Covid crystal ball – A&O’s former chief sets out the post-lockdown dynamic awaiting the legal elite

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Covid crystal ball – A&O’s former chief sets out the post-lockdown dynamic awaiting the legal elite

No-one knows the robustness or timing of the economic restart, but many now predict a deep second quarter contraction followed by a spluttering restart over the subsequent three. That may underestimate the impact of the shock and the reactions of both client businesses and households.

A dramatic surge in unemployment will encourage households to slash spending. Many clients are focused on conserving cash and rebuilding balance sheets. Aftershocks of reinfections, further lay-offs, tight working capital and insolvencies as businesses struggle to get in shape when activity starts to pick up seem probable. Continue reading “Covid crystal ball – A&O’s former chief sets out the post-lockdown dynamic awaiting the legal elite”

Comment: Latham vs Kirkland means everyone else loses – They own the global elite now

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Comment: Latham vs Kirkland means everyone else loses – They own the global elite now

Skadden Arps, Clifford Chance, Linklaters and, currently, Kirkland & Ellis – over the last 30 years these firms have all at one time had claims to have been the most influential law firms of their age, the pioneers that defined the top of the profession through dash, ambition and imagination.

And many senior lawyers would think that list is missing the name of the institution that looked unchallenged until the Kirkland effect gripped the market in the last three years. Continue reading “Comment: Latham vs Kirkland means everyone else loses – They own the global elite now”

For the profession, as the world, the coronavirus is a moment of truth

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For the profession, as the world, the coronavirus is a moment of truth

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 “For the profession, as the world, the coronavirus is a moment of truth”

Latham vs K&E means that everyone else loses

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Latham vs K&E means that everyone else loses

Skadden Arps, Clifford Chance, Linklaters and, currently, Kirkland & Ellis – over the last 30 years these firms have all at one time had claims to have been the most influential law firms of their age, the pioneers that defined the top of the profession through dash, ambition and imagination.

And many senior lawyers would think that list is missing the name of the institution that looked unchallenged until the Kirkland effect gripped the market in the last three years. Continue reading “Latham vs K&E means that everyone else loses”

Cranes in the sky: UK real estate market rebuilds

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With real estate investment moving out of paralysis post-election, Muna Abdi asks which firms are best prepared to take advantage

The enduring political and economic quagmire in the UK, initially shaped by the 2016 Brexit referendum, provided much of the framework for pessimistic commentary towards the end of the decade on many sectors, not least real estate. But the start of 2020 has brought fresh impetus: ‘The end of Corbynism will encourage most in the real estate market, which is not known for its left-wing leanings. It will also see a return of the uber-rich to London with high-end and luxury residential already experiencing a massive boost,’ predicts Eversheds Sutherland head of London real estate, Bruce Dear. Continue reading “Cranes in the sky: UK real estate market rebuilds”

‘Brutal clarity on priorities’ – A&O’s former chief looks back to the banking crisis for lessons to aid law firm leaders now

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‘Brutal clarity on priorities’ – A&O’s former chief looks back to the banking crisis for lessons to aid law firm leaders now

What lessons can we learn from the 2008/09 financial crisis to help law firm leaders manage the escalating disruption of the coronavirus outbreak ravaging populations and crippling economies? Every crisis is different and this one is very different and it’s no use merely fighting the last war. Nonetheless, in terms of dramatic economic upheaval and rolling uncertainty, the impact of the banking crisis shares some common ground and there are some principles that hold good for any financial crisis.

The first principle is that if you’re the leader when a crisis strikes, you need to act like one. My experience as senior partner of Allen & Overy during 2008/09 was that a crisis will probably define you in that role, for better or worse. There is nowhere to hide, so don’t even try; this is showtime and you are centre stage. Put yourself out there so people know someone with calm assurance is in charge. Continue reading “‘Brutal clarity on priorities’ – A&O’s former chief looks back to the banking crisis for lessons to aid law firm leaders now”

Guest comment: HSF disputes chief assesses the City litigation market’s Covid-19 response

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Guest comment: HSF disputes chief assesses the City litigation market’s Covid-19 response

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”

Guest post: Coronavirus tears up competition regimes for foreign investments as Europe struggles to shield reeling economies

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Guest post: Coronavirus tears up competition regimes for foreign investments as Europe struggles to shield reeling economies

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”