Comment: Global 100 reportcard – US leaders continue decade-long surge as City rivals dither

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Comment: Global 100 reportcard – US leaders continue decade-long surge as City rivals dither

Judging the world’s largest law firms, it is becoming a familiar tradition after we unpack the results of the Global 100 to look ahead to a more troubled outlook… which then turns into another year of robust growth.

Take 2019’s results, one of the strongest showings since the banking crisis a decade ago, which have seen the group push revenue up 9% to $113.51bn, while profits per equity partner (PEP) across the 100 increased 7% to an average $1.87m. Over a third of firms saw revenues increase by more than 10%, up from 16 in 2016; just four saw declining turnover. While underlining revenue per lawyer once again barely moved upwards, there are now 19 firms with PEP in excess of $3m, all bar one American, and eight exceeding $4m. Continue reading “Comment: Global 100 reportcard – US leaders continue decade-long surge as City rivals dither”

Global 100 – Letter from Silicon Valley

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Global 100 – Letter from Silicon Valley

For reporters used to the profession’s usual cautious pronouncements, it is striking how enthusiastic California lawyers are about the outlook; in the Bay Area you can forget the caveats that still dominate in New York and London. ‘We are in this extraordinary period of extended boom,’ says Cooley’s San Francisco corporate partner Rachel Proffitt. ‘We see equal strength in capital markets and M&A and that’s because there is so much capital. All indicators point to a continued strong year.’

The list of bullish quotes collected in a dozen interviews with the West Coast legal elite is certainly lengthy. Many note the much-touted fact that if the state was a country, California would be the world’s fifth-largest economy (now larger than the UK). It is also America’s most populous state and third-largest by land mass, measuring 770 miles at its longest point. Others simply invite you to drive down the 101 route from San Jose to San Francisco and look around at the offices of the Sunshine State’s corporate titans like eBay, PayPal, Google, Visa, Intel, Oracle, Twitter… the full list of tech giants remaking multiple industries on a global level. Continue reading “Global 100 – Letter from Silicon Valley”

Global 100 results show US question looming ever more ominously

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Global 100 results show US question looming ever more ominously

Judging the world’s largest law firms, it is becoming a familiar tradition after we unpack the results of the Global 100 to look ahead to a more troubled outlook… which then turns into another year of robust growth.

Take 2019’s results, one of the strongest showings since the banking crisis a decade ago, which have seen the group push revenue up 9% to $113.51bn, while profits per equity partner (PEP) across the 100 increased 7% to an average $1.87m. Over a third of firms saw revenues increase by more than 10%, up from 16 in 2016; just four saw declining turnover. While underlining revenue per lawyer once again barely moved upwards, there are now 19 firms with PEP in excess of $3m, all bar one American, and eight exceeding $4m. Continue reading “Global 100 results show US question looming ever more ominously”

Corporations with benefits – Assessing the rise of US public benefit companies

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Corporations with benefits – Assessing the rise of US public benefit companies

When looking for good in the world, corporate governance law is not the most obvious place to train your eye. However, there is a sizeable band of corporations – thousands, in fact – who have opted to start just there, using corporate governance as a springboard to the greater good.

Shareholder primacy, often cast as the villain in corporate scandals or blinkered business decisions, operates on the theory that the job of directors and management is to maximise returns to investors. In turn, corporate law is traditionally viewed as a contract between corporations and investors that the company will, in the balance of law, deliver the highest return. Continue reading “Corporations with benefits – Assessing the rise of US public benefit companies”

Tom Johnson, Federal Communications Commission

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Tom Johnson, Federal Communications Commission

I have always been attracted to public service. A number of my colleagues from my time at Gibson Dunn had gone on to serve as solicitors general in state attorney generals’ offices. Those offices provide unparalleled opportunities, such as the chance to argue appeals and challenge areas in which the federal government has exceeded its powers and placed onerous regulatory requirements on the state. So I was very grateful to have been offered the opportunity to work in the West Virginia solicitor general’s office.

In 2017, I became the general counsel (GC) of the Federal Communications Commission (FCC). I am primarily responsible for two components – reviewing Commission rules and orders to ensure they are legally sustainable, and defending those actions in court. I also oversee units that deal with fraud and bankruptcy issues, as well as various internal issues like employment matters. In West Virginia, I supervised four or five attorneys at any given time. Now, I oversee a team of more than 70 lawyers, so I’ve had to focus a lot more on learning how best to allocate my time and how best to delegate. Continue reading “Tom Johnson, Federal Communications Commission”

No more firsts – Reflections of the first female counsel to the White House

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No more firsts – Reflections of the first female counsel to the White House

There can be few legal roles in the US of as much significance and substance as White House counsel. And when Beth Nolan jettisoned film school for law school, she had no idea her eventual career, including serving as White House counsel for President Bill Clinton – the first female to take on the role – would be almost the stuff films are made of.

But the path to what could be termed the ultimate general counsel (GC) role was not an obvious progression for Nolan. Eschewing private practice thanks to an interest in administrative law, she found herself as a junior attorney with the US Department of Justice (DoJ), tasked with working on government ethics. Continue reading “No more firsts – Reflections of the first female counsel to the White House”

Stars and stripes in their eyes – assessing the US ambitions of A&O and Freshfields

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Stars and stripes in their eyes – assessing the US ambitions of A&O and Freshfields

Nathalie Tidman looks at the struggle for the City elite as US players dominate home and away

‘People like me, making the switch from the Magic Circle to a US firm – a Kirkland, a Latham, a White & Case – did so because being a powerhouse in the US is critical to becoming a truly global law firm.’ Continue reading “Stars and stripes in their eyes – assessing the US ambitions of A&O and Freshfields”

Linklaters and A&O join Magic Circle peers in associate salary race to attract US talent

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Linklaters and A&O join Magic Circle peers in associate salary race to attract US talent

Linklaters and Allen & Overy (A&O) have joined Magic Circle peers Freshfields Bruckhaus Deringer and Clifford Chance to hike associate salaries in the US as competition to recruit top-flight lawyers heats up.

A&O said today (28 June) it would pay US associates a starting salary of $190,000 rising to $340,000 for associates in their eight year. The salary rises to $350,000 for lawyers in their ninth year and for senior associates. Continue reading “Linklaters and A&O join Magic Circle peers in associate salary race to attract US talent”