1 May 2006
Allen & Overy has lost another partner to a US firm, this time seeing London-based corporate partner Michael McDonald defect to Cleary Gottlieb Steen & Hamilton.
Arendt & Medernach and Elvinger Hoss & Prussen were the main beneficiaries of the double-digit growth in the Luxembourg funds market.
The average profit per equity partner (PEP) at the top 100 US firms broke through the $1m barrier for the first time last year while an unprecedented seven firms smashed the $1bn gross revenue mark.
Beachcroft Wansbroughs is set to hire two external non-executive directors as it marks its conversion to LLP status with the formation of a new management board.
The biggest project in the European market is proving to be one massive headache for the lawyers. The Galileo satellite navigation project, designed to rival the US global positioning system (GPS) network, is a much-lauded, much-publicised pan-European operation that is meant to be the showcase of EU public and private sector cooperation.
Bird & Bird has appointed eight new partners, seven of which work in the firm’s European offices.
Berwin Leighton Paisner (BLP) has promoted a record 13 associates to its partnership.
In the first high-profile piracy dispute between two Western companies in China, a Shanghai court has fined French retailer Carrefour £25,000 for selling fake Louis Vuitton handbags.
Clifford Chance’s revenues are set to break through the £1bn barrier this year in preliminary figures released by the firm.
Clifford Chance has appointed its first global learning and development partner in a bid to develop and streamline the firm's legal and business services training programmes.
Cloisters chambers has overhauled its strategy in order to reinforce its reputation as a crusader fighting for the rights of individuals against authority.
Clyde & Co has improved its ratio of female partners by making up two women in its latest round of promotions.
Pension trustees are facing increasing scrutiny over the potential conflicts created by their outside loyalties. But it is unrealistic to expect individual trustees to leave behind their other duties, roles and loyalties entirely while acting as trustees. In the modern world, conflicts cannot be avoided. They can, however, be managed. So long as trustees are aware of the potential for conflict and know what is required of them as trustees, they can still carry out their trustee duties.
Just when the merger of bookstore chains Waterstone's and Ottakar's looked set to go ahead, Tim Waterstone put a spanner in the works with an offer to buy Waterstone's from HMV. The £280m offer from the business's founder has been rejected by shareholders, but it was a scare that Simmons & Simmons could have done without. The firm, which represented HMV, recently won merger clearance from the Competition Commission.
Norton Rose has advised German property fund Commerz Grundbesitz Investmentgesellschaft (CGI) on the off-market sale of Linklaters' headquarters to Beacon Capital Partners. Norton Rose real estate partner Robin Mitchell led the work for the vendors, while Ashurst Hugh Lumby acted for the buyers.
Longtime collaborators DLA Piper Rudnick Gray Cary and Phillips Fox are set to formalise their relationship.
Denton Wilde Sapte (DWS) is looking to bolster its technology media and telecoms (TMT) practice after bagging mandates on three IT deals in three weeks, including its first outsourcing instruction from Lloyds TSB.
Denton Wilde Sapte is set to rebuild its partnership with 26 promotions after losing almost a fifth of its partners over the past two years.
The European Court of Justice (ECJ) has plunged the tax world into confusion after an opinion yesterday (2 May) on the way companies are taxed on profits made in foreign jurisdictions.
Fox Williams’ Ronnie Fox has set up a brand new employment boutique following his departure from the firm he co-founded 17 years ago.
Eversheds and Berrymans Lace Mawer have won a controversial House of Lords case limiting the amount of compensation which can be claimed by the victims of asbestos-related diseases.
City law firms could face a collective refurbishment bill estimated at £240m if expansion plans to take on an additional two million sq ft of office space over the next three years come to fruition.
A former Simmons & Simmons lawyer is setting out to help vulnerable children in Pakistan and build up a network highlighting the value of pro bono work in the country.
Revenues at Field Fisher Waterhouse has hit the £60m mark, boosting turnover by 15% this year.
When the partners at Lancashire firm Napthens Solicitors decided to examine their strategy, they looked outside the legal profession for the person who would do the review. The chosen candidate was former HSBC area director Ian Higginbotham.
Freshfields Bruckhaus Deringer has launched a full-scale review of its cherished all-equity partnership model, including the possibility of de-equitising partners.
Freshfields Bruckhaus Deringer has appointed London partner Chris Morris as global real estate practice head, with Friedrich Heilmann to act as his deputy.
Freshfields Bruckhaus Deringer and Simmons & Simmons have become the latest firms to announce significant pay rises for their associates.
Gleiss Lutz advised longstanding client Blackstone on its first investment in a government-controlled company.
Boston-based Goodwin Procter has launched an assault on California, opening in Los Angeles (LA) and San Francisco on the back of raids on Pillsbury Winthrop Shaw Pittman and Cooley Godward.
The government has finally approved the Law Society's new conflicts of interest rules, nearly a year after they were drafted.
Cipa and Itma: too close for comfort
With the prospect of hedge fund listings arriving on our shores, regulators want less potential for conflicts and wider access for mainstream retail investors. By Jonathan Herbst"
Hammonds is to radically reform the way it handles resignations and notice periods of departing partners once the firm's 14-month lock-in ends in June.
Herbert Smith has advised longstanding client Yell on its proposed takeover of Spanish rival Telefonica Publicidad e Informacion (TPI).
Four New Square has unveiled a record turnover of £18.5m, a rise of 16 per cent from the previous financial year.
Hunton & Williams has advised on the third AIM listing of a special purpose acquisition corporation (Spac),a niche US investment vehicle structure.
Ince & Co has returned to its maritime roots with four new partners, all based in the firm's foreign offices.
Like Milan's football clubs Internazionale and AC Milan, the rivalry between Italy's two biggest law firms, Bonelli Erede Pappalardo and Gianni Origoni Grippo & Partners, is inspired by more than just healthy competition.
International Power is to hand more authority to its Middle East general counsel after the departure of David Wadham for Ashurst.
Icelandic firm Logos has set its sights firmly on the London market. As first reported by The Lawyer (13 March), the firm has followed Icelandic companies to the UK in the hope of benefiting from this increased investment.
The Irwin Mitchell partner advising 150 families affected by the human form of mad cow disease has hit out at the Department of Health's (DoH) handling of the compensation scheme set up to support his clients.
Manchester and Leeds set Kings Chambers overcame a difficult first half of the year to post a 2 per cent income rise to £13.5m in 2005-06.
The fight over the Parliamentary Ombudsman's findings regarding the Government's misleading advice to pensioners is set to continue - and Europe is the next battleground. David Gallagher reports
Lawrence Graham is to focus on growth in India after seeing its revenue from the country more than triple during the past two years.
Bill Richards, senior partner of Lawrence Graham, and Simon Johnson, his opposite number at Nabarro Nathanson, were both recently spotted doing lengths in the RAC's swimming pool. Is this the key to the property firms' success?
The roles were reversed within the magic circle in New York last week. While Allen & Overy (A&O) and Clifford Chance made their presences felt with new lateral hires, Linklaters suffered its first group defection.
Lovells has raised newly-qualifieds' salaries by 6 per cent to overtake Allen & Overy (A&O), but it still trails Linklaters as this year's first associate salary hikes are revealed.
Lovells has lost a five-lawyer banking and finance team, including two partners, from its Berlin office.
Philip Collins is braver than most. The 58-year-old veteran competition lawyer has courageously traded in a relatively quiet spell at a US firm to take on one of the toughest remits in the City - the role of chairman of the Office of Fair Trading (OFT).
Tulkinghorn is often privy to sensitive information. He respects the courage lawyers summon up to keep him informed of developments. But it is apparent that some have more pluck than others.
Norton Rose's Dubai-based partner Zubair Mir led an international team acting for the Emirates Telecommunications Corporation (Etisalat) on its $2.65bn (£1.48bn) acquisition of 26 per cent of the Pakistan Telecommunications Company (PTCL).
Norton Rose has appointed its first local managing partner for its Greek operation and is to move into new Athens offices as part of plans to double in size.
Olswang is kicking off its new financial year with the acquisition of property boutique Kanter Jules.
With free healthcare, but means-tested social care, people in England and Wales are getting a raw deal
If you strolled into your firm with a cheque for $200m (£111.9m), your managing partner would probably single you out for a little praise come the year-end. Thanks to the recent raft of big paydays for firms willing to take cases on a contingency basis, notably in the area of so-called 'patent troll', a number of lawyers have become familiar with that feeling.
When it comes to insurance, if you're not in EC3 then you're nowhere. One insurance-minded US firm's partner was recently bragging to Tulkinghorn about his networking prowess.
Pillsbury Winthrop Shaw Pittman has overhauled its management team, electing real estate partner James Rishwain as chairman and installing a new board.
Civil and criminal set Seven Bedford Row is celebrating a nine per cent income increase - but revenue per barrister has dipped below the £200,000 mark after a hiring spree.
Richards Butler has scooped the lead advisory role for Microsoft Game Studios on its takeover of UK company Lionhead Studios. It is the first time the firm has acted for Microsoft on an acquisition.
Richards Butler has raided Stephenson Harwood, taking shipping litigation partner Mark O’Neil, marine manager Ron Clark as well as a team of assistants.
With its first in-house lawyer in place, the Rugby Football League is getting tough on both drugs and external advisers.
The queue for tickets is already forming - probably - because Denton Wilde Sapte's drama society is back.
She was sleepless in Seattle, she was the Sally who met Harry and she was addicted to love. But it is as SJ Berwin's new female partner this year that Meg Ryan is taking on her toughest role yet. Playing the part of 'feisty litigation partner Nicola Bridge', Ryan has to battle the prejudices of a male-dominated world while defending the rights of a client everyone thinks is guilty, but in whom she alone ...
Slaughter and May has enticed Morgan Stanley in-house counsel Lisa Chung back to the firm’s Hong Kong office after a year with the global investment bank.
Speechly Bircham added five to its partnership with its fourth lateral hire of the year and four internal promotions.
City slicker lawyers turned out in force at Lord's last week for the Aspire annual charity sports quiz dinner, and Tulkinghorn was happy to support the cause as a guest with Bircham Dyson Bell (Boogie Down).
A group of seven leading criminal barristers this morning (4 May) confirmed the establishment of a new ‘super set’ in Smithfield.
Pension fund trustees are looking to the provisions of the Pensions Act 2004 to protect the interests of members in the case of bankruptcy. By Andrew Visintin and Grant Jones
The end for James Chapman & CoThere has been speculation for ages about the fate of James Chapman & Co.
The Financial Services Authority is changing its mode of regulation relying more on its 11 Principles of Business. But can such an approach be enforced? Peter Bibby reports
And so the Kirkland & Ellis recruitment saga draws to a close with the hire of leveraged finance partner Stephen Gillespie from Allen & Overy (A&O).
What was your first-ever job? Selling old books to customers who looked even older in an antiquarian bookshop in Bournemouth.
Beachcroft Wansbroughs has made up three partners, all female, in its smallest round of promotions for three years.
With the right mental preparation, adapting to a new career after the law can be a cinch, says Peter Barton
San Francisco-based IP firm Townsend and Townsend and Crew has opened an office in Tokyo.
Watson Farley & Williams has promoted three associates to the partnership this year, two of whom started as trainees in 1995.
Weightmans has sailed off with two lawyers from DLA Piper Rudnick Gray Cary, ending the firm's marine law capability in Liverpool.
Birmingham giant Wragge & Co has posted a 28.7 per cent increase in average profit per equity partner (PEP) for the 2005/06 year, rising from £307,000 to £395,000.Average PEP growth slowed during the past year compared to the recorded 47.6 per cent hike in 2004/05. But turnover shot up almost 15 per cent, tipping revenues into triple figures for the first time, at £101.3m.Net profit hit £41m, ...
Feeling burnt out? Depressed? Disheartened? Obviously what you're missing in your life is a little corporate spiritualism.
Chancery set XXIV Old Buildings is celebrating a 23 per cent rise in revenue per barrister, posting an average income of £434,000 for each of its 29 members.