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‘There are still things I want to achieve’: Q&A with former law firm leader Tony Angel

Tom Moore talks to Tony Angel, the former Linklaters managing partner who stepped down as global co-chair of DLA Piper on 1 May. Widely regarded to have been one of the outstanding law firm leaders of the past 25 years, he discusses diversity, harnessing technology and gifting Simon Levine a genie’s lamp.

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What advice would you give to the profession?

First, operating a global business with a single business model is going to be an increasing challenge. We’re all struggling with how to make our organisations more efficient and aligned to client needs. But those needs are increasingly varied and a one-size-fits-all model cannot any longer meet them all. The accounting firms have been very good at managing different business models in a single organisation; law firms need to learn how to do that too or really narrow their focus.

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Selling the family silver: Will Gateley’s listing on London’s stock exchange pay off?

Sarah Downey assesses Gateley’s audacious plans to become the UK’s first listed law firm

Following in the footsteps of Australia-listed Slater and Gordon, which demonstrated the benefits of using a share offer to part fund its recent £637m acquisition of Quindell’s professional services division, West Midlands firm Gateley confirmed in May it intends to float on AIM later this year.

The move would see the 380 fee-earner outfit become the first UK-listed law firm with an initial public offering (IPO) aimed at a valuation of £130m to £140m. Birmingham-headquartered Gateley had been scoping the possibility of an IPO since last year. Spearheaded by senior partner Michael Ward and London corporate head Nick Smith, the idea emerged during its strategy review before being sounded out with brokers and by holding focus groups to gauge client views.

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Slaughters starts salary race with £70k for NQs

The yearly contest to attract new talent has started with Magic Circle duo Slaughter and May and Linklaters both making salary hikes of over 5% for junior lawyers, while Hogan Lovells kept pace by bumping its junior pay up to match Slaughters’ £70,000 newly-qualifieds’ (NQs) salary.

Although Linklaters reported its NQs received a £3,500 pay increase to £68,500, this was still behind Slaughters, which has traditionally been a bellwether of trainee and associate salaries among the Magic Circle and gifted an 8% wage bump to NQs, taking them to £70,000. However, Linklaters’ salary bands were increased more aggressively higher up the associate ladder as both two and three-year post-qualification experience (PQE) lawyers were given sizeable salary increases that topped Slaughters.

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First-to-file firms score double-digit growth

UK-based firms Osborne Clarke, Browne Jacobson, Clarke Willmott and Fladgate have all recorded double-digit revenue growth for the 2014/15 financial year, while Berwin Leighton Paisner (BLP)’s partner profits reached new heights.

In a sign that the UK legal market is at its most buoyant since the 2008 financial crisis, each of Browne Jacobson’s five national offices scored sharp workload rises, with Manchester surging by 73% and London turnover up by 61%. The firm made an additional £8.7m in the last financial year, climbing to £58.9m.

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Brait a boon for Links as New Look buyout lifts PE market

Less than a month after advising on the £1.3bn purchase of Virgin Active by billionaire Christo Wiese’s private equity vehicle Brait, Linklaters’ rising star Alex Woodward (pictured) last month led on Brait’s £780m acquisition of a 90% stake in fashion retailer New Look.

South African Wiese has added New Look to a string of recent investments in the UK High Street, which includes a stake in Iceland.

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‘A real privilege’: Squire Patton Boggs’ Leeds office acts for Poundworld on TPG investment

Squire Patton Boggs lined up opposite Ropes & Gray as both won key roles on TPG’s £150m investment into value retailer Poundworld last month.

The US private equity (PE) house acquired a majority stake in the UK’s second-largest single-price retailer as part of a bid for accelerated expansion nationwide, with 150 stores planned over the next three years.

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Deal watch: Corporate activity in May 2015

SLAUGHTERS AND LINKS ACT ON SANTANDER AND UNICREDIT’S ASSET MANAGEMENT TIE-UP

Slaughter and May, best-friend firm Uría Menéndez and Davis Polk & Wardwell in the US were instructed by Santander as it combined its asset management arm with Linklaters’ client UniCredit’s Pioneer Investments. The deal created one of Europe’s biggest asset managers, with €350bn under management.


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Russian market beckons for Kennedys as others continue to ‘adjust’

After several top 25 global firms cut backs their Moscow offerings last year, there have been signs of renewed interest in Moscow as Kennedys set up a Russian base last month through an exclusive arrangement with local firm and former Clyde & Co best friend CIS Advocates, while Chadbourne & Parke invested in a new managing partner.

Kennedys’ launch comes with the hire of former Clyde & Co Russian insurance practice head Constantin Saranchouk, along with an associate, and follows troubled markets in Russia across 2014 that saw a raft of firms scale back in the region due to international sanctions.

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Greenberg Traurig builds European real estate team with 12-lawyer hire from A&O and Norton Rose

In a bid to enhance its real estate offering in Central Europe, Greenberg Traurig last month recruited 12 lawyers to its Warsaw office from Allen & Overy (A&O) and Norton Rose Fulbright (NRF).

Joining Greenberg is A&O’s Warsaw real estate head Radomił Charzyński and NRF’s Warsaw real estate head Agnieszka Stankiewicz. Charzyński brings with him three others, including senior associate Karol Brzoskowski, who becomes a partner at Greenberg, and two senior associates, while Stankiewicz, named a leading individual in The Legal 500 for Polish real estate, brings with her local partner Magdalena Życzkowska-Jóźwiak, one senior associate and five associates.

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Client profile: Carolyn Jameson, Skyscanner

Skyscanner is truly a business of the digital age. Officially launched in 2003, the travel search site, which provides instant online comparisons for over 1,000 airlines, as well as car hire and hotels, has grown to become the number-one flight search engine in Europe and now operates worldwide with offices in eight countries and travel searches in more than 30 languages.

For senior director and general counsel (GC) Carolyn Jameson, this was just one of the factors which encouraged her to join the team as its first legal head two years ago.

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You can’t buy loyalty – the dos and don’ts of making the lateral hiring game pay off

Fieldfisher’s Matthew Lohn argues that patience, structure and a dash of decency go a long way in hiring a partner

For most law firms, growth connotes success. Strategies to deliver the desired growth will usually rely on a steady, sometimes significant, stream of lateral partner hires. These new partners are perceived to be integral to the future success of a business – a supply of fresh talent which can expand different practice areas, enable a firm to enter new jurisdictions and access new clients. Successful law firms openly entice an assortment of lawyers from other firms to initiate or strengthen their offering. Success or failure of lateral hiring has consequently become important and the art and science of the lateral hire is becoming an increasingly analysed issue. Firms need to understand how a ‘lateral’ becomes an established and successful partner of their new firm – so what is the magic formula for success?

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Faster, higher, stronger – a vision for a better transport policy

Brodies’ Bill Drummond argues that lack of infrastructure investment is damaging the UK’s major business and legal hubs

Writing this in early May, I’m conscious that many managing partners across the UK are, for once, doing much the same thing at the same time; mulling over the numbers for the past financial year. As I do so, my mind turns to one of the conundrums taxing economists – the UK’s stubbornly low level of productivity, despite our climb out of recession.

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We need to talk… about technology

Shepherd and Wedderburn’s Stephen Gibb argues that the law must keep pace with change when it comes to connected networks

Innovation lies at the core of technology. Evolution and improvement in the ways we design and use basic utilities and infrastructure such as telecoms, water and energy are key to ensuring perennial and adaptable services for an ever-growing global population.

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The Last Word: The vision thing

Senior legal figures provide their take on how the market will shape up over the next 25 years


RISE OF THE ACCOUNTANTS

‘The Big Four are challenging and will be one of the competitive threats over the next five years as they have tremendous resource, access to businesses and more sophisticated models than law firms.’

Roger Parker, EMEA managing partner, Reed Smith


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Life During Law: Niri Shanmuganathan, Taylor Wessing

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.

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Six months after surprise exit, ex-Olswang head Stewart packs his bags to re-emerge at Caribbean law firm

After having unexpectedly stepped down from his role as Olswang’s chief executive in October last year amid differences with other partners, David Stewart (pictured) has re-emerged away from the City as a partner at Turks and Caicos firm Griffiths & Partners. 

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