One of the more successful of the Magic Circle practices in Wall Street, Freshfields Bruckhaus Deringer has appointed Adam Siegel to take over as its new US managing partner when current US head Julian Pritchard steps down on April 30. Siegel’s term will run for three years. Continue reading “Head of Manhattan – Adam Siegel takes over as Freshfields US managing partner”
Outpaced – US firms’ 2013 City revenue increases overshadow global results
Aside from a notable shift towards growth, one of the most salient trends to emerge from 2013’s US financial results is the fact – and the extent to which – the London offices of America’s finest firms are outpacing their global recovery. Continue reading “Outpaced – US firms’ 2013 City revenue increases overshadow global results”
In-house: US government agency adds to its senior lawyer ranks with AOL and Google hires
The former deputy general counsel at both AOL and Google are set to become colleagues, having separately joined the US Patent and Trademark Office (USPTO) as the government agency turns to lawyers with hi-tech backgrounds to fill its top ranks.
Pfizer maintains business-as-usual for legal alliance as Rosenthal latest GC to depart
It was recognised at its 2009 inception as the most radical attempt to carve up the way bluechips instruct their external advisers within a fixed-fee network, but last week Pfizer confirmed Pfizer Legal Alliance (PLA) chief counsel and assistant general counsel Ellen Rosenthal is leaving, shortly in the wake of the departure of PLA pioneer, former general counsel Amy Schulman.
Rosenthal was instrumental in setting up the PLA alongside Schulman, who created the alliance that sees 19 law firms handle the lion’s share of Pfizer’s legal work on a flat-fee structure, in a still rare example of a move entirely away from the billable hour. Continue reading “Pfizer maintains business-as-usual for legal alliance as Rosenthal latest GC to depart”
Hires in London for MoFo and O’Melveny as Paul Hastings brings in Pfizer’s assistant GC
US firms have announced a number of senior hires in the last few days as Morrison & Foerster (MoFo) and O’Melveny & Myers turn to their rivals for partner appointments in London, while Paul Hastings’ New York office brings in Pfizer’s head of government investigations as partner.
At MoFo, former head of Reed Smith’s acquisition and leveraged finance practice in London, Philip Slater, is to join the top 30 Global100 firm’s financial transactions group as partner. Continue reading “Hires in London for MoFo and O’Melveny as Paul Hastings brings in Pfizer’s assistant GC”
Soft H2 debt restructuring market blamed for 12.6% drop in 2013 US revenue for Bingham McCutchen
When many firms were busy cutting costs and dicing teams in 2008, Bingham McCutchen weathered the economic downturn pretty well thanks to the solid inflow of work in its debt restructuring practice.
Five years later, with corporates finding cash far easier to come by, and Bingham is feeling the pinch after its H2 2013 restructuring work slowed and its revenues for the financial year dropped by 12.6% to $762m from $871.8m in 2012. Continue reading “Soft H2 debt restructuring market blamed for 12.6% drop in 2013 US revenue for Bingham McCutchen”
WhatsApp? Weil secures lead role on Facebook’s $16bn acquisition led by 2012 Dewey hire
The first global law firm to open an office in US technology heartland Silicon Valley, Weil Gotshal & Manges has secured the lead role on Facebook’s $16bn acquisition of mobile messaging service WhatsApp, led by high profile 2012 Dewey & LeBoeuf lateral hire Keith Flaum.
Flaum, an M&A partner who joined Weil’s Silicon Valley office as part of a highly-rated five-partner technology team in the same month as Dewey’s spectacular collapse in May 2012, led a team opposite Fenwick & West for WhatsApp. Continue reading “WhatsApp? Weil secures lead role on Facebook’s $16bn acquisition led by 2012 Dewey hire”
Brazilian hat trick – NRF launches third Latin America office with hire of BP’s Andrew Haynes
Norton Rose Fulbright (NRF) is to expand its Latin American footprint as it today (19 February) announces the launch of an office in Rio de Janeiro and the hire of BP’s global corporate assistant general counsel Andrew Haynes as office co-head.
The new office in Brazil, which will be also be run by current head of Colombia, Glenn Faas, will be the LB100 top ten firm’s third in the region after Venezuela (Caracas) and Colombia (Bogotá), and its 55th office worldwide. Continue reading “Brazilian hat trick – NRF launches third Latin America office with hire of BP’s Andrew Haynes”
New frontiers for Quinn Emanuel as US litigation leader sets up in Brussels
Following a year of rapid international expansion that saw highly profitable litigation outfit Quinn Emanuel Urquhart & Sullivan dominate the global litigation agenda with launches in jurisdictions such as Sydney and Hong Kong, the top 35 Global100 firm today (18 February) confirmed to Legal Business that it is to broaden out its capability with a launch in the heart of the European Union (EU), in Brussels.
The new office, its seventh in Europe, will focus on EU and member state competition litigation and investigations and will be managed by Nadine Herrmann, head of the firm’s European competition practice. Continue reading “New frontiers for Quinn Emanuel as US litigation leader sets up in Brussels”
US results season: White & Case sees revenues increase 4% as PEP hits $1.87m
Despite the recent relative economic revival in the US, the world’s largest legal market remains turbulent but early numbers from major US players do indicate many firms are now sustaining growth. Early out of the gate, White & Case has published its 2013 financial results reporting a steady 4.1% increase in global revenues with profits per equity partner (PEP) rising 10%.
Gross turnover at the top-15 global firm increased to $1.44bn in 2013 from $1.38bn in the previous year. The New York-based law firm’s revenue per lawyer grew at a similar level of 4.4% to $760,064 from $711,000, while its PEP rose to $1.87m from $1.7m, climbing 10%.
Continue reading “US results season: White & Case sees revenues increase 4% as PEP hits $1.87m”