Legal Business

Going Dutch: Taylor Wessing hooks up with former EY Law outfit in the Netherlands

Posted on |
Europe Taylor Wessing
legal-business-default

Taylor Wessing has today [1 September] announced it has merged with Dutch firm Deterink, gaining offices in Amsterdam and Eindhoven as it looks to broaden its European presence.

The combination sees Taylor Wessing gain two new offices covering the main financial and tech hubs of the Netherlands, with seven partners and 47 lawyers joining. Deterink’s partners previously operated as part of EY Law until 2010.

The two firms had already been working together since 2011, particularly in M&A, corporate litigation, IP/IT and employment, with a view to growing the combined Dutch offices in disputes and real estate.

Tim Eyles (pictured), managing partner of Taylor Wessing UK, said: ‘Deterink is a perfect partner for Taylor Wessing, typical of our merger partners in that it is a local business with superb knowledge of and connections within the Dutch business community, but also has an international mentality and a significant international client base. These offices will not just be ‘hubs’ for international clients, but also leaders for national work.’

Some 68% of Taylor Wessing’s top-50 clients have a presence in the Netherlands. ‘Many of those multinationals base their European headquarters there, so this presence will help the firm to serve those clients even more effectively’, said the firm.

The merger forms part of Taylor Wessing’s wider strategy to cover western, central and eastern Europe, alongside the firm’s push to grow in Asia and the Middle East. The firm’s fee earning headcount now totals over 1,200 across 28 offices in Europe, the US, the Middle East and Asia.

jaishree.kalia@legalease.co.uk

Legal Business

KPMG boosts German offering with double Taylor Wessing hire

Posted on |
Strategic recruitment KPMGTaylor Wessing
legal-business-default

Accountancy firms continue to build their presence in the legal sector with KPMG Law the latest to boost its legal team by hiring two Berlin-based Taylor Wessing partners.

The duo, Mario Ohle and Burkhard Frisch, join the growing legal practice which has been up and running for nearly eight years and counts more than 240 lawyers across 16 offices in Germany.

Corporate specialist Frisch joined Taylor Wessing in 2007 from local independent firm Beiten Burkhardt as part of a quarter of hires designed to help rebuild its Berlin outpost. He focuses on M&A as well as corporate real estate and healthcare privatisations.

Ohle specialises in technology-related public procurement, complex IT projects and planned construction. He has set on a variety of company boards including Realtime Technology and Zanox.

The pair joined KPMG Law’s Berlin office at the start of August and both are tasked with driving future growth of its public sector and enterprises practice.

KMPG Law chief executive Manfred Kessler said: ‘We are delighted to have gained Mario Ohle and Dr. Burkhard Frisch two renowned lawyers who will help us to continue our successful growth in the public sector.’

KPMG’s UK division meanwhile has growth plans of its own after successfully obtaining a multi-disciplinary alternative business structure licence in October 2014, as the accountancy giant seeks to triple the size of its legal team over the next three years.

PwC Legal also expanded its German legal team this summer with the hire of Mayer Brown banking and finance partner Jorg Wulfken in Frankfurt as the firm looks to build a ‘sizeable’ financial services offering outside the US.

sarah.downey@legalease.co.uk

Legal Business

Slaughter and May’s trainee retention slips to 89% for 2015 autumn intake

Posted on |
Trainee retention Slaughter and MayTaylor Wessing
legal-business-default

The first Magic Circle to report its trainee intake numbers for autumn 2015, Slaughter and May has revealed it is keeping on 33 trainees out of a cohort of 37 – unusually low for the firm which regularly posts rates of over 90%.

Slaughters, which is known for its high retention rates, made 35 offers to those qualifying in September 2015 with two having decided to withdraw from the process before offers were made. A further two decided not to accept the offers made by the firm resulting in 33 lawyers now being set to join the firm this autumn and giving a trainee retention rate of 89%. The figure is in line with this spring’s intake when 88% of the 42-strong cohort accepted offers.

However, though a lower percentage than last year, the intake is flat in gross terms with 33 lawyers having been hired by the firm from a smaller intake of 34 qualifying trainees – a rate of 97%. 

Earlier this week, Taylor Wessing announced it was keeping on 87%, or 20 out of 23 trainees. Two trainees apiece join the intellectual property, private client, corporate finance, disputes, private equity and tax practices while corporate technology, real estate, finance, corporate, commercial & projects, restructuring, financial services regulatory, employment, and pensions practices all received one.

A host of US firms have also revealed their retention rates so far with many keeping on 100% of their smaller intakes including Sullivan & Cromwell, which is keeping all four of its first trainees qualifying in the City; Weil, Gotshal & Manges and Shearman & Sterling.

michael.west@legalease.co.uk

Legal Business

Taylor Wessing’s Tim Eyles to stand unopposed in upcoming managing partner election

Posted on |
Leadership Taylor Wessing
legal-business-default

LB100 firm Taylor Wessing’s managing partner, Tim Eyles (pictured), is set to stand unopposed in the firm’s upcoming management election as he seeks a third term in office.

Although the only candidate to officially throw his hat in the ring, Eyles requires a 51% majority vote to take the post. The soundings process for potential candidates was finalised on Tuesday (9 June) and, with only one candidate running, the firm’s election is expected to be brought forward.

Eyles was first elected in 2009, having been one of the firm’s business group directors and a member of the management board since 2007. He was re-appointed to the role in October 2012 following an uncontested election which took place six months ahead of the scheduled end of his first term.

If elected, his appointment will take effect in October this year for a further three-year term. Those said to have expressed a potential interest in running included finance head Rodney Dukes although partners say Eyles is widely regarded and a popular figure who would have much support to manage the firm for a third term.

Eyles has overseen a period of growth at the firm, including financials this year showing UK revenues up 8.2% to £121m from £112m last year alongside a 17% increase in UK PEP to £767,000 from £657,000. Internationally, the firm said that its revenues had increased by 6% using ‘constant exchange rates’ to £239.8m.

In other election news, this morning Legal Business revealed that Dentons’ chief executive Elliott Portnoy and global chair Joe Andrew will stand as candidates for the firm’s scheduled management elections in 2017.

sarah.downey@legalease.co.uk

Legal Business

Financials 2014/15: Taylor Wessing’s UK operations see revenues rise 8% and PEP reach £767k

Posted on |
Financial results 2014/15 Taylor Wessing
legal-business-default

Taylor Wessing has released its financials for 2014/15 with UK revenues increasing by 8.2% to £121m from £112m last year and stated plans to make ‘significant further investments’ particularly in its international network.

The extra turnover contributed to a 17% increase in UK PEP, up to £767k from £657k. Internationally, the firm said that its revenues had increased by 6% using ‘constant exchange rates’ to £239.8m, though a weakening in the euro sees this figure lower than that reported last year when revenues were placed at £241.2m.

The growth was put down to ‘a strong performance across all major practice areas whether transactional, contentious or advisory for clients across the firm both in the UK and internationally’.

The Anglo-German firm also noted ‘impressive outcomes’ in the firm’s focus industry sectors of technology, media and communications, private wealth, life sciences and energy.

Investments made by the firm over the last year include opening representative offices in Palo Alto and New York City, and boosting its Asian offering with an exclusive association with Korean practice DR & AJU.

UK managing partner Tim Eyles (pictured) said: ‘Taylor Wessing had a strong year and we feel this is an outcome of our strategy of ensuring we provide our clients with the best possible service across the globe. We are an ambitious firm and over the next twelve months we plan to make significant further investment, particularly in our international network, as we aim to build on our success. Whilst recognising that there are considerable challenges in the markets which must be addressed, we want to explore opportunities that will help us better serve our fast-growing, international client base.’

Last year saw the firm post a 21% rise in its UK profit per equity partner to £657,000 alongside an increase in UK and global revenues of 7.4% and 6.4% respectively.

sarah.downey@legalease.co.uk

Legal Business

Life During Law: Niri Shanmuganathan, Taylor Wessing

Posted on |
Life During Law Taylor Wessing
legal-business-default

I’ve always been interested in two things. One is people and that is a key part of the business. I’ve always liked the business of law and I wanted a role in the direction of the firm because I am home-grown. I’ve been here a long time – it means a lot to have some influence.

I did a history degree at Durham and I was looking at film and TV production, journalism and law. My family are pretty much all professionals – they would have been concerned if I went down the journalism or TV route.

Legal Business

Fee transparency: Olswang, OC, Taylor Wessing and 12 others sign up to service to reduce legal fee disputes

Posted on |
Innovation CMS UKOsborne ClarkeTaylor Wessing
legal-business-default

Taylor Wessing, Olswang and CMS Cameron McKenna are amongst a host of firms to sign up to Apperio – a platform designed to create transparency on legal fees.

Fifteen law firms have signed up to the initiative so far including Osborne Clarke, Taylor Wessing, Charles Russell Speechly and Taylor Vinters, in a bid to help clients track their legal spend by regularly sharing fee information using a transparent platform.

According to Apperio founder and former CMS Cameron McKenna lawyer Nicholas d’Adhemar, the initiative will significantly reduce disputes over fees between clients and the respective firm. ‘During my career as a lawyer, I experienced wrangling over legal fees due to the opaque nature of billing. Poor communication between the firm and the client would sometimes lead to clients being charged with random bills, sometimes three times higher than what was expected,’ said d’Adhemar. ‘Apperio will effectively help clients receive reduced bills, and see fee’s recorded accurately and on time.’

Other features include a streamlined tender process and a tool which allows clients to monitor the amount of partner/associate time spent on each transaction/case. ‘The idea is to encourage proactive management [on these issues] as opposed to a reactive fallout,’ d’Adhemar added.

Some fifteen clients have signed up to the platform, mainly consisting of venture capitalists and private equity firms so far, including Octopus Investments, Capvest, Patients Know Best and Elliptic. Apperio’s next move is to introduce the idea into mainstream corporate, and have over half of UK’s top 200 law firms signed up by the end of the year.

Clients subscribe to Apperio by paying a quarterly fee, and are charged in accordance to the amount of legal work they want tracking, ranging from an overall legal spend of £350,000 up to £10m.

D’Adhemar launched Apperio in February 2013 initially as a tendering process for clients, which later evolved into a legal fee tracker the following year. Before this, d’Adhemar worked as legal counsel at Sterling Energy for a year in January 2009, having left CMS Cameron McKenna after three years of being an associate.

jaishree.kalia@legalease.co.uk

Legal Business

Partner promotions: Taylor Wessing makes five up to partner in UK as Clydes global round sees 13 made up

Posted on |
Partnership promotions Taylor Wessing
legal-business-default

As it shifts to an all equity structure, Taylor Wessing has this year promoted five lawyers to partner in its UK round, building on last year’s promotions which saw three made up in the City. Meanwhile, Clyde & Co has made up 13 to its partnership.

With the promotions set to take effect on 1 May, two lawyers were made up in the real estate practice, one in its patents offering, one in the IT, telecoms and competition practice, and a final one in disputes and investigations. A further five have been made senior counsel with one each in private client, corporate, real estate, patents, and data protection.

UK managing partner Tim Eyles said: ‘We remain committed to promoting internal talent and are delighted to announce these much deserved promotions, which see the work we have been putting into our Path to Partnership initiative for associates coming to fruition.’

‘With our move to an all equity structure coinciding with these promotions on 1 May, we will for the first time be able to welcome our new partners into a single partnership in which all will have a real stake in the firm’s future and will be able to work together even more effectively as we seek growth for our clients, our people and our business.’

In an international round, Clydes promoted 13 lawyers to equity partner spread across its offices in the UK, Europe, US, the Middle East and Asia Pacific. The largest beneficiary was the City which saw four promoted across aviation, corporate, insurance and projects. A further 11 were boosted from equity partner status to senior equity partner.  

Other promotion rounds announced this month includes Ashurst which promoted 20, of which 45% were female, while Macfarlanes saw a reduced round of five, of which 40% were female.

Taylor Wessing partner promotions in full:

Paul Glass, disputes & investigations

Paul Leamy, real estate

Emma Oakley, real estate

Matt Royle, patents

Sian Skelton, IT, Telecoms & Competition

Senior counsel promotions in full:

Lisa Bevan, private client

David Bates, corporate (private equity, corporate tech)

Maddalena Padrin, real estate

Ed Vickers, patents

Sally Annereau, data protection

Clyde & Co equity partner promotions in full:

Clare Hatcher, Projects & Commodities, London

Elisabeth Moseley, Corporate, London

Craig Rooney, Aviation, London

Jai Sharma, Marine & International Trade, Guildford

Tom White, Insurance, London

Fabrice Pradon, Aviation, Paris

Susie Abdel Nabi, Dispute Resolution, Dubai

Patrick Murphy, Dispute Resolution, Dubai

Alain Sfeir, Corporate, Riyadh

Gareth Horne, Insurance, Sydney

Trudy Seow, Aviation, Singapore

Conor Warde, Transportation Finance, Hong Kong

Jessica Kelly Insurance, San Francisco

Senior equity promotions:

David Abbott, Insurance, London

Helen Bourne, Insurance, London

Michelle Crorie, Insurance, London

Toby Rogers, Insurance, London

Ray Smith, Corporate, London

Mark Beswetherick, Insurance, Dubai

Nassif BouMalhab, Dispute Resolution, Dubai

Peter Hodgins, Corporate, Dubai

Paul Jebely, Transportation Finance, Hong Kong

Eric Moon, Insurance, San Francisco

Christina Terplan, Insurance, San Francisco

sarah.downey@legalease.co.uk

Legal Business

‘A significant cultural shift’: Taylor Wessing to move to all equity partnership

Posted on |
Partnership promotions Taylor Wessing
legal-business-default

Taylor Wessing is set to convert into an all equity partnership on 1 May following a lengthy review and partnership vote held last week.

A significant 95% of the partnership voted yes to the proposed change which involve a ‘modest’ capital increase from ex-fixed equity members according to the firm, in order to bring them fully in line with their proportionate share of equity contributions but there will not be a firm wide capital call to implement the change.

The firm’s current two-tier partnership for the UK comprises 52 equity partners and 50 fixed share partners. Having been a merit-based system for years, it follows an appraisal led by a structure review committee made up of an equal number of equity and fixed share partners nominated by the partnership to ‘ensure a balanced and consultative approach’. The committee included managing partner Tim Eyles, HR director Caroline Rawes, and finance director William Barnes.

Managing partner Eyles (pictured) said: ‘We have been thinking for some time, because we are a very collaborative partnership, about how to ensure dynamic progression for everyone within the partnership. We’ve always been a purely merit based partnership and we wanted to take that a step further and find the right structure to create a shared sense of interest in and ownership of the firm.’

Eyles added: ‘For our associates, it also reinforces our merit-based culture and their ability to progress based on performance. It’s a significant cultural shift…We have consulted extensively and every effort was made to make sure all the angles were carefully considered.’

Others set to make the move to all equity structures include Mishcon de Reya this autumn, where current equity partners will become ‘senior equity partners’ and junior partners will become ‘junior equity partners’.

sarah.downey@legalease.co.uk

Legal Business

The importance of a ‘disclaimer’: High Court finds in favour of Grant Thornton in Barclays negligence dispute

Posted on |
Litigation Addleshaw GoddardGrant ThorntonTaylor Wessing
legal-business-default

The High Court has this morning (18 February) found in favour of Grant Thornton in relation to its high profile auditors’ negligence dispute brought against it by Barclays Bank.

Heard on the 12 February, Brick Court Chambers’ duo Simon Salzedo QC and Oliver Jones appeared for Grant Thornton, and were instructed by Taylor Wessing, while 4 New Square pair David Halpern QC and Benjamin Wood acted for Barclays and were instructed by Addleshaw Goddard.

The dispute arose after Barclays relied on two non-statutory audits carried out by Grant Thornton for the Von Essen Hotels Group (VEH) in 2006 and 2007 in continuing to fund VEH under a £250m loan facility. The bank alleged Grant Thornton had been negligent in producing the reports because it failed to uncover fraudulent overstatements of VEH’s financial position by two of its employees, and, subsequently, causing Barclays financial loss when VEH became insolvent and couldn’t repay the loan.

Constituting the first case in which the lawfulness of a Bannerman clause in an auditors’ report had been considered, each of the reports produced by Grant Thornton included a disclaimer which stated they were made solely to VEH’s director and that the accounting giant did not accept responsibility to anyone other than VEH and its director for its audit work.

Barclays argued that this disclaimer was ‘unreasonable’ and therefore inapplicable – for which Grant Thornton sought summary judgment on that point and won.

Justice Cooke held the disclaimer was ‘clear on its face’, ‘could not have been misunderstood’ and ‘would have been read and understood by anyone at Barclays who had read the two page reports’.

‘Grant Thornton made it clear that it was not prepared to assume responsibility to Barclays in respect of these reports. There was nothing unreasonable in that stance, as between two sophisticated commercial parties, where the approach of auditors limiting their responsibilities is well known… Barclays should have anticipated the existence of such a clause and, in my view, must have expected some such clause to be present.’

The judge concluded that Grant Thornton is entitled to summary judgment on the basis that Barclays ‘have no realistic prospect of success in the action in the face of the disclaimer’ and there is ‘no good reason’ why the action should go to trial.

A Barclays spokesperson said: ‘We are disappointed in the Court’s decision relating to our claim against Grant Thornton LLP, the former auditors of Von Essen Hotels Ltd. We will however continue to pursue all avenues available to the bank to recover sums lost in connection with the loan facilities granted to Von Essen.’

Addleshaw Goddard is also currently advising Barclays in a dispute to recoup money loaned to partners of collapsed US firm Dewey & LeBoeuf, an instruction the firm picked up following the hire of partner Richard Clayton from TLT.

sarah.downey@legalease.co.uk