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Kennedys ramps up expansion at home and abroad with double hire from Mayer Brown and launch of Bermuda office
Top-50 insurance specialist Kennedys has continued its rapid expansion both in London and further afield with a double hire from Mayer Brown in the City and the launch of a Bermuda office – the firm’s tenth office launch this year – with local law firm Sedgwick Chudleigh joining the firm’s global network.
In London, Kennedys has hired Mayer Brown’s London insurance and reinsurance head David Chadwick as well as partner Andrew McGahey, who will join the firm’s Dublin office.
Chadwick, who joined Mayer Brown in 1998, handles the full range of contentious insurance matters, including political risk disputes and disputes involving other significant financial insurance issues. Meanwhile, McGahey has extensive experience advising insurers on claims under warranty and indemnity and is cited as a ‘key member’ of Mayer Brown’s corporate insurance team.
The double hire comes as Kennedys becomes the first onshore global law firm to launch in Bermuda, taking more partners from US firm Sedgewick. The office will continue to be led by dispute resolution specialist Mark Chudleigh and follows the move of six former Sedgwick partners to Kennedys New York and Chicago offices since September. Chudleigh will be joined by Sedgewick partners Nick Miles and Alex Potts.
Kennedys claims the move is a major development for its global expansion as it ‘establishes a local presence in one of the world’s most important insurance markets and a leading financial centre’. Given Kennedys clear practice focus, the move to the Caribbean island makes sense as Bermuda remains one of the top reinsurance centres in the world and a leading market for insurance-linked securities products.
A firm statement continues: ‘The development places us in the unique position of being able to offer clients access to some of the world’s leading insurance specialists and litigators in London, New York and Bermuda as well as other important insurance hubs such as Dubai, Hong Kong, Miami and Singapore.’
The move to launch in Bermuda is the next stage of Kennedys breakneck expansion globally. Just earlier this month, the firm announced the opening of new offices in Paris and Bangkok. Kennedys has tapped into a major south-east Asian market through its Thailand launch, building on its pre-established presence in Singapore and Hong Kong.
The firm has also opened in the US through its merger with insurance firm Carroll McNulty & Kull and added offices in Australia, Mexico as well as a formal association in Italy.
Revolving Doors: Hogan Lovells and OC bolster City ranks while Kennedys ramps up US practice with three-partner hire
It has been another busy seven days for senior recruitment, with a host of top 50 UK law firms making senior appointments in the Square Mile and beyond.
In London, Hogan Lovells has bolstered its finance practice with the recruitment of Norton Rose Fulbright (NRF) partner Arun Velusami, who leaves the City firm after 11 years, seven of them as a partner. Velusami joins Hogan Lovells’ Africa practice in London and will also be a member of the Anglo-American firm’s energy, infrastructure and projects team. Adrian Walker, global co-head of Hogan Lovells’ energy and projects team, described Velusami as a ‘class act’.
Still in the City, Osborne Clarke (OC) has added to its buyout team, recruiting Squire Patton Boggs’ UK private equity head Tim Hewens. The appointment brings to 11 the number of partners covering private equity at OC.
Eversheds Sutherland, meanwhile, has recruited Jake McQuitty from TLT to strengthen its financial services disputes and investigations team. Before joining TLT in 2015, he was head of EMEA investigations and enforcement at Barclays.
On the international stage, Kennedys, Herbert Smith Freehills (HSF) and Dentons have all announced significant hires.
Kennedys returned to the US to bolster its expanding practice, recruiting from Sedgwick for the second time in a month, taking on the American firm’s Chicago managing partner and two other partners.
The UK-based insurance specialist has recruited Sedgwick partners Eric Scheiner, Dick Geddes and Jennifer Quinn Broda. The team has worked on matters including the Three Mile Island accident, the Exxon Valdez oil spill and explosions at the Piper Alpha oil rig and Buncefield in the UK.
The moves comes after Kennedys in June secured a merger with US practice Carroll McNulty & Kull. Kennedys senior partner Nick Thomas told Legal Business: ‘Since we announced the merger, we have had a lot of calls from a lot of people that say: “The idea of a law firm in the insurance sector with a big US presence and a global footprint looks very interesting, can we join?” It is an attractive platform for many.’
In continental Europe, HSF has hired arbitration partner Thierry Tomasi in Paris from disputes boutique Betto Seraglini. Tomasi specialises in aviation, energy, defence and construction and said he would look to develop his practice into Latin America.
In the Netherlands, Dentons Boekel has recruited a finance team from global rival Baker McKenzie. Former head of Bakers’ Dutch lending team Marcel Janssen will become Dentons’ head of banking and finance in Amsterdam, joining with three associates. The hires comes after Dentons’ merger in April with national practice Boekel.
International moves: Kennedys in double office launch as Bird & Bird plans San Francisco base
Top-50 insurance specialist Kennedys has made an ambitious bid to further increase its global footprint, today (2 October) announcing the opening of new offices in Paris and Bangkok.
With the launches in France and Thailand, Kennedys has brought its tally of new international offices opened this year to nine.
The Paris outpost is led by a four-partner team hired from French litigation boutique BOPS Avocats and focuses on insurance disputes.
Co-founder and the former senior partner of BOPS Avocats, Christian Bouckaert, is heading the new Paris office, alongside partners Alexis Valençon, Aurélia Cadain and Nicolas Bouckaert.
Kennedys and BOPS Avocats have a shared history, jointly acting on a number of cross-border cases over the years and also possess a significant overlap in important clients.
Kennedys’ senior partner Nick Thomas (pictured) told Legal Business: ‘A Paris office has been important for us all along. It’s important for us to be where clients want us to be, it’s not simply a case of throwing a dart at a map!’
Outside of Europe, Kennedys has tapped into a major south-east Asian market through its Thailand launch, building on its pre-established presence in Singapore and Hong Kong.
The firm’s new two-partner office in Bangkok also has an insurance litigation element, with the outpost being led by Suraphon Rittipongchusit, a former partner of DLA Piper’s Bangkok insurance and litigation department.
Alongside Rittipongchusit is fellow partner Supreedee Nimitkul, who is a corporate and commercial specialist with over 20 years’ experience. Completing the team is senior associate Tassanu Chutikanon and Ian Johnston, a foreign qualified lawyer who relocates from Kennedy’s Singapore office.
On the Bangkok launch, Thomas added: ‘Clients had told us that there was only one other insurance firm there and that they didn’t have any choice. They wanted the product that we’ve got.’
Despite the Paris office being its first office opening in mainland Europe this year, Kennedys has made serious strides in expanding its global operations throughout 2017. The firm has opened in the US through its merger with insurance firm Carroll McNulty & Kull and also added offices in Australia, Mexico and formed a formal association in Italy.
Meanwhile, Bird & Bird has also revealed plans today to open a representative office in the US.
The new hub, based in San Francisco, will advise clients on international disputes, intellectual property and data privacy issues.
David Kerr, chief executive of Bird & Bird, told Legal Business: ‘We have seen a huge request from clients to have lawyers in that time zone and we think that demand is growing.’
Kennedys sustains remarkable growth with NY team as insurance players keep up global push
The internationalisation of insurance law continues apace. Just four months after securing a merger with US practice Carroll McNulty & Kull (CMK), Kennedys has taken a New York team from Sedgwick including the firm’s former managing partner, John Blanchett. Partners Christopher Novak and Matthew Ferguson will also join Kennedys alongside three associates.
Blanchett, who headed up Sedgwick’s financial institutions (FI) practice, focuses on commercial crime, fidelity, professional liability, directors’ and officers’ liability and media liability as well as other types of insurance. Novak specialises in insurance coverage disputes and Ferguson’s practice covers both domestic and international coverage matters.
Kennedys senior partner Nick Thomas (pictured) said that the team hire was a substantive move for its institutional practice and would significantly raise Kennedy’s US profile. ‘In addition to complementing our US offering, the team will significantly strengthen our London market capabilities, which is crucial for international FI matters.’
Kennedys merged with CMK in May, adding 43 partners to its offering as well as five offices including New Jersey, New York, Pennsylvania, Illinois and Texas.
Its recent US investments cap off a frenetic period of international expansion for the top 50 UK insurance specialist. The London-based adviser has opened five offices in Latin America since the second half of 2016. In his time as senior partner, Thomas has overseen the firm’s growth into an international insurance player, with offices in locations including Sydney, Hong Kong and Miami.
Recently the firm has also opened offices in Russia and Denmark and formed associations in Norway, Sweden and Argentina. Closer to home, in March Kennedys hired a 24-strong casualty claims team from Hill Dickinson’s Sheffield branch, resulting in the closure of the latter’s operations in the region.
With insurance clients being among the most canny and thrifty on both sides of the Atlantic, London’s band of specialist law firms are increasingly moving to go global as a means of avoiding a race to the bottom of the value chain. With sector leader Clyde & Co already well into a highly-successful expansion programme in the US, the strategy appears to be paying off far more clearly than for larger City counterparts focused on transactional work.
kathryn.mccann@legalease.co.uk
Read more: ‘Is Kennedys keeping up? Insurance player claims innovation and expansion provide the right cover’
‘We are seeing results’: Kennedys’ international growth continues with Melbourne launch
Insurance specialist Kennedys is continuing to invest in its international operations by expanding into Melbourne through what is its seventh international office opening and eighth lateral hire this year.
The firm’s second Australian base will be led by Michael Kavanagh from local firm Lander & Rogers, where he was a partner.
Kennedys Australia’s managing partner Matt Andrews said the insurance-focused firm is aiming more closely with a number of its ‘local and global clients’ based in Melbourne.
The second Australian opening after the Sydney office in 2006 follows that of five US offices as part of the merger with Carroll McNulty & Kullin May and one in Mexico City in January. The firm now has 28 offices, 10 in the UK and 18 worldwide.
Kavanagh headed the casualty team at Lander & Rogers, where he spent 16 years advising on claims for insurers, brokers, insureds and loss adjusters. Two senior associates, Emily Unger and Uki Murphy, and lawyer Angela Woodward also join from Lander & Rogers.
Senior partner Nick Thomas told Legal Business that organic growth, laterals and international expansion had been the firm’s strategy for some time: ‘It has involved a lot of investment, but fortunately we are seeing the results. The fact that we are in different geographic areas means that we can win more clients.’
Special counsel Nicholas Blackmore will also join the Melbourne practice, transferring from Kennedys’ Hong Kong office, where he advised on IT, commercial and regulatory matters for insurers and large corporates.
Kennedys’ revenues grew by 8% to £149.9m in 2016/17, boosted by a strong western European and South American performance. Disputes accounted for 91% of fee income.
However, the recent international expansion and investment in new technology has meant that profit per equity partner (PEP) stalled at £406,000. The firm increased its lawyer headcount by 13% to 785 in one year and has also put about £3m a year into technological innovation since 2013.
Kennedys is part of a group of top-50 insurance and shipping specialists whose significant top-line growth has not translated into a rise in profitability in the last financial year. Firms focused on the insurance sector are investing to keep up with the increasing need for international coverage, product specialisation and technological innovation to improve efficiency in an increasingly competitive market.
‘Firms doing more traditional stuff are struggling,’ said Thomas. ‘But then again: why are these firms struggling? Because they don’t innovate.’
‘A complementary fit’: Kennedys acquires Manchester outfit Berg & Co
Kennedys, which yesterday (28 June) announced an 8% rise in revenue, has acquired Manchester-based Berg & Co, bringing the firm’s 50 staff into Kennedys offices in the city.
Berg provides corporate and commercial, banking and financial regulation, real estate, dispute resolution and employment legal services. The firm is led by founder and senior partner Reuben Berg and CEO Alison Loveday.
The expansion follows Kennedys tie-up with US insurance specialist Carroll McNulty & Kull (CMK), handing the London-based firm five branches across the US. The practice will be marketed as Kennedys CMK in the US. Kennedys also recently boosted its marine and shipping departments through a City merger with Waltons & Morse, adding a 28-strong legal team and five partners.
In a statement, Nick Thomas, Kennedys senior partner said the two firms were a complementary fit, allowing the businesses to offer clients significantly enhanced commercial litigation and complementary services.
‘We are also pleased to be further growing our presence in Manchester. The city’s talent pool and our increased presence there provide a strong platform to source, attract and retain talent.’
Kennedys announced 8% revenue growth for the 2016/17 period, up from £138.8m to £149.9m.
The top 30 UK law firm highlighted European growth as a key contributor to the performance. Kennedys’ continental network saw combined turnover more than double from £6.5m to £14.2m. The firm’s Dublin branch increased income 41%, from £3.5m to £4.9m as the firm invested in the Irish capital by more than doubling its office space last year.
Kennedys also pointed to growth in a number of international offices across the Middle East, Asia-Pacific and the Americas. The firm fulfilled extensive international expansion aims last year, particularly in Latin America, opening offices in Chile and Columbia, while launching greenfield operations in Brazil and Peru.
Additionally, the firm, which has yet to finalise its net income and partner profits, announced that debt had dropped to 14% of turnover, while headcount rose 10% worldwide.
Financials 2016/17: Kennedys posts 8% growth as expansive insurance player builds Euro business
With a core base of demanding clients facing an uncertain future, insurance specialist Kennedys will be relieved to have posted 8% revenue growth for the 2016/17 period, up from £138.8m to £149.9m.
The top 30 UK law firm highlighted European growth as a key contributor to the performance. Kennedys’ continental network saw combined turnover more than double from £6.5m to £14.2m. The expansive firm’s Dublin branch increased income 41% from £3.5m to £4.9m as the firm increased investment in the Irish capital by more than doubling its office space last year.
Kennedys also pointed to growth in a number of international offices across the Middle East, Asia-Pacific and the Americas. The firm carried out extensive international expansion last year, particularly in Latin America, opening offices in Chile and Columbia, as well as launching greenfield operations in Brazil and Peru.
The results come as Kennedys earlier this month announced a tie-up with US insurance specialist Carroll McNulty & Kull (CMK), handing the London-based firm five branches across the US. The practice will be marketed as Kennedys CMK in the US. Kennedys also recently boosted its marine and shipping departments through a City merger with Waltons & Morse, adding a 28-strong legal team and five partners.
Additionally, the firm, which has yet to finalise its net income and partner profits, announced that debt had decreased to 14% of turnover, while headcount had increased by 10% worldwide.
Senior partner Nick Thomas (pictured) commented. ‘We have seen strong European financial growth this year as new office openings have matured, and we expect to see this replicated in other markets over the next year as office openings in those locations develop.’
The results come as a range of UK practices have this year unveiled wildly diverging financial performances for the 2016/17 trading period, with the legal market being hit on one hand by last year’s EU referendum, while sterling-based results have been flattered by the recent strength of the euro. Kennedys’ core base of insurance clients are expected to be among the most heavily-impacted industries when the UK leaves the EU.
kathryn.mccann@legalease.co.uk
Kennedys complete merger with US insurance firm Carroll McNulty & Kull
Kennedys and US insurance firm Carroll McNulty & Kull (CMK) have completed their merger, giving the firm over 1000 lawyers across the Americas, Asia-Pacific, Europe and the Middle East.
The US legacy firm has retained its branding in the region with the new offering, now named Kennedys CMK in the US.
The merger extends Kennedys offices to New Jersey, New York, Pennsylvania, Illinois and Texas, bringing the firm’s global office count to 32. Kennedys’ Miami office will also take on the name Kennedys CMK.
The firm’s US offering specialises in coverage and defence work encompassing general liability, cyber risk, professional liability, medical malpractice, construction defect, property and casualty, surety, fidelity and reinsurance across all sectors. It also advises on construction and healthcare, commercial litigation, real estate and employment.
One of CMK’s founders, Chris Carroll, has joined Kennedys’ Global Strategy Board as part of the move.
Kennedys senior partner Nick Thomas said: ‘I’m thrilled to complete our merger with CMK, an exceptional firm with an outstanding reputation in the US that shares the same insurance focus as we do.’
‘The global nature of the insurance market means that our clients will benefit from the expertise CMK can offer in the US. Likewise, CMK’s clients will benefit greatly from access to our network of specialists, stretching from Dublin to Auckland, and many points in between,’ he added.
Carroll said that CMK had worked with Kennedys for over 10 years on some of the biggest insurance cases of recent years. ‘We know that we are joining forces with a firm with ambitions and a reputation to match our own and we look forward to continued growth with trusted friends, ’ he said.
Since the second half of 2016, Kennedys has opendc five offices around Latin America, in Brazil, Peru, Chile, Colombia and Mexico.
Joining forces: Kennedys lands US merger with Carroll McNulty deal
Insurance specialist Kennedys is merging with US firm Carroll McNulty & Kull to add 43 partners to its offering.
The merger, effective from 1 June, will add five offices to Kennedys global network including New Jersey, New York, Pennsylvania, Illinois and Texas. One of CMK’s founding members Chris Carroll (pictured right) will join Kennedys global strategy board, and founding partners Joseph McNulty and Gary Kull, along with managing partner Margaret Catalano will join the firm.
Kennedys senior partner Nick Thomas (pictured left) said: ‘Our growth is always predicated on client need and the global nature of the insurance market means that our clients will benefit from the expertise CMK can offer in the US. Likewise, CMK’s clients will benefit greatly from access to our network of specialists, stretching from Dublin to Auckland, and many points in between.’
Kennedys has opened five offices in Latin America since the second half of 2016 – in Brazil, Peru, Chile, Colombia and Mexico.
At the start of this year, longstanding senior partner Thomas was re-elected to serve a fifth five year term, which commenced in February.
In his time as senior partner, Thomas has overseen the firm’s growth into an international insurance player, with offices in locations including Sydney, Hong Kong and Miami.
Recently the firm has also opened offices in Russia and Denmark and formed associations in Norway, Sweden and Argentina. In March, Kennedys hired a 24-strong casualty claims team from Hill Dickinson’s Sheffield office, resulting in the closure of the latter’s operations in the region.
The team, which will bolster Kennedy’s Sheffield office, consists of three partners and 21 support staff. The partners leading the group are Alan Dury, Suzanne Wilkinson and Paul Bedford, who all joined Hill Dickinson from DLA Piper in 2013. Collectively, they specialise in defending casualty claims related to disease and catastrophic injury matters.
victoria.young@legalease.co.uk
Read more: ‘Is Kennedys keeping up? Insurance player claims innovation and expansion provide the right cover’