A grinding year for the Global 100 as US leaders assert dominance

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A grinding year for the Global 100 as US leaders assert dominance

Casting an eye over the results for the world’s 100 largest law firms, 2016/17 has been the definition of grinding out a result. Not a pretty result at that.

The group as a whole hiked revenues 3% to $98.82bn, pretty much tracking the increase in lawyer numbers. In part due to the strength of the dollar, there are some surprising results. The number of $2bn-plus law firms has fallen from ten to eight (thanks to Freshfields Bruckhaus Deringer and Linklaters). The number of $1bn-plus firms falls from 35 to 34. Consolidation continues to be a force in the industry but almost exclusively in the global mid-tier, not its upper echelons.

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Magic Circle pay watch: Links edges up associate salaries, Slaughters holds and CC gets coy

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Magic Circle pay watch: Links edges up associate salaries, Slaughters holds and CC gets coy

Pay rises continue to ripple through the top-end legal services market despite the uncertain outlook for the City. The latest to go is London giant Linklaters, which has nudged up its base rate for junior lawyers by £1,000, handing newly-qualified (NQ) solicitors £82,000.

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‘This latest round has been disappointing’: A&O vows to address lack of diversity as Magic Circle announces new partners

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‘This latest round has been disappointing’: A&O vows to address lack of diversity as Magic Circle announces new partners

Allen & Overy (A&O) promoted just two women to partnership last month, 8% of its total round, with the firm stating it is working towards three clear 2020 targets to address the diversity concerns.

The targets include having 20% female partners; at least 30% women in each promotion round; and 30% of women in its partnership in non-elected leadership roles.

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Deal watch: Corporate activity in May 2017

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Deal watch: Corporate activity in May 2017

MAGIC CIRCLE ADVISE ON VODAFONE’S INDIA MERGER

Slaughter and May, Allen & Overy (A&O) and local advisers S&R Associates, Vaish Associates Advocates and Bharucha & Partners all gained mandates as Vodafone struck a deal to acquire Indian rival Idea Cellular. The merger will create India’s largest communications business by revenue, valued at more than $23bn. Slaughters and S&R represented Vodafone and Vodafone India, while A&O, Vaish and Bharucha advised Idea.

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Focus on quality and cost in government panel review sees Magic Circle take reduced roles

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Focus on quality and cost in government panel review sees Magic Circle take reduced roles

Roster reduced from 48 to 18 firms following Crown Commercial Services review

Eighteen firms have been appointed to the Crown Commercial Service (CCS)’s general legal advice panel in a two-year, £400m contract. The process, which splits firms between two tiers, had a significant focus on both cost and quality.

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Deal watch: Corporate activity in April 2017

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Deal watch: Corporate activity in April 2017

HSF AND BLP ADVISE ON £1.1BN CHEESEGRATER SALE

Herbert Smith Freehills (HSF), Berwin Leighton Paisner (BLP) and Mayer Brown led as the owners of London’s tallest tower, known as the Cheesegrater, agreed to its sale for £1.1bn. HSF and Mayer Brown advised joint owners British Land and Oxford Properties Group, while BLP assisted buyer CC Land Holdings.

 

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BT concludes delayed panel review with 37 firms including Magic Circle heavyweights winning places

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BT concludes delayed panel review with 37 firms including Magic Circle heavyweights winning places

BT has concluded its long-awaited UK and Ireland panel review, with a raft of Magic Circle firms including Allen & Overy, Freshfields Bruckhaus Deringer, Clifford Chance and Linklaters winning places on the extended roster. Continue reading “BT concludes delayed panel review with 37 firms including Magic Circle heavyweights winning places”

Freshfields and A&O latest in the Magic Circle to post spring trainee retention rates, keeping on 84% and 82% respectively

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Freshfields and A&O latest in the Magic Circle to post spring trainee retention rates, keeping on 84% and 82% respectively

Freshfields Bruckhaus Deringer and Allen & Overy (A&O) have both kept on 31 members of their spring trainee intake, with retention rates of 84% and 82% respectively. Continue reading “Freshfields and A&O latest in the Magic Circle to post spring trainee retention rates, keeping on 84% and 82% respectively”

‘Another major milestone’: Latham returns to the Magic Circle again in City regulatory push

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‘Another major milestone’: Latham returns to the Magic Circle again in City regulatory push

Latham & Watkins announced today (9 March) that it has continued bolstering its financial services offering in the City with the hire of Linklaters financial regulation partner Daniel Csefalvay.

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