The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Herbert Smith’s plans for a German launch following the collapse of its alliance with Gleiss Lutz face delay due to a 12-month non-compete clause in the alliance agreement.
The UK firm is said to be eyeing a German launch after it pulled out of the alliance when Gleiss and Benelux firm Stibbe voted against a three-way merger last week. Sources said the UK firm was expecting a yes.
The more traditional Stuttgart office is said to have swung the vote for the no campaign, with the European-focused Frankfurt and Düsseldorf offices more in favour of a merger.
German legal magazine Juve said more than 75 per cent of partners voted no.
Sources said Herbert Smith now wanted to launch in Germany through lateral hires. But the alliance agreement stops it from competing locally for 12 months, and a raid on Gleiss could be stalled by a partner lock-in, although Gleiss denied this. One compliance partner is said to be leaving Gleiss to join a rival but is being held back by the firm.
A source said Gleiss equity partners would “sleep soundly in their beds in the short term”, but that the firm might suffer once Herbert Smith launches in Germany.