Continue reading “Topping the food chain – Global London 2019”
Topping the food chain – Global London 2019
Global London overview – Sharks in the fish pond
In last year’s Global London overview, attention focused on three non-UK firms with more than 400 lawyers in the City. Now, the 500-lawyer barrier has been broken by Baker McKenzie and two rivals are not far behind. Many US firms are achieving London headcount and revenue growth that is leaving worldwide performance for 2018 – which in itself has been strong overall – trailing in its wake.
Global London firms now have more than 7,000 lawyers in the City, 61% more than in 2008, the year Lehman collapsed. But the Global London top 50 in 2019 is again polarised by either dramatic expansion or significant decline – few firms have remained static. Continue reading “Global London overview – Sharks in the fish pond”
Marching on – A Global London debate exploring the progress and prospects for US leaders
Marco Cillario, Legal Business: Are US firms in London about to reach a maturity that means we will see less growth and movement of partners?
James Roome, Akin Gump Strauss Hauer & Feld: If you look at the underlying business that came here from the States – for instance, growth of the high-yield bond market, which went from nil to $50bn in the late nineties – a lot of American firms had very strong business from the US, which gave lots of knock-on opportunities. Do I think the growth of the American finance and corporate base into Europe and the UK will continue? Yes. Most of the bigger US firms will benefit from that. Continue reading “Marching on – A Global London debate exploring the progress and prospects for US leaders”
Chicago firepower for RPC as insurance team secures formal US tie-up
RPC has announced its insurance practice will form an official alliance with Chicago-based law firm Hinshaw & Culbertson.
The partnership will see both firms deepen their existing relationship in the insurance sector, with talks regarding a formal alliance developing throughout January. The firms will now work together on pitching and client marketing as well as collaborating on professional indemnity mandates. Continue reading “Chicago firepower for RPC as insurance team secures formal US tie-up”
Their kind of town: White & Case hires in Chicago as firm launches in the Windy City
More than 100 lawyers are eventually expected to join the new office
White & Case is continuing its dynamic growth drive by launching an office in Chicago, spearheaded by Jason Zakia, the head of its disputes practice in the Americas. Continue reading “Their kind of town: White & Case hires in Chicago as firm launches in the Windy City”
‘Investments have come home’: City branches stand out in big year for US players
Marco Cillario finds City offices outpacing worldwide growth at many Global London firms
2017 was a boom year for many of the London outposts of US law firms, with several convincingly outpacing their firm’s global performance financially and two passing the $300m mark. And it was not just a frenetic private equity market that boosted the London coffers: many UK teams also picked up headline mandates in areas including disputes and financial restructuring.
White & Case remains the highest-grossing US firm in London thanks to a 13% hike to its top line to $328m in 2017 – a faster growth than its 10% global revenue rise to $1.8bn. Continue reading “‘Investments have come home’: City branches stand out in big year for US players”
Mind the gap – Global London 2018
A Tale of Two Citys – a growing divide emerges as the US elite storms ahead in London
A surging private equity market, the City’s first $10m lateral and two law firms passing the $3bn mark. At first glance, 2017 looks to have been another boom year for international players in London. Neither did it hurt that City practices in a significant number of cases outpaced firm-wide revenue growth at many prominent US brands, including Latham & Watkins, White & Case, Paul Hastings, Sidley Austin, Cooley and Milbank, Tweed, Hadley & McCloy.
Tragically for legal reporters, the story is a little more nuanced as a whole. Lawyer numbers at the 50 firms that make up our Global London table certainly reached new heights in 2017 at 6,212 but are up overall by a steady rather than spectacular 3%. Continue reading “A Tale of Two Citys – a growing divide emerges as the US elite storms ahead in London”
Reborn supremacy – inside the unlikely White & Case revolution
‘Stick that in your pipe and smoke it!’ exclaims Oliver Brettle, White & Case’s London executive partner, before getting up and heading for the door.
Given an amicable discussion of the considerable recent growth of White & Case’s City arm, the reaction to a question about the firm’s disputes practice seems a little abrupt. Continue reading “Reborn supremacy – inside the unlikely White & Case revolution”