Legal Business

Revolving doors: Pinsent Masons makes board appointments as BLP and Mayer Brown make City hires

Posted on |
Strategic recruitment Bryan Cave Leighton PaisnerMayer BrownPinsent Masons
legal-business-default

In a busy week for City hires, Pinsent Masons, BLP and Mayer Brown have made key appointments, as DWF, Irwin Mitchell and Burness Paull all added to their benches around the regions.

The Royal Bank of Canada’s former head of London Pauline Egan will join Pinsent Masons as a non-executive board member, the firm’s first external board appointment. The firm has also appointed while Alastair Mitchell as its first chief operating officer. With over 30 years of experience, Mitchell joins from Holman Fenwick Willan, where he was chief operating officer for over three years.

Pinsents senior partner Richard Foley said the firm has made significant progress towards achieving its vision of being an international leader in its market sectors, but there’s more to do. He added: ‘There is significant evidence that organisations which have an external viewpoint to test and challenge at board level outperform those that do not, and I welcome Pauline in that capacity. She has impressive commercial credentials and international experience which make her a strong addition to our moard. Alastair is also a highly impressive individual whose focus will be on the efficient and effective running of our business operations on an international scale.’

After leaving the firm for Hausfeld, Edward Coulson has rejoined BLP‘s corporate litigation team as a partner. Coulson advises on complex competition litigation and regularly conducts multi-party litigation, with a focus on cartel damages actions and other competition and regulatory disputes, including in relation to procurement matters and sector regulation.

Mayer Brown has introduced two Dentons partners to its London banking and finance practice. The firm has added fund finance partner Liz Soutter, who provides debt financing solutions to investment funds across a range of sectors, including private equity and financial institutions. Project finance partner Tom Eldridge also joins the firm, and is focused on the mining and metals, energy and infrastructure sectors.

As it continues with its expansion strategy, DWF will add three to its partnership as it merges with niche insurance firm Fox Hartley. Partners Trevor Fox, Michael Hitchings and Peter Barnes are to join DWF in Bristol along with 13 other staff. With close links to French, German, Japanese and Swedish insurance markets, the move will bring sector expertise to DWF’s 900-strong insurance team.

National law firm Irwin Mitchell has appointed Paddy Sturman to its banking and finance team as it continues to build its business legal services division. Joining the firm from Gordons in Leeds where he led the banking team, Sturman specialises in advising institutional lenders and corporate clients on all aspects of banking and finance including corporate acquisitions, real estate investment and development and asset based lending.

Burness Paull has strengthened its tax team with the hire of former DWF tax expert Ronnie Brown,who joins the firm’s Glasgow office. Brown has expertise in a wide spectrum of corporate tax and property tax.

madeleine.farman@legalease.co.uk

Legal Business

Trainee retention: Pinsent Masons posts ‘disappointing’ 50% rate as Norton Rose, Ashurst release figures

Posted on |
Trainee retention Pinsent Masons
legal-business-default

In the latest run of trainee retention rate releases, Pinsent Masons has recorded a ‘disappointing’ rate of 50% of its spring qualifiers, with just five of its 10-strong cohort accepting offers within the firm. Elsewhere, Norton Rose Fulbirght has kept on 96% of its 23-strong cohort as Ashurst retained 79%.

From an original group of ten, three Pinsents trainees opted out, leaving seven applications. Of these six were offered a place at the firm and five accepted roles. Another applicant opted to join the firm’s flexible working service Vario. At 50%, the retention rate is worse than spring last year when the firm secured 15 of its initial class of 19, giving it an overall rate of 79%.

Pinsents head of graduate development Deborah McCormack said: ‘naturally, it’s disappointing that retention is not as high as it has been in previous years. We’re supportive of those who opt to take an alternative path and Vario provides another career option for lawyers to the benefit of our clients. It’s a competitive market currently and we’re focused on offering an attractive environment for retaining the great new talent that we have entering the firm.’

Meanwhile, Norton Rose has managed an impressive retention rate, keeping 96% of its 23 strong cohort. Of the 22 offers made, all accepted newly-qualified positions within the firm.

The numbers are up on the spring before when it logged 81% retention of its trainees. Of the 26 trainees, 21 accepted positions within the firm.

Norton Rose has been more successful than City rival Ashurst, which kept on 79% of trainees. From a group of 19, Ashurst offered 17 positions, with 15 trainees staying on.

Other firms to announce trainee retention figures include Freshfields Bruckhaus Deringer, which posted a reduced figure, keeping on 82% of trainees this spring, as Linklaters posted an 83% rate and Allen & Overy kept on 39 of 43 or 91% of trainees. Clifford Chance retained 80% of its March trainees, with 43 out of a cohort of 54 accepting positions at the Magic Circle firm.

Our sister website The Lex 100 has created a retention rate table which will be updated as more figures are announced.

madeleine.farman@legalease.co.uk

 

Legal Business

Moving in-house: Pinsents Issacs seconded to Barclays litigation and investigations team

Posted on |
In-house BarclaysPinsent Masons
legal-business-default

Pinsent Masons head of banking and finance litigation Michael Issacs, has been seconded to Barclays’ litigation and investigations team, led by Stephanie Pagni. The move comes as the bank is undergoing a panel view.

Issacs, who joined Pinsents in 2013 from Addleshaw Goddard, is the firm’s relationship partner for Barclays. He has prior experience as a lawyer in the bank, having completed an extended partner secondment in the global retail and commercial bank litigation team for six months in 2009. He worked under Jonathan Peddie and Pagni in Canary Wharf during this time. According to Issacs’ Linkedin profile, this allowed him to ‘experience first-hand, the variety and complexity of daily demands placed upon the Bank’s in-house team.’

At Pinsents, Issacs helps clients to avoid and deal with problems in retail, commercial and wealth banking, including operational issues, domestic and commercial lending and fraud.

Last month it emerged that Barclays has put a ban on its 600 lawyers accepting corporate hospitality, as it reviews its legal panel which is worth around £100m a year to law firms.

In a missive from Barclays’ general counsel’s office, lawyers were told that the ban has been put in place to ensure a fair evaluation of law firms during the course of the review.

Barclays asked that its law firms submit details of corporate hospitality spending for the first time in 2011 as part of a previous review. The bank said at the time that this was to prevent breaches of the UK Bribery Act, which came into force that year.

This current review will see law firms compete for places on Barclays’ legal panel for the next two years. It is being led by Stéphanie Hamon, the bank’s head of commercial management, who was drafted in last December to run the procurement process.

kathryn.mccann@legalease.co.uk

Legal Business

Pinsent Masons, Shearman and Clyde & Co major winners at 2016 Legal Business Awards

Posted on |
Clyde & CoPinsent MasonsShearman & Sterling
legal-business-default

Pinsent Masons, Shearman & Sterling and Clyde & Co were among the major winners at the 2016 Legal Business Awards, with Slaughter and May’s outgoing senior partner Chris Saul named Lawyer of the Year in recognition of an outstanding career.

Pinsents was the night’s main winner, picking up two awards, first Energy & Infrastructure Team of the Year and then the coveted Law Firm of the Year award, thanks to a sustained period of strong financial performance and a firm commitment to a meaningful sector focus.

Meanwhile, Clydes’ managing partner James Burns was named Management Partner of the Year for being central to the success of the Global 100 firm since taking on the role in 2013.

Shearman picked up one of the most-prized practice area awards, selected as Corporate Team of the Year for its role advising Qatar Investment Authority on its complex £2.6bn bid for Songbird Estates, ultimately leading to the takeover of Canary Wharf Group. Herbert Smith Freehills picked up two awards – Finance Team of the Year for its role advising Virgin Atlantic on the innovative secured bond financing of its Heathrow airport slot portfolio, while it was jointly named Dispute Resolution Team of the Year with Jones Day after the firms collaborated to successfully represent the Standard Bank on entering into the UK’s first ever Deferred Prosecution Agreement.

Other major awards saw Skyscanner’s legal team named In-House Team of the Year for the team’s role in helping it become the world’s fastest-growing travel site, while Quinn Emanuel Urquhart & Sullivan was named US Law Firm of the Year for the third time in five years, while Stevens & Bolton picked up National/Regional Firm of the Year after a very strong 2015.

The awards were presented to more than 1,000 guests in a gala ceremony last night (7 April) hosted by former Labour party chief press secretary and communications strategist Alastair Campbell. The event was preceded by a reception to mark the launch of this year’s GC Power List report.

The winners were selected by an external judging panel comprising the following senior general counsel: Nilema Bhakta-Jones (Ascential); Claire Chapman (Daily Mail and General Trust); Kirsty Cooper (Aviva); former vice-president and GC of group legal affairs & compliance at RB, Claire Debney; Chris Fowler (BT); Dan Guildford (FT); Michael Herlihy (Smiths Group); Robert Ivens (Marks and Spencer); Alison Kay (National Grid); Ned Staple (Zoopla); Nyeem Syed (Thomson Reuters); and Suzanne Wise (Network Rail). The panel was completed by Jomati founder Tony Williams as well as Alex Novarese and Mark McAteer from Legal Business.

Our May edition will include a full report of the night.

For more details click here. See #lbawards2016 on Twitter or click here for photos from the night. 

mark.mcateer@legalease.co.uk

Legal Business Awards 2016 – The Winners

King & Wood Mallesons – TMT Team of the Year

Herbert Smith Freehills – Finance Team of the Year

Weil, Gotshal & Manges – Restructuring Team of the Year

Linklaters – Competition Team of the Year

Pinsent Masons – Energy and Infrastructure Team of the Year

Herbert Smith Freehills/Jones Day – Dispute Resolution Team of the Year

Irwin Mitchell – Private Client Team of the Year

Eversheds – Insurance Team of the Year

Shearman & Sterling – Corporate Team of the Year

Travers Smith – Private Equity Team of the Year

Burges Salmon – Real Estate Team of the Year

Tapestry Compliance – Boutique of the Year

Chris Saul, Slaughter and May – Lawyer of the Year

ITV – CSR Programme of the Year

Al Tamimi & Company – International Firm of the Year

Daniel Whitehead, Citibank – Rising Star In-House Counsel of the Year

Skyscanner – In-House Team of the Year

James Burns, Clyde & Co – Management Partner of the Year

Quinn Emanuel Urquhart & Sullivan – US Law Firm of the Year

Lawyers On Demand – Legal Innovator of the Year

Kennedys – Legal Technology Team of the Year

Stevens & Bolton – National/Regional Firm of the Year

Pinsent Masons – Law Firm of the Year

Legal Business

Pinsents partner grilled over appointment to human rights body

Posted on |
Pinsent Masons
legal-business-default

Two parliamentary committees have written to express outrage as a Pinsent Masons partner has been nominated to chair Britain’s leading equality and human rights body.

Pinsents partner David Issac (pictured), who is a diversity steering group chair at the firm, is the government’s preferred candidate for chair of the Equality and Human Rights Commission.

However, two parliamentary committees have written to minister for women and equalities Nicky Morgan to warn that there could be a conflict of interest because Pinsents carries out ‘significant work for the government’.

Issac went before a pre-appointment committee held by the Joint Committee on Human Rights and the Women and Equalities Committee, where he was questioned by MPs on Pinsents’ work for the government. Chair of the committee, MP Harriet Harman noted in the past year Pinsents received 10 contracts with government, to the tune of about £5 million.

Issac responded: ‘We used to do a lot of work and I was personally very involved in it, but, as you know, the government currently do not use the private sector a great deal. The amount of work that is referred to in my CV is historic, and it has significantly diminished.’

He also added: ‘I take the point that you are making, which is that, if there is any income generated from government, you could argue that I indirectly benefit from that as an equity partner. My view is that the perception is unfair and that I will prioritise the work that I do for the commission. To the extent that there are significant areas where that perception might impact on my involvement, I would invoke the conflict procedures and recuse myself from any decision. Broadly, I do not think that indirectly sharing a small percentage should invalidate me from being independent and continuing to be considered for the role.’

The committee also noted that Issac would receive about £50,000 for his role, which he said would be dwarfed by the approximately £500,000 an equity partner receives at the firm. While the committee suggested that this would cause a financial conflict of interest Issac said perceived conflicts could be dealt with.

He told the committee: ‘I am keen to put the interests of the commission first and foremost. The other point I have not raised is that I am beginning a process of moving towards a portfolio career; I am going to reduce my commitment as a lawyer working for Pinsents, and this is a first step in that direction.’

victoria.young@legalease.co.uk

Legal Business

Partner promotions: Pinsents makes up two thirds in the City as Weightmans makes up three in Liverpool

Posted on |
Partnership promotions Pinsent MasonsWeightmans
legal-business-default

Pinsent Masons has made up two thirds of its 18-strong partner promotions round in its City office, while Weightmans promoted three in Liverpool this year.

Alongside its 12 partners in London, Pinsents has promoted its first partner in Paris. Dual-qualified in France and the US, Annabelle Richard specialises in e-commerce, online gaming and gambling, data protection and cyber security.

The firm’s five other promotions will be based in offices around the UK. The firm’s promotions have been made across a range of practice areas including property, financial services and energy.

As Pinsents continues to work to improve its gender balance, a notable eight of its partner promotions this year were female, bringing its female partnership to 23%. The figure moves the firm closer to its target to ensure 25% of its partnership and senior leadership team is female by 2018. 

With 18 promotions, the firm has made up substantially fewer partners than last year, when it made up a record 29 partners mostly across energy, financial services, infrastructure, and advanced manufacturing and technology sectors. 

Pinsents senior partner Richard Foley said the firm’s promotion round reflects the quality of people within Pinsents and its commitment to ensuring that talent can flourish irrespective of gender.

He added: ‘All of those who have been promoted have got there on merit, having demonstrated an ability to provide high quality legal advice delivered in the context of the sector in which the client operates. A number have also shown a willingness to innovate with and for our clients to provide market-changing solutions.’

Meanwhile, Weightmans made up its three partnership appointments at its headquarters in Liverpool, with commercial disputes team member Sarah Conroy, real estate lawyer Chris Grady and motor associate Liam McGuire all making the grade.

The firm also moved London healthcare partner Rachel Kneale and Pete Wake from local government in Liverpool to its equity partnership.

Weightmans managing partner John Schorah said the promotions were ‘well deserved’: ‘We have talented and dedicated people across every area of the business and we are delighted to recognise their contribution. Our clients are a priority, so it’s important for us to continue to grow and invest in the diverse mix of skills within our teams, to enable us to provide the best possible service.’

madeleine.farman@legalease.co.uk

Pinsents partner promotions in full:

Tobin Ashby, financial services, UK

Marcus Bate, property, UK

Phillip Birchall, property, UK

Ian Birdsey, TMT, UK

Nicholas Carlin, energy, UK

Jae Fassam, pensions, UK

Anne-Marie Friel, infrastructure, UK

Frances Mallender, financial services, UK

Angus McFadyen, TMT, UK

Adrian Murray, life sciences, UK

Anne-Marie Ottaway, litigation & regulatory, UK

Steven Porter, tax, UK

Caroline Ramsay, competition, UK

Annabelle Richard, TMT, France

Lucy Shurwood, financial services, UK

Francis Tyrrell, infrastructure, UK

Navjeet Virk, energy, UK

Sarah Whitty, financial services, UK

Weightmans partner promotions in full:

Partnership

Sarah Conroy, CDR team, Liverpool

Chris Grady, real estate, Liverpool

Liam McGuire, motor, Liverpool

Equity partnership

Pete Wake, local government, Liverpool

Rachel Kneale, healthcare, London

Legal Business

Adviser review: Pinsent Masons added to Land Securities panel

Posted on |
Adviser reviews Land SecuritiesPinsent Masons
legal-business-default

National firm Pinsent Masons has won a place on FTSE 100 firm Land Securities’ legal panel, while Freshfields Bruckhaus Deringer has come off the roster following a review.

The UK’s largest listed commercial property company has re-appointed Berwin Leighton Paisner, CMS Cameron McKenna, DAC Beachcroft, Eversheds, Herbert Smith Freehills, Hogan Lovells and Nabarro.

While Pinsents is the only new firm on the panel, Freshfields is the only firm to come off the panel, having decided not to pitch for the business when the review came up.

While the property firm previously had a two-tier panel system, this is no longer in place.

The panel review took several months and will be in place from 1 May for five years. It was run by group general counsel Tim Ashby, who took on the role following the departure of then legal chief Adrian de Souza in October last year

Ashby said: ‘We are confident that Land Securities has a legal panel of property experts who can partner with us and support our business over the next phase of its strategy. Involving the business teams throughout the process was a critical element to getting this right.’

Pinsents real estate partner Mike Reid said: ‘We hope to bring our sector focus and reputation for innovation to bear on the relationship and provide specialist legal support across the business.’

Other recent panel reviews to conclude include Avis, which gave places to Eversheds, Reed Smith, Dentons and K&L Gates on its seven-firm panel, while Siemens, which reappointed Eversheds and Osborne Clarke, while adding Addleshaw Goddard to its list of preferred firms.

victoria.young@legalease.co.uk

 

Legal Business

Pinsents makes senior political hire in a bid to boost international awareness

Posted on |
Strategic recruitment Pinsent Masons
legal-business-default

Former secretary of state for international development Douglas Alexander (pictured) is joining national firm Pinsent Masons as an adviser to develop the firm’s business ethics and compliance capability.

Joining to work with Pinsents’ senior leadership team to help inform and support debate among the firm’s clients on doing business responsibly, the firm has hired Alexander as it looks to begin a series of events to support clients in identifying the challenges and opportunities arising from change in Europe.

The firm said Alexander will guide Pinsents in its approaches with international clients if Britain chooses to leave the EU.

Alexander will begin his role at the firm on Friday (4 March), bringing his political and diplomatic experience to the role. Serving in both Tony Blair and Gordon Brown’s cabinets, he was a member of the UK Parliament until 2015.

He will split his time between his role at Pinsents and his other commitments as a senior fellow at Harvard University, visiting professor at King’s College, London and advising U2 frontman Bono.

Pinsents senior partner Richard Foley described Alexander as having a reputation as one of the most capable and engaging politicians of his generation.

He said: ‘At the heart of Douglas’ remit with us is the issue of responsible business and how organisations can re-build bridges into society at a time when public trust is low. First and foremost on that agenda right now is how to engage with the debate around Europe’s future, and there are few better-placed to provide perspectives on that than Douglas.’

Other recent appointments for the firm include Reg Dhanjal who joined as a partner from DAC Beachcroft last October, while last month the firm recruited a fourth partner, Torsten Bergau, for its Dusseldorf outpost from Hoffman Liebs Fritsch & Partner, and hired a trio of lawyers from Watson Farley & Williams, including head of planning Gareth Phillips to bolster its energy and infrastructure planning practice.

madeleine.farman@legalease.co.uk

Legal Business

City corporate push: Dentons makes M&A play with Pinsent Masons partner Levy

Posted on |
Strategic recruitment DentonsPinsent Masons
legal-business-default

Dentons has made a corporate play in the City with the hire of Stephen Levy, who departs Pinsent Masons after almost a decade at the national firm.

Levy, who moved from Hammonds to head up Pinsent Masons’ corporate team in Manchester in 2006, is a specialist in cross-border UK M&A and private equity. He has advised UK private equity funds including Kohlberg Kravis Roberts, H.I.G. Capital, Anchorage and Montagu Private Equity, as well as large corporates Landis+Gyr and Peel Group.

Dentons UK head of corporate David Collins, who was recruited in December last year to lead the firm’s cross border M&A push said: ‘The recent growth of our UK corporate practice combined with Dentons’ expanding international footprint, our strong profile in mid-market M&A and our enhanced reputation for equity capital markets and private equity work, provide us with an opportunity to continue to grow our market share in these areas.’

The hire follows the recent additions of Nikolas Colbridge and Martin Mankabady as is part of the global firm’s push to strengthen its corporate brand in its home market. Colbridge joined from Skadden, Arps, Slate, Meagher & Flom in September last year, while Mankabady was appointed in November from Clyde & Co.

Dentons UKMEA chief executive Jeremy Cohen said: ‘Expanding the corporate team is one of our key priorities for the region. In the UK we are consistently rated in the top tier for mid-cap M&A and over the last three years we have grown a private equity practice that has started to achieve some notable successes in mid-market UK and emerging markets transactions.’

While the firm only made up one partner in the City in its latest round of promotions, it made 21 promotions across the globe, with 79% of those newly-made partners located in the US and Canada.

Dentons recently posted a 6% increase in revenue in its accounts for the UK, Middle East and Africa as turnover rose to £157m from £148m, while overall profit before taxation climbed about 12% to £42.4m from £37.9m.

Read more about Dentons in this month’s cover feature: ‘The pitch – A new kind of global law firm emerges but can Dentons live up to the hype?

 

 

 

 

Legal Business

‘Reaped the rewards’: latest accounts underline strong year for expansive Pinsents

Posted on |
Financial results 2015/16 Pinsent Masons
legal-business-default

Pinsent Masons‘ highest-paid LLP member took home 38% more last year than in 2013/14, as the firm posted double-digit growth across the board.

The firm’s latest accounts to April 2015 filed at Companies House show the highest remuneration to an individual LLP member leapt by £234,554 to £856,293. In 2014, the figure was £621,739.

Revenues for the 2014/15 financial year grew 12%, up from £323.5m to £363.6m, while profit available for division among members jumped 22% from £89m in 2013/14 to £109.4m last year. The firm also reported £20m cash in bank and in hand at 30 April 2015.

There was a net increase of just one to firm’s partnership, up to 331. There were decreases in both fee-earner headcount, where numbers fell by nine to 1,310, and secretarial and business support staff, where there was a net drop of 20 to 985. However, staff costs increased by around 4% to £161,877 from 2014’s figure of £134,844.

Managing partner John Cleland (pictured) said: ‘Our accounts reflect a positive year in which we reaped the rewards of several significant investments made over a number of years previously. It was an “investment light” year by our own standards and the current year is a different story – the market does not stand still and neither can we. We have opened offices in Sydney and Melbourne, developed a presence in Brussels and hired a team to lead our new office in Düsseldorf.

‘We have also continued to invest in innovation, as illustrated by the acquisition of a majority stake in Cerico, the online regulatory compliance solutions business. All of these are significant milestones as we move toward our vision of being recognised as an international market leader in the global sectors in which we operate.’

The firm made a record 29 promotions to partnership in May 2015. The majority of the hires were in four key sectors: energy, financial services, infrastructure, and advanced manufacturing and technology.

madeleine.farman@legalease.co.uk

For more on last year’s management changes and strategic challenges at Pinsent Masons, read our Q&A with John Cleland