Comment: Slashing to victory – the most dangerous law firm myth

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Comment: Slashing to victory – the most dangerous law firm myth

‘Turnover for vanity, profit for sanity.’ How many times have you heard that phrase or variations of the theme espoused in the legal industry? A lot since the banking crisis recast the profession.

Commercial firms are forever chasing the grail of higher profitability to the extent of fashioning strategy around the notion of slashing the business to achieve it. People used to forecast consolidation and the dawn of the $10bn law firm – now it is as common for law firm leaders to talk of City-bred institutions getting smaller. Continue reading “Comment: Slashing to victory – the most dangerous law firm myth”

Deal watch: US leaders nail key roles alongside Magic Circle on Amex, Standard Life and Fidessa plays

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City heavyweights Freshfields Bruckhaus Deringer and Slaughter and May have been met by Wall Street rivals Cleary Gottlieb Steen & Hamilton, Davis Polk & Wardwell and Skadden, Arps, Slate, Meagher & Flom on a host of deals marking a bumper week for public M&A.

Cleary consolidated long-standing relationships and bolstered its public M&A ambitions, advising Fidessa group on the proposed £1.4bn takeover offer from fellow financial software company Temenos Group, as well as American Express on its joint venture’s £400m takeover of Hogg Robinson. Continue reading “Deal watch: US leaders nail key roles alongside Magic Circle on Amex, Standard Life and Fidessa plays”

‘Greater than the sum of its parts’: Hunton & Williams and Andrews Kurth agree merger

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‘Greater than the sum of its parts’: Hunton & Williams and Andrews Kurth agree merger

US players Hunton & Williams and Andrews Kurth Kenyon have given the green light to a merger that will create a 1,000 lawyer firm with 15 American offices.

Announced yesterday (21 Feb) the partnerships of both firms have approved the combination, with the merged entity Hunton Andrews Kurth coming into operation on 2 April. Continue reading “‘Greater than the sum of its parts’: Hunton & Williams and Andrews Kurth agree merger”

Cadwalader takes multiple hits in London as Milbank and Brown Rudnick swoop in

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Cadwalader takes multiple hits in London as Milbank and Brown Rudnick swoop in

It has been an expansive start of the year in terms of partner hires for a group of finance-focused US shops with tight London operations.

First Cadwalader, Wickersham & Taft’s City restructuring practice was decimated by the departure of four partners to Milbank, Tweed, Hadley & McCloy, led by global financial restructuring co-chair Yushan Ng, with Jacqueline Ingram, Karen McMaster and Sinjini Saha following him. McMaster and Ingram had already followed Ng in changing firms in 2013 from Linklaters, where they were associates. Saha was made partner when she joined Cadwalader from Simpson Thacher & Bartlett in 2015.

Continue reading “Cadwalader takes multiple hits in London as Milbank and Brown Rudnick swoop in”

Slashing to victory – the most dangerous myth

Posted on |
Slashing to victory – the most dangerous myth

‘Turnover for vanity, profit for sanity.’ How many times have you heard that phrase or variations of the theme espoused in the legal industry? A lot since the banking crisis recast the profession.

Commercial firms are forever chasing the grail of higher profitability to the extent of fashioning strategy around the notion of slashing the business to achieve it. People used to forecast consolidation and the dawn of the $10bn law firm – now it is as common for law firm leaders to talk of City-bred institutions getting smaller. Continue reading “Slashing to victory – the most dangerous myth”

Both sides now: Milbank sees UK revenue jump 9% as Jones Day loses another two City partners

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Both sides now: Milbank sees UK revenue jump 9% as Jones Day loses another two City partners

Contrasting fortunes summarises the position of two key US players in the London market these days, with an expansive Milbank, Tweed, Hadley & McCloy posting its highest-ever London revenues while Jones Day has seen three City partners leave since the start of the year.

Revenue at Milbank’s London office grew 9% to $125m in 2017 in a stronger performance compared to last year’s 4% rise to $114.1m. Continue reading “Both sides now: Milbank sees UK revenue jump 9% as Jones Day loses another two City partners”

Gibson Dunn finance veteran Gillespie departs for investment business as GC

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Gibson Dunn finance veteran Gillespie departs for investment business as GC

City finance veteran Stephen Gillespie has left Gibson Dunn & Crutcher after three years to join international investment business  Letterone Holdings as its general counsel.

One of the biggest names in his field with more than 25 years’ experience at London’s most celebrated US and Magic Circle firms, Gillespie joined Gibson in December 2014 from Kirkland & Ellis as part of the LA-headquartered firm’s substantial push to bring on board heavyweight advisers for its London office, becoming co-chair of its global finance team. Continue reading “Gibson Dunn finance veteran Gillespie departs for investment business as GC”

Irresistible forces – Within weeks of $10m Freshfields hire, Kirkland targets Cravath for M&A playmaker

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Irresistible forces – Within weeks of $10m Freshfields hire, Kirkland targets Cravath for M&A playmaker

Kirkland & Ellis continues to make waves on both sides of the Atlantic as the Chicago-bred juggernaut this week announced the hire of one of Manhattan’s top M&A names.

In the latest of a series of headline-grabbing moves, Cravath, Swaine & Moore M&A star Eric Schiele is to transfer to Kirkland’s New York arm. Schiele – who had been at Cravath for more than 17 years, making partner in 2008 – was established as one of the leading lights at the Wall Street leader. Continue reading “Irresistible forces – Within weeks of $10m Freshfields hire, Kirkland targets Cravath for M&A playmaker”

‘Dynamic and entrepreneurial’ – Latham taps Hogan Lovells for disputes partner duo

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‘Dynamic and entrepreneurial’ – Latham taps Hogan Lovells for disputes partner duo

The march of US advisers into the City’s disputes scene continues with Latham & Watkins today (16 January) announcing the hire of two litigation partners from Hogan Lovells.

The London-based partners, Jon Holland and Andrea Monks, focus on financial services litigation and related regulatory work, two of the most in-demand practices areas currently. Continue reading “‘Dynamic and entrepreneurial’ – Latham taps Hogan Lovells for disputes partner duo”

Double City disputes hire for Bracewell as energy specialist responds to client demand

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Double City disputes hire for Bracewell as energy specialist responds to client demand

US energy firm Bracewell has hired a brace of arbitration partners to lead the launch of its London disputes practice.

Litigation and arbitration specialist Damian Watkin has joined the Houston-headquartered firm, best known for energy advisory, on Monday (4 December) from McDermott Will & Emery. He had only been a partner at McDermott since February 2017, before which he was a barrister in Jones Day’s global disputes practice for four years in Sydney and Dubai. Continue reading “Double City disputes hire for Bracewell as energy specialist responds to client demand”