Victoria Young talks to Chris Lowe and Lothar Wegener about their ambitions for the firm
‘It’s not about: “Here’s an opportunistic piece – let’s grab that.” It’s about a continuous cycle of investment, not something which just happens.’
Chris Lowe, Watson Farley & Williams
Victoria Young assesses legal education sector in wake of Kaplan exit and ULaw sale
With news breaking recently that Kaplan Law School is to close its doors in 2016, a contest between BPP University and The University of Law (ULaw) broke out in September as both institutions grappled for increased market share.
Sarah Downey looks at the £20k pay boost and whether the market will follow suit
Allen & Overy (A&O)’s decision to award lucrative associate salaries similar to some US firms in July, as part of a wider overhaul of how it rewards junior lawyers, has sparked renewed debate in the City about how best to retain top talent.
Continue reading “Keeping up with the Joneses – will A&O’s pay overhaul keep top talent?”
Tom Moore looks at the US-EU free trade pact’s potential for arbitration
The rise of international arbitration has gone unhindered and under the radar, despite the proliferation of investor-state disputes that has seen investors sue governments for changing tax regimes, introducing austerity measures and implementing plain packaging for cigarettes. But negotiations over the Transatlantic Trade and Investment Partnership (TTIP) – a free-trade deal between the EU and US that will cover half of world trade – has changed that, throwing attention on a shift away from national courts and raising the potential for a boom in arbitration.
Continue reading “TTIP: Arbitration moves into the limelight”
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.
National thoroughbred Addleshaw Goddard has consistently struggled to find its form since the credit crunch. Kathryn McCann assesses if new MP John Joyce can galvanise the firm.
‘There is a general sense of optimism in the firm at the moment,’ comments one former Addleshaw Goddard partner of their old shop. ‘But then you have got to realise how bad it was. The reason why people are so upbeat is because the last four or five years have been nothing short of a disaster. It has stopped the rot, but the big challenge is what’s going to happen next.’
Continue reading “Last orders – Addleshaws gets behind its new leader, but can it regain its form?”
Tom Moore on the challenges faced by BLP’s new leader
While Berwin Leighton Paisner (BLP) staged something of a recovery in 2013/14, longstanding managing partner Neville Eisenberg – who had attracted some internal criticism following a punishing 2012/13 trading period – announced just before Christmas that he would not seek another term. Will Lisa Mayhew, who in February was elected to succeed Eisenberg on 1 May after an intense election campaign, be able to refocus a firm that has faced some internal discord and a listing international strategy?
Continue reading “A new generation and challenges ahead as BLP leader takes helm”
There are lots of factors that are supposed to have a major role in the success of a law firm that on closer examination are hard to sustain. Issues in this camp include remuneration models, culture, strategy and a specific practice mix. What this list has in common is that there is no right answer – all that matters is what you are doing is appropriate to what you are trying to achieve and the markets that you are working in (and even then it’s less central than supposed). You can be lockstep, eat-what-you kill, collegial or aggressive – it works for some and flops for others. Just look at the extent that the Magic Circle has elevated one particular model of lockstep into some half-baked sacred tenant, with disastrous consequences.
Sarah Downey talks to chief executive Joe Conroy about its high-impact City launch
‘Eight years ago, I couldn’t get anyone to talk to me – I couldn’t even get my face slapped,’ says Cooley chief executive Joe Conroy on his attempts to establish a London presence for the Palo Alto-based leader.
It’s difficult to picture such a scenario now. Despite its late entrance in the UK, Cooley is undoubtedly a major force in the US, being well-established as one of the premier names in California’s legal technology community. After much speculation and one or two false dawns, largely due to long, drawn-out negotiations with prospective laterals, the firm announced in early January it would create a 55-lawyer UK practice, including a 15-strong partner team from Edwards Wildman’s beleaguered London office and a further five from Morrison & Foerster (MoFo).
Continue reading “Can Cooley make good on its City ambitions?”
Michael West reports on how a shift in enforcement will herald a raft of new advisory work
At the tail end of last year, the government launched its long-awaited UK Anti-Corruption Plan, a disparate collection of actions, initiatives and priorities aimed at improving the UK’s transparency, strengthening investigation powers and toughening enforcement options. The strategy, if implemented, will mean an increasing workload for defence lawyers and further overhaul of companies’ compliance regimes.
