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Articles by Firm Finances
Dentons adds high yield partner in London from Linklaters
Dentons has bolstered its high yield and US securities finance capabilities in London with the hire of a partner from Linklaters. US-qualified Colin Chang has joined the firm after nearly five years at Linklaters, before which he was a partner at White & Case in Paris. He will join Dentons' capital markets practice as a partner in January 2025, the firm said.
Clifford Chance hits O'Melveny for third New York partner in a month
Clifford Chance has hired private equity partner Vince Ferrito in New York from O'Melveny & Myers, the third partner it has recruited from the US firm in the past month as it targets US growth. Ferrito's arrival follows private equity partner David Schultz and restructuring partner Matthew Hinker joining the firm in New York last month from O'Melveny, where they had worked closely together.
DWF rebuilds in Australia with nine-partner raid on Hall & Wilcox
UK-based firm DWF has bolstered its Australian presence with the hire of a nine-partner insurance litigation team from national firm Hall & Wilcox, as the firm rebuilds its Australian bench following office closures in 2021. The group is led by partners Matt Curll and Rachael Arnold and represents Hall & Wilcox's entire London markets team. Most of the team will join DWF in Sydney with colleagues also based in Brisbane, Newcastle and Melbourne, the firm said in a statement.
Davis Polk recruits Sidley partner duo to launch London restructuring practice
Davis Polk & Wardwell has recruited a pair of partners from US rival Sidley Austin to launch a restructuring practice in London. The arrival of Jifree Cader and Mark Knight boosts the number of partner-level lateral hires secured by the New York firm's London office to four. The duo previously served as co-heads of Sidley's London restructuring group and earlier were partners at Kirkland & Ellis.
A&O Shearman recruits Travers Smith incentives head
A&O Shearman has lured the head of Travers Smith's incentives and remuneration group, Mahesh Varia, in London. Varia is set to join A&O Shearman's incentives practice as a partner after nearly 27 years at Travers, where he advised Numis Corporation on its takeover by Deutsche Bank and Micro Focus on the incentives aspects of its £5.1bn takeover by OpenText, among other matters. David Broadley, A&O Shearman's global co-head of M&A, commented: “We are delighted to welcome Mahesh to A&O Shearman.
Fieldfisher managing partner Shooter wins second term
Fieldfisher has elected Robert Shooter for a second term as managing partner. London-based Shooter will begin his second three-year term 1 April 2025, having succeeded veteran leader Michael Chissick in May 2022. His election was unopposed. "Rob has done a fantastic job as managing partner and I am delighted he has been re-appointed for a second term," said firm senior partner, David Wilkinson.
Linklaters secures top-flight A&O Shearman finance team in New York
Linklaters has made a splash in New York, hiring a quartet of senior finance partners from A&O Shearman, including a global co-head of A&O Shearman's financial markets practice, David Lucking. Lucking has joined the firm alongside John Hwang, Derek Poon and Dan Guyder. Linklaters said the group will enhance its "derivatives, securitisation and restructuring strength" in the US and globally.
Freshfields debt finance partner defects to Kirkland in US
Freshfields partner HT Flanagan has exited the firm to join Kirkland & Ellis' debt finance group in New York and Dallas. At Kirkland Flanagan will work as part of a debt finance practice that the firm says is the largest in the world, with more than 300 dedicated lawyers and more than 500 private equity clients.
Cooley recruits Gowling's London life sciences head
Cooley has bolstered its life sciences offering in London with the hire of a partner from Gowling WLG. Jenny Davies is the latest partner to join the firm's life sciences partnering and licensing practice in London. Davies, who spent 16 years at her former firm, focuses on complex, cross-border and high-value licensing and collaboration deals across the pharmaceutical, biotechnology and medical device industries.
HFW adds construction lawyer from Clifford Chance in Australia
HFW has continued the growth of its construction practice with the hire of a disputes specialist in Perth from Clifford Chance. Sean Marriott will join the 700-lawyer firm as a partner next month after eight years at Clifford Chance. He specialises in construction disputes and international arbitration in the oil and gas, mining, power, renewables and public infrastructure sectors, and in investor-state dispute settlement.
Linklaters recruits veteran Paul Hastings partner in Washington DC
Linklaters has hired a veteran Paul Hastings partner in Washington DC to co-lead its international arbitration practice. Joseph Profaizer has spent the past 18 years as a partner at Paul Hastings, where he was global co-chair of the firm’s international arbitration practice and a former vice-chair of its Washington DC office.
Greenberg Traurig adds senior arbitration partner in Dubai from Clyde & Co
Greenberg Traurig has added a senior arbitration partner in Dubai from UK firm Clyde & Co. Nassif BouMalhab moves across to the 2,700-lawyer firm as a shareholder after 15 years at Clydes, where he led the Middle East arbitration group. His hire follows Greenberg Traurig adding to its arbitration bench in London last month with the hire of Jason Hambury, Gurmukh Riyat and Clea Bigelow-Nuttall as shareholders from Pinsent Masons.
Eversheds adds senior tax disputes partner from RPC
Eversheds Sutherland has bolstered its tax disputes bench in London with the hire of a partner from RPC. Robert Waterson has joined the 3,000-lawyer firm as head of UK tax disputes. He has spent the past five years as a partner at RPC, having practised at London tax disputes firm Joseph Hage Aaronson and HMRC earlier in his career.
TLT adds eight-partner team from BDB Pitmans
A group of eight partners are defecting from BDB Pitmans to join TLT in London. The group's practices focus on infrastructure projects, including planning, public law and authorisation, among other areas. Its members are Sarah Clark, Nick Evans, Tom Henderson, Mustafa Latif-Aramesh, Richard Marsh, Duncan O’Connor, James Ross and Angus Walker. John Wood, managing partner at TLT, commented: “We can confirm that eight partners currently at BDB Pitmans have agreed to join TLT.
Kennedys absorbs boutique for Wellington launch
Kennedys has absorbed specialist dispute resolution firm Darroch Forrest to open an office in Wellington, New Zealand, as it continues to expand in Australasia. The office is the firm's second in New Zealand after the Auckland base the firm opened back in 2000. As part of the move, partners Alistair Darroch, Lauren Castle and Ben Sanders joined Kennedys on 1 October along with their team of seven lawyers and two support professionals.
Clifford Chance adds top flight restructuring partner in Munich
Clifford Chance (CC) has hired one of Germany's top restructuring lawyers, Kolja von Bismarck, in Munich. Von Bismarck was most recently a partner at Sidley Austin, which he joined in 2017 from Linklaters. He retired from the firm earlier this year, according to a person with knowledge of the matter. His move to CC will reunite him with former Sidley restructuring partners Andreas Steiger and Patrick Schulz, both of whom left to join CC in Munich in June.
Freshfields to scrap 'Bruckhaus Deringer' in rebrand
Freshfields Bruckhaus Deringer has unveiled a rebranding, changing its legal name to just "Freshfields". The Magic Circle firm’s rebranding, which it will roll out from October, includes a new black-and-white logo featuring its shortened name (pictured above). Freshfields said the rebranding was intended to “reflect the firm today and its ambitions for the future.” The firm is the oldest among the Magic Circle, with origins dating back to 1743.
Freeths increases turnover by 13% as double-digit revenue growth trend continues
Top 50 UK national firm Freeths posted double-digit revenue growth for the 2023/24 financial year, supported by stellar performance across its key practice areas including disputes. Turnover rose 13% to £145.5m, continuing the upward momentum seen over the past five years where revenue growth has averaged more than 10% through client work with the likes of Aldi, Mercedes-Benz UK, Tarmac, Experian and Lloyds Bank.
Addleshaw Goddard adds highly regarded IP team from Stobbs
Addleshaw Goddard (AG) has recruited a five-strong team in London led by one of the UK’s top IP litigators, Geoff Steward, from IP boutique Stobbs. Moving over alongside Steward is litigation lawyer Emma Dixon, who joins AG as a legal director, a managing associate, an associate and a trainee.
Hogan Lovells to close offices in Johannesburg, Sydney and Warsaw
Hogan Lovells is set close its offices in Johannesburg, Sydney and Warsaw, citing a focus on “strageic makets”. The firm will lay off its lawyers and support staff based across the three offices, with more than 120 professionals to be affected. Hogan Lovells CEO, Miguel Zaldivar, said the firm was focused on markets where clients looked to it for support on “sophisticated, high-end work”.
Latham adds senior tax partner in London from Travers Smith
Latham & Watkins has hired a senior tax partner in London from top UK independent Travers Smith. Simon Skinner has joined the US firm after 18 years at Travers, where he previously led the tax team. He advises clients on complex corporate tax and corporate tax planning matters, including the tax aspects of corporate finance and private equity transactions, public and private M&A, demergers, joint ventures, restructurings and debt and equity capital markets transactions.
Kennedys opens offices in Los Angeles and Seattle
Kennedys has bolstered its West Coast offering with the launch of new offices in Seattle and Los Angeles, as the specialist UK-based insurance firm continues its rapid expansion in the US. The Los Angeles office will initially house partner Shain Wasser, who was previously based in Kennedys' San Francisco office, alongside special counsel Zina Yu and two associates.
Cooley boosts London ECVC bench with triple partner hire from US rivals
Cooley has hired a trio of partners from Taylor Wessing, Goodwin Procter and White & Case to bolster its emerging companies and venture capital (ECVC) offering in London. The 1,300-lawyer West Coast firm has recruited Angus Miln, Ali Ramadan and Helen Pantelides, all of whom will join the ECVC practice. The hires come just a few months after Cooley’s former London managing partner, Justin Stock, left at the head of a three-partner transactions team to join Akin.
Slaughter and May boosts NQ pay to £150k
Slaughter and May announced today (4 September) that it has increased salaries for its newly-qualified associates to £150k. The new figure equates to a 20% raise on the previous £125k and follows Slaughters coming under pressure after its UK Magic Circle rivals – Freshfields Bruckhaus Deringer, Linklaters, Clifford Chance and A&O Shearman – announced in May they were making identical increases.
Gibson Dunn adds private equity duo in London from White & Case
Gibson Dunn & Crutcher has strengthened its private equity platform in London with the hire of a pair of lawyers from White & Case. Partner Will Summers has joined the 1,900-lawyer firm alongside Michael Skouras, who has joined as of counsel having been an assoicate at White & Case. Richard Birns, co-chair of Gibson Dunn’s private equity practice group, said Summers brought a solid track record as an advisor to large PE sponsors.
Norton Rose Fulbright rings in revenue, profit rises
Norton Rose Fulbright’s Europe, Middle East and Asia business has posted a solid financial performance for its latest financial year, marking its fifth consecutive year of growth. The firm reported turnover of £401.2m for the eight months to 31 December 2023 and profit before members’ remuneration and profit shares of £109.9m, according to accounts filed at Companies House.
HFW adds top-flight restructuring duo in Melbourne from Johnson Winter Slattery
HFW has bolstered its restructuring bench in Melbourne with the hire of partners Paul Buitendag and Rena Solomonidis from Australian firm Johnson Winter Slattery. Buitendag has joined London-based HFW having been national practice group head of dispute resolution at his former firm.
US law firms ring in strong performance in first half
US law firms grew revenue by 11.4% on average in the first half of the year according to a report by Wells Fargo Legal Speciality Group, amid growing evidence that 2024 could be a historically strong year for the industry. The increase, driven by billings rates and demand growth, is more than double the 4.4% revenue growth reported for the same period last year and is among the best first halves Wells Fargo has surveyed, second only to 2021.
‘The market is dynamic and fragmented’ - Gadens’ CEO on its top tier ambitions
Australian firm Gadens has agreed to merge with Canberra-based Trinity Law, expanding the national firm’s footprint to the capital as it completes the financial integration of its network of offices. This is an edited version of an interview about last month’s deals with Gadens’ CEO and managing partner, Mark Pistilli. Gadens has merged its Australian offices to create a single firm and opened in Canberra. What is the thinking behind these moves?
Pinsents grows turnover 7% to nearly £650m as PEP stays flat
Pinsent Masons has posted a 7.2% increase in its revenue for the 2024 financial year to £649.6m, as its profit per equity partner (PEP) flatlined. PEP fell slightly to £793k, having risen 8% in FY23 to £797k and by 16% in each of the previous two financial years. The fall sees the firm buck the trend that has emerged so far this financial reporting season of strong revenue and profit gains at UK firms, including Simmons & Simmons and Ashurst.
Shepherd and Wedderburn hands out firmwide bonus after profits grow 12%
Scottish independent law firm Shepherd and Wedderburn has handed out a 5% bonus to all its employees after growing net profits by 12% in the year to the end of April to £30.2m. Revenue at the 270-lawyer firm, which does not disclose profit per equity partner, rose 7% to £71.4m, the same rate at which it increased the previous year. Meantime the latest profit growth is a marked increase on FY23, when it inched up by 3%.
White & Case boosts London pay for newly-qualified associates by 17% to £175k
Top 10 US firm White & Case has boosted pay for its newly-qualified (NQ) lawyers in London by £25k in a move that sees it near the top of the market amid the ongoing junior pay wars. NQs in the 500-lawyer office will see their salaries jump from £150k to £175k as of 1 January 2025, an increase of nearly 17%. The raises see White & Case join an elite group of US firms that have upped NQ salaries to £170k, way ahead of the £150k salaries at the top-paying UK firms.
Dentons UKIME revenue grows 6% to top £280m
Dentons has posted a 6% increase in revenue to hit a record £280.5m for its business in the UK, Ireland and the Middle East (UKIME) as it becomes the latest law firm to record notable gains for the 2023/24 financial year. The result follows revenue growth slowing to 2% in FY23 to £265.1m amid high inflation, having jumped 14% the year before.
Travers Smith rings in record results as PEP grows 18% £1.3m
Travers Smith has posted a record set of financial results, growing turnover by 9% to £215m against an 18% increase in profit per full equity partner (PEP) to £1.3m. The provisional results for the year ended 30 June, which saw a 22% increase in profit to £77m, mark a strong rebound for the leading private equity-focused UK independent, which posted flat PEP of £1.1m in FY23 against a 1% increase in turnover.
TLT posts double-digit revenue increase as UK firm continues national expansion plans
National law firm TLT has posted a double-digit revenue increase for the past financial year, the latest UK firm to post positive financial results despite a tough market backdrop. Turnover rose 12% to £174m on an annualised basis, though the firm didn’t disclose profits or profit per equity partner. TLT adjusted its financial reporting dates for this period, which ran for 11 months from 30 April 2023 to 31 March 2024.
Bird & Bird hits double-digit revenue growth again as profit and PEP move higher
Bird & Bird posted a double-digit increase in turnover in the 2023/24 financial year, which the firm says marks 32 years of continuous growth. Revenue rose 10.2% to €632m in FY24, albeit at a slightly slower pace than the 10.8% increase posted in the previous financial year. Meantime, net profit edged up 5.4% and profit per equity partner (PEP) also increased 8.1% to €837k.
Simmons PEP pushes past £1m as turnover grows 10% to £574m
Simmons & Simmons has reported strong revenue and profit growth in the year ending 30 April 2024, after profits stalled in FY23 amid high inflation and rising costs. The firm's revenue rose 10% to £574m while profits, which inched up 2% the year before, grew 8% to £204m. Meantime profit per equity partner rose 7% to £1,076k, having flatlined in FY23 at £1m.
Clifford Chance posts record global revenue and profit growth amid ongoing US push
UK Magic Circle firm Clifford Chance has reported record global revenue and profit for the financial year ending April, fuelled by a surge in US turnover. Revenue increased 9% to £2.3bn – the biggest jump since 2017 – while partnership profit rose 10% to £856m. Profit per equity partner increased marginally to £2.04m, up from £2m in 2023. US revenue jumped 28%, delivering its best performance to date following a sustained period of investment in the world’s most lucrative legal market.
Cooley's London chief takes team to Akin
The managing partner of Cooley's London office has left the firm at the head of a three-partner transactions team to join Akin. Justin Stock has joined Akin as international head of its technology practice alongside Stephen Rosen, who led Cooley's London corporate team, and David Bresnick.
New Kirkland policy allows it to withhold pay from defecting partners
Kirkland & Ellis can hold back deferred pay of partners who defect to other firms, under a new policy the firm has introduced this week. Kirkland's equity partners receive around 45% of what they make each year, with the firm holding back 55% until the following year according to Financial News, which first reported the pay policy change. The new policy gives Kirkland the ability to withhold that pay for partners who leave for other firms.
Ashurst sets sights on £1bn turnover as PEP jumps 14% to £1.3m
Ashurst is aiming to become a £1bn firm next year after a strong performance across all its regions and industries fuelled a 9% rise in turnover to £961m in the year ended 30 April 2024. The increase is more or less in line with the 10% growth the Anglo-Australian firm reported last year. Meantime profits per equity partner jumped 14% to £1.3m, surpassing the previous record of £1.175m the firm reported in 2022 before PEP dipped marginally to £1.170m in FY23 amid high inflation and rising costs.
White & Case swoops for Ropes' Europe secondaries lead in London
White & Case has bolstered its investment funds practice in London with the hire of a partner from Ropes & Gray. Alexandra Chauvin has joined the 2,800-lawyer firm after two-and-a-half years at Ropes, where she led the European secondaries team from London.
Brodies reports 14th consecutive year of revenue growth as PEP dips
Brodies has recorded its 14th consecutive year of revenue growth, upping turnover 7.5% in the year year to 30 April 2024 to £114.3m. The firm – which in 2023 became the first Scottish headquartered law firm to report income over £100m – grew operating profit slightly from £48.6m to £49.2m, while profit per equity partner was recorded at £846k, down marginally from £848k the year before.
Clyde & Co ups revenue 10% as profits tops £170m
Clyde & Co grew revenue by 10% in the 2023/24 financial year to £845m, marking the 26th consecutive year the UK firm has increased turnover. The growth followed Clydes upping revenue an eye-catching 20% the year before off the back of its merger with UK firm BLM, which went live in July 2022 and added 600 lawyers and almost £100m in revenue. Meantime profits increased 3% on the previous year to £174.4m and profits per equity partner rose 4.4% to £739k, up from £708k the year prior.
Shoosmiths' revenue passes £200m milestone as PEP jumps 16%
Shoosmiths' revenue has passed the £200m mark for the first time, rising 6% to £206.7m in the 2023/24 financial year against a 16% jump in profits per equity partner (PEP). The 650-lawyer firm’s profits also climbed to £66m, a 5% increase, as PEP rose to £781k from £676k last year. Shoosmiths said the results underscored its ambition to become a leading upper mid-market law firm, serving clients nationally and internationally, by 2030.
Gibson Dunn secures privacy partner in London from Goodwin
Gibson Dunn has hired a partner in London from Goodwin Procter to strengthen its privacy, cybersecurity and data innovation practice. Lore Leitner has joined the 1,900-lawyer firm after nearly three years as a partner at Goodwin, before which she practised as of counsel as Wilson Sonsini.
Raft of City firms up NQ salaries amid ongoing pay war
A clutch of firms including Herbert Smith Freehills, DLA Piper and HFW have announced they are upping pay for their newly qualified lawyers in London, amid an ongoing junior salary war that has seen rounds of raises on both sides of the Atlantic. Herbert Smith Freehills (HSF) boosted its NQ pay on 1 July to £135k, a 12.5% increase on its previous £120k. As of the start of September the firm will also increase pay from £50k to £56k for first year trainees and from £55k to £61k for second years.
Fieldfisher grows revenue 10% as PEP sees modest increase
Fieldfisher has reported 10% revenue growth in its latest financial results, hitting £359m against a modest 4% rise in profits per equity partner (PEP) to £966k. The rise in PEP follows an 11% fall in FY23, meaning that it remains significantly short of the £1.05m PEP the firm recorded in FY22. Fieldfisher's latest figures cover the 11 months of trading to 31 March 2024 – the firm's new year-end date – and compare them against the same period in the previous financial year.
HFW revenue passes £250m revenue milestone fuelling 8.8% rise in PEP
Top 30 UK firm HFW has posted record results in the second year of its new strategy, growing revenue by 11.4% to £251m in the 12 months to the end of March against an 8.8% jump in profit per equity partner (PEP) to £855k. The firm said that for the second consecutive year it had set new highs in every key revenue and profit metric, and in every group and region.
William Fry appoints head of corporate as next managing partner
William Fry has appointed corporate heavyweight Stephen Keogh to serve as the firm’s next managing partner. Keogh, currently head of William Fry's corporate and M&A department, will succeed Owen O'Sullivan in November at the end of his four-year term. Owen, the former head of disputes and litigation, will take on a consultancy role on his retirement from the partnership at the end of 2024. Stephen, who trained at William Fry and became a partner in 2005, has a wealth of management experience.
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