‘How hard are you prepared to work?’ – partners who’ve made it on how they built a book of business

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‘How hard are you prepared to work?’ – partners who’ve made it on how they built a book of business

‘If anyone had all the right answers, they’d be getting all the work in the City,’ jokes Cleary London private equity partner Michael James, when asked for tips on how junior partners should start building up the books of business needed to guarantee their long-term success.  

In an industry as competitive as the top-end London legal market, with no shortage of talented lawyers and firms ready to undercut prices, the reality is that getting that initial book of business off the ground – and keeping it – can be tough.  

Continue reading “‘How hard are you prepared to work?’ – partners who’ve made it on how they built a book of business”

Kirkland shortens equity track as it wages intensified war for talent

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Kirkland shortens equity track as it wages intensified war for talent

Kirkland & Ellis has shortened its path to equity partnership by a year in another audacious move that will doubtless make rivals sit up and take notice.

The move means that its most-talented lawyers will now be considered for equity partnership nine years out of law school, rather than 10. Continue reading “Kirkland shortens equity track as it wages intensified war for talent”

‘My race in big law has been run’: White & Case private equity veteran Bagshaw to depart this summer

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‘My race in big law has been run’: White & Case private equity veteran Bagshaw to depart this summer

White & Case’s high-profile private equity head Ian Bagshaw is set to leave the firm in June to pursue other opportunities outside of law.

The White & Case partnership was informed of Bagshaw’s departure in an internal announcement this morning (16 April). In a LinkedIn post published today, Bagshaw said: ‘After seven years at each of Eversheds, Clifford Chance, Linklaters and White & Case, I have decided that my race in big law has now been run. Continue reading “‘My race in big law has been run’: White & Case private equity veteran Bagshaw to depart this summer”

‘We expect the highest standards of behaviour’: Finance partner leaves Slaughter and May following investigation

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‘We expect the highest standards of behaviour’: Finance partner leaves Slaughter and May following investigation

A partner has left Slaughter and May following an internal investigation, the firm has confirmed today (18 November). Finance partner Oliver Storey has retired from the firm’s partnership with immediate effect, with Slaughters notifying the Solicitors Regulation Authority (SRA) of the matter.

Senior partner, Steve Cooke, said in a statement: ‘Following an internal investigation, Oliver Storey has retired from the partnership with immediate effect. The SRA has been notified and we will not be commenting further at this time. Continue reading “‘We expect the highest standards of behaviour’: Finance partner leaves Slaughter and May following investigation”

‘US firms have more buying power’ – Allen & Overy tight-lipped as partnership ushers in lockstep reform

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‘US firms have more buying power’ – Allen & Overy tight-lipped as partnership ushers in lockstep reform

The partnership of Allen & Overy has voted through reforms to its lockstep in a bid to increase rewards for star performers as market pressure from US competitors continues to take its toll on London’s big four international firms.

Partners voted through the changes last week after being presented with the proposal earlier this month. It comes at a time when the dual market pressures of the coronavirus pandemic and competition from US rivals on compensation show no sign of abating. A&O declined to comment on the reform but sources within the firm describe the key changes as the ability to stretch the top of the lockstep and accelerate high performers at the bottom of the ladder.  Continue reading “‘US firms have more buying power’ – Allen & Overy tight-lipped as partnership ushers in lockstep reform”

Guest comment: An argument for outside investment in law firms for the post-Covid era

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More than a decade after the 2008 global financial crisis, the world finds itself gripped by a pandemic and the resulting economic turmoil. As we saw in 2008, law firms won’t escape the impact of the recession, particularly as clients trim budgets and reduce demand for legal services. But unlike companies with diverse sources of capital, law firms, still predominantly structured as partnerships, will more acutely feel the cash crunch as they grapple with this outdated ownership model.

Already firms have begun to reduce salaries, hold back partner distributions and furlough employees to combat declines in revenue. In the short term, partners are expected to earn materially less income while firm growth and associate development are paused; in the long term, firms may need to draw down on lines of credit, lay off employees or, in extreme cases, dissolve. Continue reading “Guest comment: An argument for outside investment in law firms for the post-Covid era”

Sponsored briefing: Mortgages for law firm partners – A Q&A with Emily Bernstein and Chris Duck

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Sponsored briefing: Mortgages for law firm partners – A Q&A with Emily Bernstein and Chris Duck

Making partner is a huge step up for any lawyer and it is one that can have a major impact on their earning profile. We spoke to Emily Bernstein and Chris Duck, two of Investec’s private bankers working in this space, about the unique challenges they help clients overcome.

What are the biggest concerns lawyers have once they make partner? Continue reading “Sponsored briefing: Mortgages for law firm partners – A Q&A with Emily Bernstein and Chris Duck”

Freshfields partnership votes in misconduct penalty as #MeToo continues to overshadow the industry

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Freshfields partnership votes in misconduct penalty as #MeToo continues to overshadow the industry

The partnership of Freshfields Bruckhaus Deringer has voted in sweeping reforms to its handling of misbehaviour, including financial penalties, as the #MeToo fallout continues to plague the profession.

The move to establish a conduct committee followed a consultation and  implements new enforcement protocols that mean partners who receive a final warning about their behaviour could face an automatic fine equal to 20% of their profit share for 12 months. The model is similar to those that have been successfully rolled out elsewhere in professional services, such as accountancy and consultancy firms. Continue reading “Freshfields partnership votes in misconduct penalty as #MeToo continues to overshadow the industry”

RPC abandons all-equity structure in sweeping partnership shake-up

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RPC abandons all-equity structure in sweeping partnership shake-up

Reversing a common trend among many City firms in recent years, RPC is to introduce the roles of fixed share and salaried partner for the first time in its history – a move the firm said reflected ‘changing expectations of people, market and client demand’.

However, the status of its current 76 equity partners will remain unchanged – the move only applies to future promotions and hires. Continue reading “RPC abandons all-equity structure in sweeping partnership shake-up”

Sponsored briefing: ‘Fantastic boutique CM Murray dominates the market in the partnership space’

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Sponsored briefing: ‘Fantastic boutique CM Murray dominates the market in the partnership space’

CM Murray is a leading specialist partnership and employment law firm based in London. The firm is ranked by the legal directories as Tier 1 for both of its practice areas, and enjoys a market-leading reputation for advising professional and financial services firms on sensitive and complex cross-border partnership and employment law issues.

The breadth and depth of the firm’s partnership practice encompasses the 360-degree life cycle of partnership businesses, offering both contentious and non-contentious partnership law advice. The firm’s non-contentious law firm expertise includes establishing law firm LLPs/partnerships and alternative business structures, drafting and reviewing LLP/partnership agreements, advising on partnership and governance structures, partner remuneration and contribution, LLP conversions and internal restructuring, international network structures (including Swiss Verein structures), and associations and law firm M&A. Continue reading “Sponsored briefing: ‘Fantastic boutique CM Murray dominates the market in the partnership space’”