Legal Business

Ireland launch: Pinsents finally reveals plans to open in Dublin

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Ireland Pinsent Masons

Pinsent Masons has finally announced plans to launch in Dublin in what will be the firm’s fourth international office opening in the last 18 months.

Pinsents will open in the Irish capital through a Greenfield site with three partners, each from different local firms, focusing on financial services and technology.

Outsourcing partner Andreas Carney joins from Matheson, corporate partner Dennis Agnew from Bryne Wallace and funds partner Gayle Bowen joining from Walkers.

Whether and which law firms will launch in Dublin has been a closely watched subject since the UK-EU referendum last year. Pinsents’ senior partner Richard Foley, however, told Legal Business that the decision was made before Britain decided to leave the EU.

‘We had made this strategic decision to look at the Dublin market before 23 June last year. It wasn’t a Brexit thing. For us, we felt that given Dublin’s reputation as a key global hub in financial services, technology and pharmaceuticals it was an obvious place for us to look in’, he said.

‘When Brexit happened – we didn’t predict it, but it reaffirmed in our minds – that was a good decision’, Foley said.

‘Brexit isn’t irrelevant to it but it wasn’t designed as a Brexit response. The added benefit is that it will give us a great degree of resilience depending on how Brexit plays out,’ he added.

According to Foley, the firm’s more specialised offering is targeting both new and existing clients in the market. It is also hoping to gain market share from Dublin’s well-established independent players.

‘We are effectively targeting the funds work, we are targeting the major technology businesses, the major pharmaceutical businesses, across the other M&A work – that’s where we think the sweet spot is and that is the staple diet of the major independent Irish law firms’, Foley added.

Legal Business revealed last August that Pinsents was eyeing up a Dublin base, to complement its existing offering in Belfast and provide a full UK and Ireland presence for the firm.

In May, Pinsents launched a Madrid office with six partners, four of whom joined the firm from local Madrid firm Ramón y Cajal Abogados (RyC).

Pinsents also bolstered that office with a hire from top 30 global contractor OHL, Pinsents energy and infrastructure associate Sofia Parra, who was made up to partner in the move.

It has been a busy year for Pinsents, which has also opened offices in Düsseldorf and Johannesburg in addition to acquiring Munich firm Mayrhofer & Partner.

The firm recently bought specialist diversity and inclusion (D&I) business Brook Graham for an undisclosed sum, fresh from buying a 20% stake in New Law outsourcing business Yuzu.

kathryn.mccann@legalease.co.uk

Legal Business

‘Logical next step’: Pinsent Masons buys specialist diversity and inclusion business Brook Graham

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Innovation Pinsent Masons

Pinsent Masons has acquired specialist diversity and inclusion (D&I) business Brook Graham for an undisclosed sum, fresh from buying a 20% stake in New Law outsourcing business Yuzu.

Both Pinsent Masons and Brook Graham will continue to operate as separate businesses. The firm’s managing partner John Cleland and senior partner Richard Foley, however, will join the company’s board, alongside Pinsent Masons employment head Linda Jones.

Jones will also be appointed to the company’s executive strategy group with Brook Graham co-founders Lesley Brook and Jacey Graham.

Speaking to Legal Business, Jones said the acquisition for Pinsents was about offering an additional service to both existing and potentially new clients and sectors.

‘I have been having a lot of conversations with clients about that and this seemed like a logical next step in enabling us to help our clients with a broader range of services and a more holistic approach.’

‘We have got employment law and that touches on the compliance side of diversity and inclusion, but with Brook Graham it is all about the culture and the culture change,’ Jones said.

Current clients of Brook Graham include big-ticket names such as Shell, Nokia, HSBC, BAE Systems and Aviva.

Jones told Legal Business: ‘There are obvious areas of overlap where clients can benefit. If clients want to make sure they are legally compliant with discrimination law then obviously Brook Graham can introduce them to us.’

‘On the flip side of that, if we have clients who have had a really bad employment tribunal or a grievance which has uncovered practices of discrimination or bullying – then we can say “well we can introduce you to Brook Graham and they can help to bring about the culture change that is necessary to tackle those sorts of issues.”’

For Brook Graham, the acquisition gives the business the opportunity to expand into new sectors and geographies with the support of Pinsents’ international reach.

In a statement, Brook said: ‘The firm provides a stronger operational platform from which to grow the business and be able to provide current and future clients with holistic D&I services and solutions which make a sustainable difference.’

This March, Pinsents announced that it had acquired a minority stake in New Law outsourcing business Yuzu, which was founded in January by former Colt group general counsel Robin Saphra.

Meanwhile, Pinsents has been a prominent investor in other New Law models, founding flexible resourcing business Vario – which last week announced plans to open in Australia – and holding a majority stake in online compliance solutions business Cerico.

kathryn.mccann@legalease.co.uk

Legal Business

News in brief – May 2017

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Addleshaw GoddardKing & Wood MallesonsPinsent MasonsReed Smith

PINSENTS LAUNCHES IN MADRID

Pinsent Masons has launched in Madrid, the firm’s third international office in less than a year. The new office comprises six partners, four from local Madrid firm Ramón y Cajal Abogados. The firm has also hired from contractor OHL and promoted a Pinsents associate to partner.

Legal Business

Pinsents opens third international office in 12 months with Madrid launch

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Europe Pinsent Masons

Pinsent Masons is launching its third international office in less than a year with the opening of a Madrid office in May.

The new office comprises six partners, four of whom join Pinsents from local Madrid firm Ramón y Cajal Abogados (RyC). Diego Lozano arrives from the Madrid outfit after acting as head of the firm’s corporate and commercial department. Lozano offers extensive experience in various roles, having served as head of legal services for the tax department in the Spanish ministry of economy. Lozano also worked in-house as deputy general counsel of Telefónica and oversaw its IPO in 2016.

Joining him from RyC is Antonio Montero, an M&A specialist who advised The Coca Cola Company on its merger process to form Coca Cola Partners, in a deal worth nearly €4bn. Also from RyC is Idoya Arteagabeitia, a project finance specialist alongside Imma Castelló whose practice covers M&A, corporate investment and restructuring.

Ricardo Garcia joins the new Madrid office from top 30 global contractor OHL, with significant experience in the infrastructure sector. Pinsents energy and infrastructure disputes associate Sofia Parra completes the initial Madrid line-up, being made up to partner in the move. Parra had been based in London and Dubai.

In the past year Pinsents has also opened offices in Dusseldorf and Johannesburg, in addition to acquiring boutique Munich firm Mayrhofer & Partner.

Pinsents senior partner Richard Foley commented: ‘Our vision is to be recognised as an international market leader in the global sectors in which we operate, and we recognise that we can only do that if we are serious about supporting our clients across key commercial centres. We have found a team in Madrid which not only exudes quality but also shares our sector-focussed vision.’

Earlier this year, Pinsents acquired a 20% stake in New Law outsourcing business Yuzu, which was founded by former Colt group general counsel Robin Saphra.

The firm is providing seed funding and strategic support to start-up Yuzu, which offers clients the opportunity to transfer parts of their legal function out of the business in order to reduce fixed costs and benefit from further training, development and the use of modern technology.

tom.baker@legalease.co.uk

Legal Business

‘You don’t need to do this in-house’: Pinsents takes 20% stake in New Law outsourcing start-up

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Innovation Pinsent Masons

As general counsel continue to face pressure over costs, Pinsent Masons has acquired a 20% stake in New Law outsourcing business Yuzu, which was founded in January by former Colt group general counsel Robin Saphra.

The firm is providing seed funding and strategic support to start-up Yuzu, which offers clients the opportunity to transfer parts of their legal function out of the business in order to reduce fixed costs and benefit from further training, development and the use of modern technology.

Yuzu takes over all or part of a client’s in-house legal work, together with all or part of the team who currently carry out that work. The rest of the in-house team are then freed up to take on more strategic mandates.

According to Saphra (pictured), the type of work that could be done accounts for between 50% and 80% of the in-house legal team’s activity.

‘This could be commercial contracts, employment related work or property transactions. It will definitely tend to be activity that is high-volume and it will tend to be activity where you can bring a degree of process and systems to it to make it work more efficiently – but it is not the kind of work that is done by legal processing outsourcers – it is not just legal process, stuff like document review or low level work. This is the type of work that is core to an in-house legal team.

‘What I’m doing is saying to the in-house counsel: “You don’t need to do this in-house, I can provide a better service at a lower cost and give more investment to this in order to achieve that. And you can focus your activity on the top 10% – 30% of work which is really strategic and really important.”‘

The team which is taken on by Yuzu can be either based onsite with the original in-house team, moved to a remote location near the original site or placed with other teams which have been procured by the start-up. The company is also keen to explore flexible and remote working options as well as leveraging the capability of the team to service multiple clients, much like a law firm.

Alistair Morrison, head of client strategy at Pinsents will have a strategic input and consulting role in the start-up, along with other Pinsents partners.

Speaking to Legal Business Morrison said: ‘This is all very much in the philosophy of incubating and looking to build and develop the Yuzu business. What we have done is made a commitment in terms of the time input, resource and capability from our business in terms of key people helping Robin and the team at Yuzu.’

Although there are currently no direct competitors to Yuzu, the model is similar to the move by General Electric (GE) in January to enter into an outsourcing agreement with Big Four accountancy firm PricewaterhouseCoopers. GE is planning to move most of its in-house tax staff to PwC by April.

Meanwhile Pinsents has been a prominent investor in New Law models, founding flexible resourcing business Vario – which last week announced plans to open in Australia – and holding a majority stake in online compliance solutions business Cerico.

kathryn.mccann@legalease.co.uk

Legal Business

‘We have lost a great friend’ – architect of Pinsents pioneering Scots merger Kirk Murdoch passes away

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Pinsent Masons

Kirk Murdoch, chairman of Pinsent Masons in Scotland and Northern Ireland, has passed away after a battle with illness.

In a statement released this morning (13 March) Pinsents senior partner Richard Foley said: ‘For very many years, Kirk has been a huge influence in our firm. He was a natural leader and his ambition for the firm – and indeed for the wider Scottish legal profession – marked him out as one of the most distinguished lawyers of his generation.

‘He had an incredibly positive influence in shaping the careers of so many and we will miss him dreadfully. He was unfailingly courteous and thoughtful and was blessed with a great sense of humour. So many of us turned to him for wise counsel. We have lost a great friend and our thoughts and prayers are with his family.’

Murdoch became a partner at Scottish legacy firm McGrigor Donald in 1982. In a legal career spanning over 35 years, Murdoch was a passionate advocate for the Scots legal market while serving as McGrigors’ managing and senior partner, and was largely responsible for securing its status as one of the four premier Scottish firms. Notably he is also heralded as one of the main architects of the groundbreaking merger between McGrigors and Pinsent Masons in 2012, and afterwards ensuring that the Scottish practice of Pinsents played a vital role in the success of the combined firm, which saw it named Law Firm of the Year at the 2016 Legal Business Awards.

Beyond law, Murdoch was a proud Ayshireman and committed sportsman, described as ‘above all a devoted family man, loving partner, and a valued friend to so many – or a true “man o’ pairts” as they say in Ayrshire.’

madeleine.farman@legalease.co.uk

Legal Business

Pinsents hits female partner target ahead of schedule in 16-strong promotions round

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Partnership promotions Pinsent Masons

An early mover in announcing its 2017 partner promotions, Pinsent Masons has made up 16 partners, including enough female partners to reach its 25% representation target a year early.

The promotions take place from 1 May, with women making up 68% of the new cohort. The round is a slight drop on last year’s promotions, when the firm added 18 new partners.

The firm had set a 25% female partner representation target for the partnership by 2018. Pinsents has now said it will aim for a longer term target of 30% female representation, although a date for that target has yet to be set.

The majority of the new promotions come in the UK, with seven in the City, two in Manchester one apiece from Leeds, Birmingham, Glasgow and Belfast.

Germany gained two new partners, while the firm also made up its first partner in Australia, promoting Sadie Andrew in Sydney, having launched offices in Sydney and Melbourne with five partners in 2015.’

Pinsents senior partner Richard Foley (pictured) said: ‘It is really inspiring to see the talent within our firm flourishing. We have worked hard to ensure a level playing field. All of those who have achieved this personal landmark have done so on merit and share our wider commitment to sector focus, legal excellence and innovation.’

In January, Hogan Lovells appointed three London partners in its 29-strong global promotions round, while 19 were made up in the US.

Pinsent Masons promotions by office

London

Chris Breen, TMT

Alistair Calvert, energy

Sofia Parra Martinez, infrastructure

Gurmukh Riyat, Infrastructure, Energy

Alison Ross Eckford, TMT

Sonal Shah, Infrastructure

Natalie Trainor, TMT

Leeds

John Bruce, Infrastructure

Birmingham

Helen Cordon, TMT

Manchester

Claire Edwards, financial service

Katherine Sneddon, Infrastructure

Belfast

Joanna Robinson, Real Estate

Glasgow

Christine Yuill, Tax

Germany, Munich

Christian Lutkehaus, energy

Kirsten Wolgast, TMT

Australia, Sydney

Sadie Andrew, Infrastructure

 

Legal Business

Revolving doors: Homebase appoints legal head as Clydes, Dentons and Pinsents improve overseas offerings

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Strategic recruitment Clyde & CoDentonsPinsent Masons

Homebase has hired its first legal head, as Clyde & Co, Dentons and Pinsent Masons all make international appointments.

Simone Tudor becomes Homebase’s first dedicated head of legal after joining from retail group AS Watson. Homebase is currently in the process of becoming Bunnings UK & Ireland, with the new company completing its first panel review in November 2016. Herbert Smith Freehills and Dentons were among the firms that made the cut for the company’s inaugural roster.

Clyde & Co has added to its four-partner Dubai shipping practice with the addition of corporate and finance partner Ian Chung. Chung has worked in the Middle East since 2008 where he specialises in corporate and finance work in the international trade, maritime and oilfield services sectors. He joins from Holman Fenwick Willan (HFW) in Dubai where he was a partner.

In Europe, both Dentons and Pinsents have improved their German offerings. Pinsents has made a trio of appointments, hiring Alexander Bayer, Peter Koch and Jörg Khöber to bolster its Munich office.

All three of the new recruits join from Gowling WLG, with Bayer arriving as an intellectual property (IP) partner specialising in fintech. Koch joins as a legal director, with a background in cross border patent litigation. Khöber joins as a senior associate.

Pinsents partner and head of German operations, Rainer Kreifels, commented: ‘Our depth of sector expertise has been a major driver of our success and bringing Alexander, Peter and Jörg onto the team continues to strengthen our presence in the market.’

Dentons has strengthened its German team with the appointments of Stefan Dittmer and Amy Kläsener as partners. Dittmer, formerly of Baker & McKenzie and DLA Piper, joins Dentons’ IP and technology practice in Berlin with experience in competition law, licensing law and press law.

Kläsener, who joins from Shearman & Sterling, reinforces Dentons’ international arbitration practice in Frankfurt. Kläsener has expertise in cross-border arbitrations, in addition to a specialism in engineering and construction.

tom.baker@legalease.co.uk

Legal Business

Pinsents, Bond Dickinson and ShepWedd take panel spots for Severn Trent and United Utilities JV

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Adviser reviews Pinsent MasonsShepherd and WedderburnWomble Bond Dickinson

Pinsent Masons, Bond Dickinson and Shepherd and Wedderburn have all won places on Water Plus’ legal panel. The new business water retailer is a joint venture launched by FTSE 100 water company Severn Trent and United Utilities.

Following a process led by Water Plus head of legal and company secretary Kristin Garrett, the LB100 firms have won a places on the panel lasting two years.

Stoke-on-Trent based Water Plus launched in June last year to provide services for business customers when new competition rules are introduced from April 2017. The new rules will allow eligible customers to switch water providers.

Bond Dickinson will provide advice across commercial, competition, regulatory and commercial disputes. Energy partner Ian Newcombe said: ‘The new competition rules coming into force in April 2017 will impact all UK businesses looking to switch providers and will come with a number of legal challenges as well as opportunities.’

Eversheds is Severn Trent’s sole adviser, renewing for a five-year term in 2015. The water company had considered appointing at least two firms to its roster with the company’s review taking proposals from a total of 13 firms across five different areas: debt recovery, employment, general quality regulation, property and combined competition/commercial economic regulation.

Earlier this week Legal Business revealed utilities giant National Grid has reorganised its in-house legal function following the £13.8bn separation of its gas distribution business.

The new business, National Grid Gas Distribution, has appointed National Grid’s former legal business partner Mark Cooper as its general counsel and company secretary.

National Grid Gas Distribution will retain the same panel arrangements with its main law firms, meaning firms will now sit on two panels. The panel was reduced in August 2015 following a review, with Herbert Smith Freehills, Irwin Mitchell and Addleshaw Goddard all winning places alongside incumbents Eversheds, Linklaters, CMS Cameron McKenna and DLA Piper.

madeleine.farman@legalease.co.uk

Read more:‘A buyers’ market – The trends and traumas in adviser reviews’

Legal Business

Pinsents’ highest paid member takes home 5% less than last year as key management bank over £5m

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Financial results 2015/16 Pinsent Masons

Pinsent Masons‘ LLPs have revealed that the firm’s highest paid member took home £810,490, down 5% on last year’s figure of £856,293 while key management compensation was up about 2% from £5m to £5.1m.The highest paid figure in LLP accounts does not necessarily equate to the highest paid equity partner and can relate to ‘golden handshakes’ to retiring members.

Turnover at the firm was up 5% from £363.6m to £382.8m while profit available for discretionary division among members was also up 5% from £111.5m to £117.5m.

Meanwhile operating costs at the firm, which in the last year acquired a majority stake in tech compliance business Cerico, as well as expanding in Europe and launching in Australia, increased 7% from £155.5m to £166.9m. Cash and cash equivalents more than doubled, from £20m to £45.7m.

Additionally the number of fee earners at the firm increased slightly, from 1,310 to 1,357 and the total number of members which includes both equity and non-equity increased from 331 to 349. Staff costs were up to £166.9m from £155.5m

The LLPs also state that the board ‘is reviewing further opportunities for international expansion.’

Legal Business first revealed last August that Pinsent Masons was eyeing up a Dublin base, to complement its existing office in Belfast and provide a full UK and Ireland presence for the firm.

Since the firm’s merger with McGrigors in 2012, Pinsents’ international strategy has largely revolved around launching sector-focused greenfield sites, with partners from local firms.

In March 2015 the firm launched in Australia with infrastructure sector-focused practices in Melbourne and Sydney headed up by David Rennick, previously chief executive of Australian law firm Maddocks as well as another infrastructure-focused practice in Johannesburg, with two partners from local firm Bowman Gilfillan last year.

In January 2016 the firm launched a second German base in Düsseldorf with a trio of partners from KPMG’s German legal arm.

kathryn.mccann@legalease.co.uk