.

kathryn.mccann@legalease.co.uk

See Ports in a storm – Can Ince get back on course? for an in-depth look at the challenges facing the firm

Legal Business

Ports in a storm – Can Ince get back on course?

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Leadership Ince & Co
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Once a leading player in marine and insurance work, Ince & Co has been hit by discord and an ailing core market. Legal Business assesses the high-risk course the firm is charting in response.

Blue, purple and pink LED lights flash on entering the doors to Ince & Co’s new home at London’s Aldgate Tower. Inside is a spacious office decked out with the latest tech, contemporary meeting rooms and a communal café. Around the corner is an open-plan office where leadership duo Jan Heuvels and Paul Herring sit among their teams. There are no phones in this office; each desk boasts a Surface Pro – the latest Microsoft tablet – with a built-in phone integrated with the firm’s e-mail.

Legal Business

Ince shipping rainmaker makes swift return from major client

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Ince & Co has re-hired former partner and shipping heavyweight Faz Peermohamed to head its maritime practice from the Norwegian Hull Club, where he served as chief executive.

Peermohamed is an ex-ship’s master and formerly the global head of shipping and admiralty at Ince & Co, where he worked for over 20 years, becoming established as one of the City’s leading contentious shipping lawyers. Peermohamed left Ince last year for client Norwegian Hull Club.

During his time at Ince, Peermohamed advised on complex maritime cases, including the Costa Concordia capsize in Italy and the Prestige oil spill in Spain. A specialist in establishing new clauses to improve underwriting performance, he is experienced in dealing with loss prevention terms.

The appointment comes amid a turbulent recent period for Ince, which has been hard hit by the slowdown in its core shipping market in the last three years. In response the firm has moved to bring in a number of senior recruits following a restructuring last year that impacted on six partners.

The firm has made seven laterals so far this year, including aviation partner Anna Anatolitou from Bird & Bird, Shanghai-based corporate partner Paul-Emmanuel Benachi from Gide Loyrette Nouel, and TLT’s former head of marine, Duncan Bateson.

Senior partner Jan Heuvels (pictured) said: ‘I am delighted that Faz is returning to Ince & Co, both from a professional and personal perspective. His reappointment is the latest in a series of high-profile hires that we have made that form part of our strategy of growing our business in our core sectors.’

Ince chairman Paul Herring added: ‘Faz’s experience and contacts would be a major boost to any firm that specialises in the maritime industry. His return adds considerable strength to our shipping practice.’

sarah.downey@legalease.co.uk

Legal Business

Adaptation continues as Ince & Co launches non-legal consultant service

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Innovation Ince & Co
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Maritime and insurance firm Ince & Co has continued to break away from long-standing tradition with the launch of a new consultancy firm.

The international consultancy arm – Ince Consultancy – will offer non-legal services to the shipping, energy, insurance, aviation, trade and real estate industries.

While the new LLP is incorporated in England it is headquartered in the Hamburg office which focuses on the firm’s transactions practice.

The new service comes as Ince & Co adapts its model to provide services outside of the legal sphere and compete against multi-disciplinary firms like accountancy firms.

The consultancy arm will have three core aims: to advise international clients on financial and tax advice and structuring of projects; to introduce clients to third parties and deal origination; and help clients to execute projects.

Ince Consultancy will be led by Hamburg office managing partner Jan Hungar, who is an industrial engineer with specialist legal knowledge of the shipping, insurance, energy and real estate sectors.

Other key members of the team include tax partner and managing director Regina Langholz, partners Daniel Jones, and Tim Schommer, board members Stephen Jarvis and Alan Hodgson, and senior partner Jan Heuvels (pictured).

Heuvels said: ‘The launch of Ince Consultancy is very much in line with our strategy of growing the transactional arm of our business to complement our leading contentious practice. It shows that we have diversified our service lines in order to satisfy our clients’ demands and adapt to ever-changing market conditions.’

Hungar added: ‘Clients across our chosen sectors work with us as advisors, introducers and arrangers with regard to, mergers, co-operations, syndications, investments, financings, sales and acquisitions restructurings and other projects. We have already secured a number of significant instructions and feedback from our clients has been extremely positive.’

The official launch comes within days of the firm confirming it is moving away from its traditional lockstep model and introducing a bonus pool above the top of its equity to reward its highest billers and attract external partner talent.

It comes about a year after firms such as RPC, Eversheds and Addleshaw Goddard launched consulting arms.

jaishree.kalia@legalease.co.uk

 

Legal Business

A new model: Ince & Co brings in bonus pool at top of equity

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Financial management Ince & Co
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Ince & Co is moving away from its traditional lockstep model and introducing a bonus pool above the top of its equity to reward its highest billers.

As of 1 May this year, the firm will use a ‘managed’ or ‘hybrid’ lockstep that comprises elements of the traditional lockstep model and a performance pool. Up to 30% of the firm’s gross revenues will be used to fund the extra band.

The firm’s lockstep has 14 points where the highest equity member takes home between £600,000 and £700,000 in base pay, while a junior equity member pockets between £100,000 and £140,000.

The move will increase the firm’s average profits per equity partner, which currently stands at £275,000, which was up 13% in the 2014/15 financial year.

It is expected to encourage a more entrepreneurial culture in a partnership that has historically struggled to keep pace with the changing maritime and insurance legal sector. It is aimed at attracting talent from other firms as Ince & Co works towards building its transactional offering which covers corporate, finance and projects.

The bonus is not capped and each partner can increase individual earnings through the bonus pool depending on performance and overall contribution.

As part of the new structure, the firm created a remuneration committee which includes five partners including senior partner Jan Heuvels (pictured).

The news comes as the firm emerges from falling revenues and profits in recent years. While mid-tier firms continue to generate solid growth, those focused on insurance are still feeling the heat from challenges in the sector. Ince & Co last year posted a drop in revenues for the second year running down by 8% to £79.4m in 2014/15 from the £86.7m the previous financial year. The firm’s UK revenue for 2014/15 came in at £47.5m, dropping 9% from £52.2m.

jaishree.kalia@legalease.co.uk

Legal Business

Revolving doors: Reed Smith ups energy offering as Mayer Brown JSM and Ince & Co make Hong Kong hires

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Strategic recruitment Ince & CoMayer BrownReed Smith
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Reed Smith, which last week cut 45 jobs across its US, Europe and Middle Eastern offices, has bolstered its energy offering in the United Arab Emirates and China by appointing partners from Pinsent Masons and Norton Rose Fulbright.

Project finance partner Simon Harvey joins from Pinsents’ Dubai office. Harvey advises on a range of project and infrastructure matters relating to power, gas minerals and resources. Reed Smith Middle East managing partner Vince Gordon said: ‘Simon’s hire continues to build upon our finance and projects practice and create further opportunities to support clients requiring support across our global platform.’

Meanwhile in Beijing the firm has hired Norton Rose Fulbright corporate partner Jie Zhang. Zhang, who focuses on energy and natural resources, has built his practice on inbound foreign investment work and Chinese outbound investments. Reed Smith has continued to expand its energy and natural resources practice by adding 26 partners across the globe in the past three years. The practice now has 120 lawyers.

Still in Asia, Ince & Co has hired CEC North Star Energy executive director of legal affairs Balbir Bindra as partner in its Hong Kong office. Banking and finance lawyer Bindra has broad experience in the energy, asset-based finance and investment sectors. According to the firm, the appointment is part of Ince’s agreed strategy to enhance its transactional capability in its core sectors of shipping, aviation, energy, insurance and international trade.

Also in Hong Kong, Mayer Brown JSM has added corporate partner Nicholas Chan to its ranks. Chan joins from Sidley Austin and has experience acting issuers and advisers on listings on the Hong Kong Stock Exchange. Corporate and securities partner Jacqueline Chiu said: ‘Nicholas’ knowledge of Hong Kong’s IPO market and other corporate finance products is expected to enhance our recent association with Jingtian & Gongcheng, a leading Chinese firm in connection with capital markets practice transactions for issuers from mainland China.’

In Europe, Paul Hastings has hired leveraged finance partner Olivier Vermeulen to head the Paris outpost’s finance department. Vermeulen joins with a team of three other lawyers from King & Wood Mallesons and he has broad experience in leveraged finance, funds financing, structured finance and general lending and securitisation. Paul Hastings Paris chair Olivier Deren said the firm was growing throughout Europe, particularly in leveraged finance and Vermeulen would be an asset. ‘He has developed innovative solutions to assist clients in a rapidly changing market, across a wide range of finance areas, and complements our existing reputation in private equity.’

In London Norton Rose has made its third lateral tax hire in Europe since January 2015 with the appointment of Matthew Findley from Pinsents. Findley advises transactional and annuity clients in relation to the implementation and operation of share plans and employee incentive arrangements both in the UK and internationally. The firm’s head of tax for Europe Dominic Stuttaford said: ‘Matthew’s experience is highly aligned with our strategic vision and will enhance our offering to clients.’

TLT has also made a City hire, going in-house to appoint Daniel Lloyd who was head of consumer law at telco BT. Lloyd has experience in the procurement of technology and other services and is an expert in the law on digital content. He arrives as the firm continues to invest in its TMT practice. TLT managing partner David Pester said: ‘Daniel’s arrival is the latest of a series of notable partner hires into our 100-strong London practice, including Jake McQuitty from Barclays Bank. London plays an important role in the development of our wider UK practice, being a centre of excellence for a number of specialist services as part of our sector strategy.’

victoria.young@legalease.co.uk

Legal Business

Revolving doors: Ince & Co makes double hire to ramp up insurance and aviation practices

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Strategic recruitment Ince & Co
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After preparing to downsize its office space by almost half, Ince & Co has hired two more partners for its London office.

The firm, which has suffered recent of exits from its Singapore office, has made two key appointments in City in its insurance and aviation practices.

Jennifer Donohue moves from Locke Lord to add her expertise in insurance and reinsurance. Her experience includes advising on financing in the insurance and banking sectors based upon forensic engineering and modelling.

Ince has also recruited Will Cooper as a partner in the aviation group in London. Cooper moves from the UK government’s Export Credit Guarantee Department, where he was a legal adviser. Cooper, who trained in the asset finance group at Norton Rose, is the firm’s second aviation finance hire in recent months following the recruitment of Laurence Hanley to the Paris office.

Meanwhile CMS has appointed Jonathan Woolf to its corporate team in London from BP where he was managing counsel of the oil major’s M&A legal team since 2010. Woolf, who joins as partner, had previously practised at Linklaters in London and Hong Kong.

Charles Currier, head of CMS’ corporate group, said: ‘Jonathan’s appointment adds to our significant bench strength and ability to handle the largest and most complex matters for our global energy clients.’

In Poland, K&L Gates has hired Wolf Theiss duo Gregor Ordon and Adrian Jonca. Ordon joins the banking and asset finance team, while Jonca will work in the firm’s tax practice.

K&L Gates’ Warsaw office administrative partner Maciej Jamka said: ‘As experienced partners and leading practitioners in their fields, Adrian and Gregor will allow us to better serve our German clients through the development of a strong German desk.’

McDermott Will & Emery is to boost its German antitrust practice with a three-team hire, which includes one partner. KPMG Law partner Christian Krohs joins the firm’s Düsseldorf office with two associates and will be responsible for developing McDermott’s antitrust practice in Germany. He was head of KPMG Law’s antitrust group in Cologne.

The global head of McDermott’s antitrust practice Ray Jacobsen said: ‘Our antitrust practice is currently experiencing a period of substantial growth in Brussels, Italy and France. Christian and his team will be instrumental in taking this strategy to the next level by developing our antitrust capabilities in Germany.’

In South Africa, Baker & McKenzie has hired Cliffe Dekker Hofmeyr partner Johan Botes to launch its employment practice in Johannesburg, bringing senior associate Lauren Salt with him.

The joint managing partner of Bakers’ Johannesburg office, Gerhard Rudolph, said: ‘Johan is a highly regarded employment lawyer whose excellent experience across all aspects of employment law together with his strong client base, makes him an ideal addition to the firm.’

victoria.young@legalease.co.uk

Legal Business

Ince & Co Singapore exits continue as energy head departs for Bakers

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Singapore Baker McKenzieInce & Co
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Ince & Co’s departures continue in Singapore with energy head Martin David being the latest to leave the firm, joining Baker & McKenzie as a partner in its Singapore energy practice.

The news comes as Ince’s Singapore managing partner Richard Lovell, and the head of its local alliance firm Mohan Subbaraman departed the firm to join Reed Smith – a move that left Ince’s own Singapore law alliance at risk, with further exits expected from the alliance.

The firm’s London-based global head of shipping Faz Peermohamed has also resigned from the firm after 20 years to become the chief executive of Ince’s long-standing shipping client Norwegian Hull Club in January 2016.

David has a particular focus on projects and project finance in the onshore energy and infrastructure sectors, while Ince’s offering focuses particularly on the offshore energy sector.

A qualified engineer, David has over 20 years’ experience advising on private and public construction and infrastructure projects, including major PPPs with knowledge of the power industry in Asia.

He leaves Ince 18 months after joining in May 2013, and was managing director at DLA Piper Singapore for almost three years. Before this, David served at Linklaters for nearly 13 years, where he made partner.  

‘We can confirm that Martin David has resigned from the Ince partnership and wish him the very best for the future,’ said a spokesperson for the firm.

The firm, which recently made plans to reduce its London office space by almost half, is now considering an ABS structure to offer its clients other services.

A spokesman said: ‘Consistent with our agreed strategy of growing our transactional capability in our chosen industry sectors in order to complement our reputation in dispute resolution, we are considering additional product lines that we could offer to our clients under an ABS. While our discussions are ongoing, the additional services that we are considering would utilise our depth of market expertise and contacts to enhance our offering to our clients.’

jaishree.kalia@legalease.co.uk