With the weight of economic power widely-regarded to be shifting east, a tie-up between Chinese merger talks partners Zhong Lun and Jun He would give the merged entity unrivalled breadth in the People’s Republic of China (PRC) and beyond, although UK partners say they have no immediate concerns that the firm would be competing with them for deals on the world stage. Continue reading “Succeed or fail, the merger talks between China’s Zhong Lun and Jun He are something of a game changer”
CMS and Dundas to cut up to 60 jobs ahead of May merger
CMS Cameron McKenna and Dundas & Wilson have placed 60 support staff roles at risk following the duo’s recently announced union. Continue reading “CMS and Dundas to cut up to 60 jobs ahead of May merger”
Scottish union – Berrymans Lace Mawer ties up with HBM Sayers
The toll of top UK law firms opening in Scotland increased today (17 March) with the announcement that Berrymans Lace Mawer and HBM Sayers are combining to create a £100m risk and insurance-focused firm with 170 partners. Continue reading “Scottish union – Berrymans Lace Mawer ties up with HBM Sayers”
Tax overhaul threatens US firms with four-year cash drain but could boost global mergers
US law firms are facing a fundamental overhaul over the way they calculate and distribute their profits that could result in far higher short-term tax bills if controversial proposals currently before Congress are approved.
The proposals could see US firms with over $10m in revenues forced to switch their accounting model from a cash basis, under which money received in a financial year is taxable, to a UK-style accrual method, where taxable revenue includes work done but not yet billed or collected.
Gateway to Africa: Hogan Lovells ties-up with Routledge Modise
The queue of international firms looking to enter the South African market became one shorter in November, as transatlantic giant Hogan Lovells announced it had tied up with Routledge Modise after ten months of talks.
The 40-partner South African firm, an ally of Eversheds until October last year, will operate under the Hogan Lovells banner, but will not share the same profit pool, as local regulations prohibit it.
Current Routledge chairman Lavery Modise will retain his title in South Africa, while the directors of the firm will now be referred to as partners. The new team is not expected to take up any positions on Hogan Lovells’ board. Continue reading “Gateway to Africa: Hogan Lovells ties-up with Routledge Modise”
After Charlie’s War – can Ashurst achieve post-merger prosperity under a new leader?
A recession-weary Ashurst has finalised a long-planned but high-stakes global merger – only to eject the leader synonymous with its brand and strategy. Is Ashurst heading for peace-time prosperity or factional warfare?
The former Ashurst partner sits back in his chair and reads the text message. Having asked a friend about the mood at Appold Street in the wake of Ashurst’s expected vote for integration with its Australian ally and unexpected vote that unseated its high-profile head Charlie Geffen, the text response is succinct: ‘It’s a mess!’ The ex-partner smiles. ‘Well, it’s hardly surprising.’
It’s a wrap – Penningtons acquires Manches after PWC brokers sale of business and assets
In what was initially billed as merger talks but has turned out to be far more of a takeover Penningtons yesterday acquired the trading operations of Manches in a deal brokered by PriceWaterhouseCoopers as administrators.
Under the business transfer agreement, 265 Manches employees, including 46 partners will now move to Penningtons. However, in a reflection of the fact that, despite their contrasting recent profitability the firms are close in lawyer size and revenues, the combined firm will be called Penningtons Manches. Continue reading “It’s a wrap – Penningtons acquires Manches after PWC brokers sale of business and assets”
Ashurst gears up for new chairman election as Oz merger vote is brought forward
As Ashurst nears a crucial vote on full integration with Australian partner Blake Dawson – now known as Ashurst Australia – the firm’s partners are also poised to elect the firm’s next chairman.
Partners were informed this morning (23 September) that Ashurst dispute resolution partner Ben Tidswell and Ashurst Australia competition and consumer protection partner Peter Armitage will be running for the role alongside current senior partner Charlie Geffen, whose role will be replaced by the new chairman position.
Continue reading “Ashurst gears up for new chairman election as Oz merger vote is brought forward”
Merger frenzy hikes Legal Business 100 income but growth masks another tough year
The latest Legal Business 100 results show the total revenue of the UK’s top 100 law firms has topped £19bn for the first time, while the number of lawyers across those firms has passed the 60,000 mark, also a first. However, this top-line growth is largely the result of another year of fervent merger activity, masking the fact that on a granular level many firms are struggling to achieve revenue and profit growth. Total revenue for the LB100 for 2012/13 is £19.1bn, an increase of 8%, while total lawyer headcount swelled 10% to 61,299. Continue reading “Merger frenzy hikes Legal Business 100 income but growth masks another tough year”
LB 100 – The Last Word: Eyes on the storm
From consolidation to price pressure, to market confidence, leading management figures at Legal Business 100 firms give us their views on the 2012/13 year and the challenges ahead
Value for money
‘We’re facing fee pressure of course – and it won’t ease – but there is recognition from clients of different levels of service. The key word is not price but value. Finding a pricing structure which works for the client is essential, as well as supporting the legal departments of clients – helping them to frame key issues to management, helping on staffing shortages, training and knowledge management and so on. These are all areas law firms should embrace.’
Paul Olney, practice partner, Slaughter and May
Continue reading “LB 100 – The Last Word: Eyes on the storm”