In light of the human impact of Covid-19, the immediate concern for businesses is the health and safety of their people and clients.
In addition, the pandemic has caused unprecedented turmoil for the global economy and many businesses are struggling to cope with the huge challenges. Most are feeling the strain financially. Some are fighting for economic survival. Continue reading “Guest comment: HSF disputes chief assesses the City litigation market’s Covid-19 response”
Knights board members and staff earning more than £30,000 face pay cuts of at least 10% and some staff will be made redundant, while Ince has followed Gateley in slashing its interim dividend due to the impact of coronavirus.
The listed law firms today (26 March) provided trading updates to the London Stock Exchange, citing increased economic uncertainty brought by the Covid-19 pandemic and responding with measures ranging from pay cuts and redundancies to dividend cancellations and warnings around collecting fees.
The Legal 500 is pushing back its research schedule in response to the coronavirus pandemic, suspending all client contact for the next four weeks.
At a time when law firms and their clients are under unprecedented pressure, we have taken the decision not to add to the burden. All client feedback surveys for the UK Solicitors Guide, the UK Bar and Latin America will be suspended for four weeks, until the end of April. For the UK this will affect first-time contact with London clients and client survey re-sends for everywhere outside London. Continue reading “Coronavirus update: The Legal 500 pushes back research schedule to ease pressure on clients and firms”
The Commercial Court is going fully virtual on a case worth over $500m this week, with Linklaters and King & Spalding among those acting remotely as a result of the coronavirus lockdown. Meanwhile, insurers and claimants have reached an accord, with the groups set to work together throughout the pandemic to ensure a continued access to justice.
The Commercial Court’s ‘virtual courtroom’ will be in place from tomorrow (26 March) for a case where Linklaters will represent Bank of New York Mellon while King & Spalding is representing the other defendants The Statis, Ascom Group and Terra Raf in a ‘substantial multi-party litigation’, with The National Bank of Kazakhstan and The Republic of Kazakhstan acting as claimants. The case had originally been scheduled for seven days in the court with witnesses from America, Belgium and Kazakhstan all set to be called before travel restrictions were laid down due to the spread of Covid-19.
Allen & Overy has again thrown itself behind its strategy to accelerate investment in its US business after fruitless merger talks with O’Melveny & Myers, having hired a pair of federal enforcement partners from Orrick Herrington & Sutcliffe in Washington DC.
The addition of Billy Jacobson and Jonathan Lopez, both veterans of the fraud section of the US Department of Justice, is another shot in the arm for the City giant’s lofty stateside ambition to redouble investment in DC and New York at a time of leadership transition for the firm. It also comes at a time when firms are scaling back strategic recruitment as the global coronavirus pandemic unfolds. Continue reading “A&O bullish on US investment drive with hire of federal enforcement firepower in DC”
Towards the end of 2019, Legal Business remarked that the issue at the heart of Allen & Overy (A&O)’s looming leadership election was if the process would resolve whether the winners could achieve the right to genuinely lead the City giant. Now that the election has concluded, with the re-election of Wim Dejonghe (pictured) as senior partner and the elevation of projects and energy head Gareth Price as managing partner in place of Andrew Ballheimer, it is far from clear that the point has been settled.
That is not a criticism of the calibre of the candidates and winners. Generally regarded as the best managed of the Magic Circle’s four internationalists, A&O certainly attracted a line-up of heavyweight candidates, by no means a given in law firm leadership run-offs. This was most obvious in the contest between Dejonghe and banking co-head Philip Bowden for senior partner and Price and litigation head Karen Seward for the managing partner brief. Continue reading “Allen & Overy’s election delivered an all-star line-up but have the big issues been resolved?”
COVID-19 continues to wreak havoc with the global economy, disrupting all manner of business throughout the world. Stock markets have plummeted and many companies are having to grapple with economic damage that seemed unimaginable at the start of the year.
This unprecedented environment could afford opportunistic buyers the chance to acquire or invest in companies that have been weakened by the crisis. In addition, creditors may unintentionally find themselves in a position where they acquire control over a business. Continue reading “Guest post: Coronavirus tears up competition regimes for foreign investments as Europe struggles to shield reeling economies”
For the first time in its history, the Supreme Court conducted a case entirely through video conferencing this morning (24 March), after taking the decision to close its building to the public due to the spread of Covid-19.
The move saw the matter of Fowler (Respondent) v Commissioners for Her Majesty’s Revenue and Customs (Appellant) conducted virtually, with all cases and judgment hand-downs set to continue via video conferencing until further notice. The measures will see legal teams and counsel, as well as each of the justices, located separately. Continue reading “Coronavirus latest: Supreme Court goes virtual as junior lawyers plea against postponing exams”
Listed law firm Gateley has withheld more than £3m in shareholder payouts to keep hold of cash with activity dented by the Covid-19 pandemic.
The firm said today (24 March) it would cancel its interim dividend of 2.9 pence a share, which was due to be paid at the end of this month, in order to ‘maximise the group’s short-term liquidity’. The total interim dividend due to shareholders, including the firm’s partners, was about £3.4m, up more than 11% on last year. Continue reading “‘Impossible to predict’ coronavirus fallout sees Gateley cancel £3m dividend and suspend guidance”
After an eventful week and with many lawyers working from home until further notice, City firms and US rivals continue to ramp up hires as Orrick, Herrington & Sutcliffe, Taylor Wessing and Pinsent Masons all made hires in London.
Orrick appointed a four-partner team to its energy and infrastructure practice in London from Watson Farley & Williams. The team includes energy and infrastructure partners Evan Stergoulis, Simon Alsey and Ravinder Sandhu, as well as real estate partner Simon Folley. Stergoulis will co-head the firm’s global renewables practice. Continue reading “Revolving doors: Orrick adds four-partner WFW projects team as Taylor Wessing invests in employment bench”
Nathalie Tidman and Thomas Alan assess the impact of the pandemic on the profession as the world battens down for a health crisis
‘Things that are happening today you wouldn’t have believed a week ago,’ reflects David Patient, Travers Smith’s managing partner. Indeed. The outbreak and rapid spread of the coronavirus has in a matter of weeks transformed from background concern to a health crisis unknown in modern times, with countries scrambling worldwide to handle the outbreak. Continue reading “City leaders take drastic action as coronavirus spreads turmoil across European states and economies”
Freshfields Bruckhaus Deringer has suffered yet another setback after disputes partner Tom Snelling was dismissed from the partnership following an internal investigation.
The move will be an unwelcome addition to the City giant’s woes as the legal industry and the world at large grapples with unparalleled reversals wrought by the ever-escalating coronavirus pandemic. Continue reading “More gloom for Freshfields as another disputes partner exits after internal investigation”
Law firm leaders have responded positively to the UK chancellor of the exchequer Rishi Sunak’s ‘unprecedented’ level of state protection in response to the coronavirus but warn it will need to be the tip of the iceberg. With the pandemic showing no sign of being contained, the economic impact is predicted to be much deeper than in the last financial crisis.
The package to support businesses and employees announced on Friday (20 March) followed on from a £30bn rescue operation in the budget earlier this month and includes drastic measures to prevent companies going into liquidation as the impact of Covid-19 continues to send global economies into a tailspin. Continue reading “‘There’s no coronavirus playbook’: Relief at emergency measures but law firm leaders predict worst is yet to come “
As cases of the coronavirus accelerate, law firms including Mayer Brown, Eversheds Sutherland, Allen & Overy (A&O), Mishcon de Reya, Hogan Lovells and Fieldfisher have established COVID-19 working groups to help clients.
The moves come after swathes of firms ordered employees to work from home in the City and around the world in an attempt to contain the spread of the disease, which has so far racked up 244,553 confirmed cases globally and claimed 10,031 lives. Cases in the UK have ratcheted up at an alarming rate, with 2,716 cases and 137 deaths reported at the time of writing, with the UK government poised imminently to impose a lockdown to stem the spread. Continue reading “‘No crown jewels’ but firms rally with coronavirus advice to steer clients through crisis”
The longer you do this job, the more your mind wanders to the big moments – recessions, terrorist attacks, political shocks, wars. Yet as I sit here typing this leader in a near-deserted London office, the majority of our team working from home as we try to put this issue to bed, it is a struggle to recall anything that compares to the coronavirus pandemic spreading through the world.
We face unprecedented times – hyperbole typically flung around with abandon until you realise with shock that this time it applies. As I write, London and New York, those famous global cities and the world’s two dominant legal hubs, look within days of total lockdown. Continue reading “Comment: Coronavirus will brutally strip away the profession’s illusions”
Courts in England and Wales have made changes to their practices as the Lord Chief Justice joins those dismissing claims the courts can operate as normal as the spread of coronavirus widens.
The justice minister Chris Philip said this week courts would be ‘operating as normal’ despite guidance from the Prime Minister Boris Johnson warning people to avoid unnecessary journeys and to work from home where possible. Continue reading “‘Under-funded and ill-served’ courts face pressure to adapt as coronavirus hits the justice system”
City blueblood Slaughter and May has promoted seven partners in the City and one in Hong Kong following an increased promotion round, with corporate receiving the lion’s share.
The promotion round sees London land four additional corporate partners, with one apiece going to the firm’s infrastructure and natural resources, investigations and financing practices respectively. In Hong Kong the one promotion came in corporate. Continue reading “Slaughters makes up seven in the City with bulked-up promotion round”
Bryan Cave Leighton Paisner (BCLP) endured a challenging debut year as a fully-merged entity, as the cost of integration weighed on growth.
Turnover was down 2% to $874.1m from the $899.4m the firm posted for 2018, the year legacy Berwin Leighton Paisner and Bryan Cave finalised their transatlantic union. Net income was also down almost 4% to $228m. Continue reading “‘Inevitable distractions’ hit BCLP revenue and profit in lean post-merger debut”
Latham & Watkins and Hogan Lovells have become the latest law firms to ramp up their response to the increasingly global spread of COVID-19 by sending all their staff home.
The news comes as the number of casualties continues to rise around the world, with the latest figures reporting over 200,000 confirmed cases while the death toll has passed 8,000. Continue reading “Latham and Hogan Lovells move to remote working globally amid alarming coronavirus spread”
Kirkland & Ellis has added $390m to its top line to trounce Latham & Watkins once again as the world’s highest-grossing law firm, as global turnover surged to $4.15bn.
The Chicago-bred giant today (18 March) revealed results for the 2019 financial year, revealing a 10% hike in revenue from $3.76bn last year. Profit per equity partner (PEP) reached $5.2m, up 3% on the $5.04m for 2018. Kirkland’s head count grew 13% in 2019 with revenue per lawyer dropping 2% to $1.6m from $1.63m the previous year. Continue reading “Kirkland remains world’s highest-grossing law firm in becoming first to surpass $4bn”
