Partners at King & Wood Mallesons (KWM) could be asked to inject more cash into the business as the firm considers alterations to its capital contributions structure.
Continue reading “KWM reviews capital contributions ahead of refreshed global strategy”
A buyout team comprising the founders of the now-defunct Parabis Group has formally acquired its defendant insurance firm Plexus Law, in a deal that will see the transfer of over 900 staff, supported by a £4.2m loan.
Continue reading “Parabis founders take £4m loan to complete Plexus MBO”
While some US law firms have long ignored mounting pension liabilities, relying on annual profits to pay retirees, Shearman & Sterling has become the latest firm to alter its pensions system to limit future payouts.
Shearman’s 200-strong partnership has voted to remove defined-benefit pensions for future partners, a plan that typically hands retirees an annual payment based on a percentage of their final ‘salary’.
The change was introduced in the middle of October and affects any new partner, whether a promotion or a lateral hire.
Continue reading “Shearman abandons defined-benefit scheme to defuse pensions time bomb”
Ince & Co has signed a new 17 year office lease and will reduce costs by moving into a smaller office in Algate Tower at the end of March 2016.
Continue reading “On the move: Ince & Co cuts costs by downsizing office space”
PwC Legal has performed solidly for the financial year ending 30 June 2015 with revenue rising 15% to £41m, while the firm has set itself an audacious target of £100m to reach by the end of 2018.
Continue reading “PwC Legal targets £100m turnover by 2018 as revenues rise 15%”
McClure Naismith appointed joint administrators on Friday (28 August) just twelve days after the firm’s executive chairman Robin Shannan told the Sunday Herald the firm ‘had not been enjoying the easiest of times.’ Market views agree, putting the failure of one of Scotland’s oldest law firms down to a loss in momentum that led to ‘a game of jenga’.
Having entered the legal services market in 2014 by buying Simpson Millar, Eversheds-client Fairpoint group has added a second law firm to its holdings with the acquisition of Colemans-ctts for £9m.
City giant’s remuneration review comes after recent key departures
In a move considered overdue by some, Clifford Chance (CC) voted through proposed changes to its remuneration system in late April, creating a more flexible lockstep by stretching the top of the ladder in a bid to retain star partners.
The firm traditionally operated a lockstep system with a single profit pool, where partners spent three years as juniors before progressing on to the equity ladder, which ranges between 40 and 100 points. Under the changes voted through, leading partners can be moved from 100 points up to either 115 or 130, while others may be brought down from the 100-point plateau to 70 points. While billed by management as a fairly comprehensive review intended to look at performance across all geographies, it remains unclear which criteria will be used to determine how partners will move up or down the ladder.
Continue reading “Clifford Chance votes through changes to lockstep in bid to retain heavyweights”
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.
The legal profession is set to see a spate of downsizing of its real estate holdings according to CBRE’s Professional London report with legal occupiers having breaks or leases expiring covering 4.9m sq ft over the next six years.
