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Pinsents, CC and HSF among big winners as new Legal 500 UK rankings are revealed

Almost 1,200 law firms have secured spots in the new Legal 500 UK rankings, which have been revealed after months of research into the legal markets up and down the country.

The rankings, which are based on extensive analysis of the legal markets across England, Wales, Scotland and Northern Ireland, have been put together based on the insight gained from rankings submissions, thousands of interviews with firms, and new record levels of feedback from their clients.

The UK guide includes a total of almost 10,000 practice rankings, of which around 50% are in the London section. The rankings feature 1,176 unique law firms and other legal services providers, with 620 ranked in London.

In addition to the practice rankings, there are almost 13,000 rankings for individual lawyers, including around 2,000 deemed worthy of inclusion in the prestigious Hall of Fame.

Referee response rates once again saw double-digit growth this year, soaring to a new high of almost 65,500, 15% up on the equivalent total last year.

In terms of the most well-represented firms, Pinsent Masons has the most practice rankings across the UK as a whole, with Herbert Smith Freehills holding the most rankings in London.

DLA Piper, Eversheds Sutherland, Addleshaw Goddard and Shoosmiths round out the top five most-ranked across the UK, while in London, HSF is followed up by CMS, DLA, Pinsents and Norton Rose Fulbright.

Pinsents has the highest number of top-tier rankings across the UK as a while, while Clifford Chance has maintained its position as the firm with the most tier one rankings in London.

In terms of promotions, lawyers at three firms will be happier than most – Trowers & Hamlins, which achieved 10 promotions, and Eversheds Sutherland and TLT, with nine apiece.

Cameron Purse and Amy Ulliott

To view the editorial commentary of the rankings go to: legal500.com

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Footing the bill – as chargeout rates spiral, will clients put their foot down?

‘The next revolution in the market will be clients waking up to the fact that chargeout rates go up so much each year.’

This is the prediction of one well-known partner at a leading US firm in London in the wake of another stellar performance by the Global 100, in which total revenue climbed by 6% and average PEP increased by almost double this
figure, despite decidedly less than buoyant deal markets.

There may well be no bad time to be a lawyer but, as multiple partners acknowledge, this growth has been driven, to a relatively significant degree, by some fairly hefty increases in chargeout rates.

And, according to recent research, these increases really have been hefty.
According to PwC, the 10 largest UK law firms have ramped up hourly rates by almost 40% over the last five years, driven by inflation and the growing influence of US firms in London bumping up salaries.

Meanwhile, on the other side of the Atlantic, research from Brightflag found that billed rates for the AmLaw 100 firms increased by 10% in 2024 compared to 2023 – the most significant rate increase over the last three years and more than double the increase in 2023. And, as in the UK, it was the biggest firms pushing rates up most.

Of course, it is also true that this revenue growth reflects the fact many firms have been very busy billing more hours than they did the year before. And that this PEP growth reflects a general focus on boosting profitability and increasing efficiency.

But there’s also no denying the impact fee inflation has had on results.
And, as US firms hurtle towards the next annual associate salary hikes that are likely to push NQ rates well above the current $225k (£170k) level already in place at the most elite institutions, these hourly rates will presumably have to continue to rise further.

As we look at in our feature ‘Laws of attraction’, competition for talent at the very top end of the commercial legal market has never been fiercer,
and that means that only those firms willing to dig into their deep pockets will secure the best associates.

But where do clients stand on all of this? The increased scrutiny on both associate and partner earnings, combined with growing acknowledgement of the impact of inflation on hourly rates mean even those living in a cave will have noticed what’s been going on.

Are they really just going to keep blindly paying out on the basis that it’s the only way for law firms to compete?

It seems hard to imagine that sophisticated corporates focusing on their own bottom line will keep accepting such increases forever.

Now, clearly the genie is out of the bottle on salaries – what’s gone up can’t come down – but there is the question of whether it has to keep going up equally for everyone.

In the same way that many firms are rethinking partner pay in order to give more to a handful of absolute top performers (and less to some at the opposite end of the scale), is it time for associate salaries to go the same way? With different pay for different practices or performance levels?

Either way, firms need to be careful. Even if clients aren’t yet pushing back on rate hikes themselves, it seems likely they’re going to want more bang for their additional buck. The question for law firms at that point will be how can they protect the people delivering it.

[email protected]

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Life After Law – Roger Barron

After studying law at Oxford, where I was also a choral scholar, I joined Linklaters. As a trainee, I did a seat in Hong Kong, then six months in Moscow and two years in Singapore as an associate. When I made partner, National Grid was one of my most significant clients, stemming from my time in Singapore; I handled most of their significant deals. I built a practice acting for FTSE 100 and FTSE 250 corporates, a number of German corporates and various media companies. Overall, I had a brilliant, fulfilling career over my 27 years at Linklaters and the next 4 years as Global Vice Chair M&A at Paul Hastings.

After leaving full-time law, I planned to pursue a mix of paid senior advisory roles and voluntary work. When the news of my leaving Paul Hastings was out, Eversheds Sutherland asked if I’d be interested in working with them on a two-year contract. As a senior strategic advisor, my role was to help the firm with its M&A practice and am now thinking about offering similar support to other firms. It was interesting and good fun and they’re doing brilliantly. I’m also a senior advisor to legal recruitment firm Montresor Legal, helping firms and candidates with their strategies and careers, and I’ve been doing ad hoc consulting for former clients.

Some time ago I collaborated with Boris Johnson on the Mayor’s Music Fund, where I was director and trustee of a music education charity providing musical opportunities for underprivileged children in London. The focus wasn’t so much on achieving musical excellence, but rather about helping these kids use music as a tool to increase their confidence, and benefit from all the good things associated with music. I also was on various committees at the Royal Opera House; Sir Simon Robey, when he was global co-head of M&A at Morgan Stanley was also the Chairman of the ROH at that time, and he suggested I get involved, prompting me to join the ROH Advisory Committee and also the Development Committee. I was later asked to join the Board of the London Philharmonic Orchestra (I’m a former violinist) and I now Chair its Advisory Council.

When I was a trainee I dabbled in singing, but I often joke now that I would have been a very hungry singer if I pursued it professionally.

I’m really pleased to be actively involved in music, which has always been a passion of mine. When I was a trainee I kept up the singing, but I often joke now that I would have been a very hungry singer if I pursued it professionally. I know a lot of musicians and I understand the world they are in, to a degree, as I’ve done performances, recordings and tours. When I first joined the London Philharmonic Orchestra it was at a Royal Festival Hall rehearsal – when I introduced myself, I shared that the last time I stood on that stage I was doing a solo as a member of the National Youth Choir. It’s nice to know that rather than just being some bloke in a suit, the players recognise that I understand a bit of what they are about and their world.

Sheffield United are my boyhood football team. Through a connection made at a match, I had the opportunity to meet the CEO and then the Chairman, and I am now Vice President – a sort of senior advisor or non-executive ambassador role. Essentially, I’m part of a small group of people offering support in any which way needed, short of getting my boots on and getting on the pitch. As an ambassador, I go to a lot of the games and do my bit on behalf of the club. Last year in the Premier League was tough but interesting although we’ve made a good start this year. It’s a fascinating role and it’s my team – so there’s something very exciting about that.

I had one boss who essentially said to me ‘don’t ever book anything outside of work because you’ll never be able to make it’, which I thought was quite defeatist. Attitudes among partners towards outside interests vary; they can be frowned upon, or positively encouraged – in that it can make you a better lawyer if you’re sitting on boards and gaining new skills. Also, it’s a valuable networking opportunity; it’s a more organic way of building contacts. So, while there were many times when things were cancelled, or I couldn’t make it, I was always keen to try and keep things up if I could do.

Being a corporate lawyer, and having been in many different managerial positions, I’ve had the opportunity to see so much. Some still say that companies don’t like having lawyers on boards, fearing they will approach matters in too much of a narrow, legalistic way. They argue if legal advice is needed, they can go to their general counsel or external law firms. There are a lot of lawyers who I recognise do fit into that category, but there are many others as well – and I like to think I’m one of them – who can think much more broadly as a commercial advisor.

Many people in law reach the end of their careers without having thought at all about what they want to do afterwards. It’s a massive shock.

Leaving full-time law introduced a bit of uncertainty into my life. I read law at university and then went into a big firm, so I’d grown used to a certain amount of institutional support. So suddenly being essentially self-employed was a shift. However, I found enjoyment in taking the time out to have lots of conversations, pause and think about what I wanted to do. And so I was busy, but just in different ways.

Many people in law reach the end of their careers without having thought at all about what they want to do afterwards. They haven’t built up any hobbies or been on any boards, so then it’s a massive shock because they’ve gone from 100 miles an hour to ‘what now’? I think I was lucky – I had my passions and things I wanted to do. So it wasn’t so much a shock; it was more of a time to pause and choose what felt right for me.

There’s no denying the amount of time that needs to be devoted to the job. That said, I would encourage individuals to identify what they enjoy outside the job and the ways in which they can contribute to broader society. There are a huge number of organisations that need pro bono support; what I have found, particularly in the charity sector, is people recognise that you’re busy and are just grateful for whatever support you can give. A lot of people will not do it because they think they don’t have time, but if you’re upfront with people and give an honest view of the time and support you feel you are able to give, then what you’ll likely find is that they are incredibly grateful.

Law firms should actively encourage their people to get out and engage with the wider community, whether it’s business, charity, arts and culture or sport. This can only enhance your own effectiveness – you learn so much, and can meet a more diverse range of people. On the London Philharmonic Orchestra board, a third of our members are from the orchestra itself, so it’s really interesting to hear their perspective, as opposed to lawyers and bankers etc – it’s just a completely different diversity of thought.

My mantra is ‘can I make a difference, and will it be fun?’ So far, what I have been doing has certainly been fun, and hopefully I’ve been making a difference, and so that will continue to guide me in the next stages.

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Freeths, Freshfields and Vodafone take top prizes at Legal Business Awards 2024

Freeths, Freshfields and Vodafone were among the big winners at this year’s Legal Business Awards, which were revealed to a packed house at London’s Grosvenor House Hotel.

Twenty-seven prizes were handed out on the night, with the event hosted by BBC journalist, broadcaster and Mastermind host Clive Myrie and introduced by global head of research and reporting Georgina Stanley. Continue reading “Freeths, Freshfields and Vodafone take top prizes at Legal Business Awards 2024”

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Global 100 Overview: G100 defy gloom to pass $150bn

‘It looked like we were in for a rough time – but the markets stood up well.’ DLA Piper global co-chief executive Simon Levine’s take on the financial year neatly sums up the overriding sentiment about the year gone by, which started with much-cited concerns over inflation and global instability, but ended with law firm leaders much happier than expected.

After total revenue across the world’s 100 largest law firms inched up by just 1% last year, this year the group broke through the $150bn mark for the first time, with combined income rising by more than 6% to $158.7bn. The increase in average profit per equity partner (PEP) across the group was even more impressive – up over 11% to $2.8m, bouncing back from a 3% decrease last year.

Continue reading “Global 100 Overview: G100 defy gloom to pass $150bn”

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Rating the lawyers – what the data tells us about Clifford Chance

How do your clients rate the service they receive from your firm? Every year, we ask hundreds of thousands of clients to score firms on metrics such as lawyer quality, billing, communication and expertise, as part of the Legal 500 research. As well as providing insight on each firm, this means we can also benchmark firms against each other.

Lawyers and team quality – how does CC score?

Clifford Chance scores 80.94 for lawyers and team quality – as illustrated below, that score is 1.03% below the average for Global 100 firms; better than DLA’s score, but below Linklaters. Conversely, Herbert Smith Freehills scores 0.33% above the average.

(The rest of this article is available to logged-in users only. If you are unable to log in above right, please click ‘Forgot your password?’ below to gain access to the full article). Continue reading “Rating the lawyers – what the data tells us about Clifford Chance”

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LB322 – issue menu

Access your pdf edition of LB magazine – issue 322

Access Legal Business 322 via online pdf.

Just how global is the Global 100?

LB looks beyond revenue to find some true global leaders

Global 100 Overview: G100 defy gloom to pass $150bn

While last year saw the Global 100 struggling against market headwinds, this year finds firms in much ruder health. But with transactional markets yet to make a full recovery, the legal sector could not rely on big deals alone – LB reports on how the world’s largest law firms beat the odds to hit new heights

Late bloomer: how Paul Weiss made up for lost time on the global stage

In a year of standout performances, Paul Weiss has made more headlines than most with a new international strategy that has shaken up the market, as LB reports.

Laws of attraction – how elite firms are ramping up their talent retention tactics

With the battle to recruit and retain star partners becoming ever more intense, the world’s top firms are going to new lengths to fend off the competition. From partnership and lockstep shakeups to spiralling pay packages, LB looks at the measures elite firms are taking to keep rivals at bay.

Global 100: Methodology

The firms that appear in the 2024 Global 100 are the largest 100 law firms in the world ranked by revenue.

Life During Law: Penny Angell

‘At my core, I love deals’ – Hogan Lovells’ Penny Angell on life and career soulmates, deals and being forced to choose between beer and shoes.

Life During Law: Simon Levine

‘Running a law firm is a lot like running a mafia crew — without the killing.’ LB speaks to DLA Piper’s global co-CEO about what it’s really like to run a law firm.

Life After Law: Roger Barron

Roger Barron speaks to LB about what’s next after leaving full-time law.

Legal Business Awards 2024

Freeths, Freshfields and Vodafone take top prizes at Legal Business Awards 2024

Glasses half full

LB finds out what’s keeping Dublin’s top law firms busy

Last Word

As part of our Global 100 survey, top lawyers share their thoughts on the global market

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Just how global is the Global 100? LB looks beyond revenue to find some true global leaders

What does it take to be part of the global elite? When Legal Business unveiled the very first iteration of its ‘global elite’ back in 2003, 15 firms made the grade, of which six were headquartered in the UK.

They were selected based on criteria including: being a leader in their home jurisdiction in at least two of the three key practice areas of finance, M&A and litigation; being one of the 50 most profitable firms in the world; and being a leader in M&A or banking on both sides of the Atlantic.

But with law firms expanding rapidly around the world in the time since that first elite was created, the metrics they should be assessed on have come under increasing scrutiny.

Should the measure of success be firmwide revenue, international revenue, profitability, headcount or perhaps geographic spread? Or should the true global elite simply be a list of the very best law firms in the world? In which case, the likes of Slaughter and May and Wachtell would make the grade despite a decided lack of international reach.

Twenty-one years after that first 15-firm group was drawn up, despite having more data available to us than ever before, it is perhaps less clear now who should and shouldn’t be included in a global elite than it was then.

The Global 100 ranking in this issue is a prime example. US firms make up roughly 70% of the biggest firms in the world by revenue; while there are fewer than 20 UK or equal UK/US heritage firms in the list. And the sheer size of the US legal market means that its domination over UK and international firms only increases year on year.

Similarly, the difference in approach towards global expansion (with UK firms generally having larger numbers of lawyers in more international locations than their US peers) means the profitability gap also continues to grow.

But, despite their strong financial performance, many of the US firms in the global elite lack any significant international footprint, which inevitably means that our Global 100 rankings are not really as globally-focused as they should be.

So we have decided to go back to basics, and revisit the questions of what it really means to be global, and what it really means to be elite.

Thinking global

Ask managing partners what global means and responses inevitably differ depending on the profile of the firm.

For Justin D’Agostino, global CEO of Herbert Smith Freehills: ‘It’s the quality of clients, the quality of the work you’re doing for them, and the quality of your talent. You also need geographic reach in the major markets of the world. It’s about strength, profitability, and sufficient scale.’

Simon Levine, DLA’s global co-CEO and international managing partner, says being truly global is about being able to offer the biggest corporates in the world the full breadth of services – from life sciences, to disputes, to regulatory advice – across multiple jurisdictions.

He asks: ‘When major global organisations – like Unilever, GE, or HSBC – require critical global services such as restructuring, dispute resolution, or regulatory advice, do they need to turn to multiple firms, or can one firm manage everything?’ In his view: ‘Simply focusing on corporate, M&A, PE, and litigation isn’t enough.’

On the other hand, one London head at an elite US firm counters: ‘I don’t think just being big makes you global. It’s about which markets you’re deep in, combined with an element of profitability’.

The US conundrum

What everyone – including LB – is in agreement on is that being truly global requires a presence in the key financial centres around the world. That means London, the US, and major financial centres across Asia Pacific and EMEA such as Hong Kong and Frankfurt.

Here then, we’re presenting some new options for what it really means to be a globally elite firm by revisiting some of those 2003 criteria and combining them with definitive insight from our Legal 500 rankings.

Where UK and UK-heritage firms fare best is strong global coverage, as evidenced by their L500 rankings.

If we look at the global 100 firms by total number of L500 rankings worldwide, our top ten firms comprise: DLA Piper, Baker McKenzie, CMS, A&O Shearman, Dentons, Eversheds Sutherland, Clifford Chance, Hogan Lovells, White & Case and Norton Rose Fulbright.

Look at the best-performing global 100 firms by total number of top-tier Legal 500 rankings worldwide and the picture shifts slightly, but UK and UK-heritage firms still come out on top, with Bakers, A&O Shearman, CC, DLA Piper, CMS, Linklaters, Latham, Dentons, HSF and Pinsents making the grade.

But while UK-heritage firms are strong across key financial centres such as Hong Kong, Singapore and Frankfurt, to be truly global firms have to have a solid presence in all four L500 regions: UK, EMEA, APAC and the US.

Making this a prerequisite for inclusion in a global elite proves to be almost as big a blocker for many UK-heritage firms today as it was in 2003 – but with a bigger profitability gap to navigate to fix the problem. For example, of those leading firms by T1 rankings, CMS, HSF, Linklaters and Pinsents all lack any T1 rankings in the US.

As D’Agostino admits: ‘the quality of [UK firms’] client base and our scale in major markets is still a force to be reckoned with, but all of us are focused on the US market and how to scale up.’

Duncan Weston, executive partner at CMS, comments: ‘Many law firms like to call themselves global, but they’re not. We don’t claim to be truly global yet, though we have those aspirations,’ he admits, pointing to CMS’s gaps in key markets like Asia and the US. Of course, T1 or not, not all L500 rankings are created equal. Echoing the approach LB took back in 2003, for elite status, let’s now consider only firms with at least one ‘prime’ L500 ranking (corporate/M&A, litigation, banking and finance) in major markets across all four core geographies – Asia Pacific, EMEA, the US and the UK. Again, UK-heritage firms still fare pretty well, with A&O Shearman, CC, DLA Piper, Linklaters, Hogan Lovells, Norton Rose Fulbright and polycentric Dentons all making the cut.

But now let’s add one of those other 2003 criteria: in addition to being global we want our list to be elite. So, for this, let’s add in the same profitability filter applied in 2003 –considering only the 50 most profitable global 100 firms.

Removing firms in the bottom half of the profitability table equates to a cut-off point of $2.38m based on this year’s financial results, meaning large but less profitable players like Bakers and Norton Rose Fulbright fall out.

So what are we left with? In total we end up with a list of around 20 firms, with UK or UK-heritage firms making up around six of the top ten by total ranking numbers (see tables below).

Of course, some may query the value placed on an EMEA and APAC presence – particularly given current scrutiny over whether a huge global footprint is as important as it once was. And others may query taking a volume-based approach to rankings.

But a true global elite needs to be made up of firms with broader horizons than just the US firms which make up so much of the Global 100. Otherwise it’s just a US elite.

Georgina Stanley and Anna Huntley

Global 100 firms with the most prime* L500 rankings across APAC, EMEA, UK and US (top 50 for PEP only)

Firm APAC EMEA UK US Total
A&O Shearman 20 49 25 23 117
Clifford Chance 16 46 16 14 92
DLA Piper 14 49 14 15 92
White & Case 14 38 17 20 89
Latham & Watkins 13 24 15 27 79
Linklaters 11 43 17 5 76
Hogan Lovells 10 37 17 10 74
Freshfields 8 28 14 11 61
Mayer Brown 8 8 15 25 56
Skadden 11 5 10 25 51

Global 100 firms with the most T1 prime* l500 rankings across APAC, EMEA, UK and US (top 50 for PEP only)

Firm APAC EMEA UK US Total
A&O Shearman 9 24 19 1 53
Clifford Chance 7 26 15 0 48
Latham & Watkins 3 8 6 21 38
Linklaters 6 17 11 0 34
Kirkland & Ellis 4 2 4 9 19
White & Case 3 9 4 2 18
Simpson Thacher & Bartlett 2 0 1 15 18
Cleary Gottlieb Steen & Hamilton 1 3 0 10 14
Freshfields 2 7 4 0 13
Davis Polk & Wardwell 1 0 0 12 13

* Prime = at least one core M&A/banking/litigation ranking

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The Global 100 2024 – contents

Overview: G100 defy gloom to pass $150bn

While last year saw the Global 100 struggling against market headwinds, this year finds firms in much ruder health. But with transactional markets yet to make a full recovery, the legal sector could not rely on big deals alone – LB reports on how the world’s largest law firms beat the odds to hit new heights

Main table

Key financials for the top 100 firms

Late bloomer: how Paul Weiss made up for lost time on the global stage

In a year of standout performances, Paul Weiss has made more headlines than most with a new international strategy that has shaken up the market, as LB reports

Laws of attraction – how elite firms are ramping up their talent retention tactics

With the battle to recruit and retain star partners becoming ever more intense, the world’s top firms are going to new lengths to fend off the competition. From partnership and lockstep shakeups to spiralling pay packages, LB looks at the measures elite firms are taking to keep rivals at bay.

Methodology and end notes

The Last Word: Global vision

As part of our Global 100 survey, top lawyers share their thoughts on the global market

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Insights from HSF’s private equity team

How does the HSF private equity team differentiate itself in the market?

John Taylor, partner and the head of the private equity practice in London: We have a multi-capability private equity practice, advising clients across the full lifecycle of investments from fundraising and capital deployment, supporting their investments all the way to exit. We work across all capital structures and execute extremely complex transactions and strategies in multiple jurisdictions. Our private capital team leverages our full-service offering and the multiple sector strengths within our wider firm.

Our team continues to grow strategically. In the past 12 months, our hires of Eleanor Shanks as head of international private equity in London, venture and growth capital partner Dylan Doran Kennett and leveraged finance partner Ambarish Dash have bolstered our private capital practice in London.

Dr Christoph Nawroth, partner, Düsseldorf: In Continental Europe, recent hires include private equity and venture capital partner Gregor Klenk in Frankfurt, as well as finance partners Dr Fritz Kleweta, Sergio Cires and Laure Bonin into our Frankfurt, Madrid and Paris offices respectively. The teams in continental Europe and London are fully integrated and offer our clients seamless advice wherever this is needed.

We’ve a strong client portfolio, advising the likes of EQT, Aquiline Capital Partners, H.I.G. Capital, GIC, and CPPIB on deals ranging across the likes of energy/renewables, infrastructure, TMT, life-sciences, and financial services.

Can you discuss some of the trends that are impacting your clients?

Joseph Dennis, partner, London (JD): In the UK, the recent stabilisation of interest rates has resulted in cautious optimism for sellers to begin work on exits that have been sitting patiently in the pipeline. As rates begin to ease, we expect to see the gap in pricing expectations beginning to close.

Christopher Theris, partner, Paris: In continental Europe, the sheer number of elections and similar political events has resulted in a cautious market. We’re also seeing the use of bilateral processes at the inception of deals, moving away from a more typical auction or auction/bilateral hybrid arrangement.

‘The City of London is arguably the top global financial centre and has a huge range of intrinsic advantages.’

JD: Our private equity team were first movers in identifying the trend towards funds specialising along sector lines. Some years ago, we positioned our private equity practice to be closely aligned with our top-tier sector focused M&A practices, along the same sector lines as our key sponsor clients and targets. We are now well positioned to advise multi-strategy and multi-geography sponsors active through their full investment lifecycle across each of the geographies in which we operate, and we and our clients are really benefiting from this approach.

What role do you see for continuation funds?

Jonathan Blake, head of international private funds strategy, London: Continuation funds are part of a broader growth trend in secondary opportunities. Although the global economy is showing positive signs of stability, achieving the exit multiples that GPs would expect for their high-performing assets is still uncertain in current market conditions.

Stephen Newby, partner, London: The structure of a continuation fund offers LPs an opportunity to either liquidate or continue to hold their position. It also offers an opportunity for secondaries investors to participate, often with one ‘anchor’ investor that underwrites the existing LPs that decide not to rollover.
These options give GPs a good alternative to a full exit, especially where the GP is confident in its ability to add further value to an asset that will help to achieve even greater returns over the medium term.

Michael Jacobs (MJ), partner, London:To compliment continuation funds, we are seeing more structured pre-exit syndication and introducing a wider pool of investors into later stage assets – in part to drive liquidity and partial exits, and also a consequence of the broader ‘private for longer’ theme. The ‘private IPO’ concept is part of this trend.

How is the industry reacting to the change in government and the new policies that affect private capital?

Eleanor Shanks, partner and head of international private equity in London: The private equity industry as a whole wants to play its part and will continue to make the case to governments of the sector’s significant contribution to the whole economy, including to growth and productivity. It is a significant driver of private investment in the UK as it is globally.

There are some specific tax policy proposals that were in Labour’s manifesto that the government are currently considering, and we all appreciate the complexity balancing the incentives and the country’s fiscal position – in driving that investment and growth which in turn drives receipts for the revenue.

MJ: The City of London is arguably the top global financial centre and has a huge range of intrinsic advantages – its competitiveness has been boosted in recent years with the Financial Services and Markets Act and the Edinburgh and Mansion House reforms, alongside the UK’s listing regime reboot. While it is hard for any individual policy decision to change this, we would caution the government to not take the City for granted.

Subject to unexpected circumstances, what might we expect for deal activity at the start of 2025?

David D’Souza, partner, London: The focus on Distribution to Paid-In Capital (DPI) means the UK pipeline continues to deepen. Reassuringly, it is also widening across sectors which may have been slower in the last few years.

Alberto Frasquet, regional head of corporate EMEA, Madrid: In Continental Europe, private equity funds are likely to continue to look at assets in the pharmaceutical/healthcare, infrastructure and energy (particularly data centres), education and software sectors – these appear to be the most attractive for investment.

For more information, please contact:

Herbert Smith Freehills
Exchange House
12 Primrose Street
London
EC2A 2EG

T: 020 7374 8000

www.herbertsmithfreehills.com

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‘More uncertainty than any other recent election’ – US partners on what the Trump-Harris race means for Big Law

The comparison between City partners’ attitudes to the UK general election in July and US partners’ attitudes to next Tuesday’s elections could not be starker. Then, not one partner interviewed doubted that Labour would emerge the winner. Now, it’s a coinflip – with even more uncertainty around what either candidate would do in office.

LB checked in with partners at leading US firms to learn how lawyers and clients are navigating this uncertainty.

Continue reading “‘More uncertainty than any other recent election’ – US partners on what the Trump-Harris race means for Big Law”

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‘I never saw this as impossible’ – Mishcons’ Shaistah Akhtar on the case that won her Commercial Litigation Team of the Year

Mishcon de Reya‘s hard-fought victory for Nigeria in Nigeria v P&ID saw the firm take home Commercial Team of the Year at the Legal Business Awards in September. The team assisted Nigeria in challenging a $6.6bn arbitral award made in favour of BVI-incorporated shell company Process & Industrial Developments Limited (P&ID) in 2017. With interest accruing at $1m a day, the team sought to overturn the award on the basis of fraud.

But, when the firm was instructed in 2019, Nigeria was almost three years past the deadline to bring the set-aside challenge. Before the team could even begin to present its fraud case (the result of a massive global investigation effort), it had to fight to extend the deadline – and achieved an unprecedented extension, granted in July 2020.

The team’s hard work paid off. On 23 October 2023, judgment was handed down in Nigeria’s favour by Mr Justice Knowles. It was found that P&ID had obtained the award, now worth over $11bn, by fraud.

Shaistah Akhtar, partner in Mishcons’ dispute resolution group, spoke to LB about getting the call from Nigeria, the biggest hurdles the team overcame, and the pressures of a case with national and international repercussions.

Continue reading “‘I never saw this as impossible’ – Mishcons’ Shaistah Akhtar on the case that won her Commercial Litigation Team of the Year”