Linklaters storms FTSE 100 as Norton Rose Fulbright, Slaughters pump up client lists

Linklaters and Kerman & Co are the big winners in the latest quarter’s rankings of law firms by number of listed clients, with the former’s FTSE 100 client count jumping by four to put it ahead of Freshfields Bruckhaus Deringer.

Linklaters’ FTSE 100 client list grew from 24 in the first quarter of 2013 to 28, with additions including Aggreko, Barclays, Prudential, Resolution, RSA Insurance Group and Vedanta Resources.

The magic circle firm lost Kazakhmys and Intu Properties from the list because both companies were demoted from the elite index in March.

Freshfields is static on 24 FTSE 100 clients.

The rankings are compiled by Adviser Rankings, the successor to Hemscott and Morningstar. Some of the new clients can be a result of firms being more thorough in their submissions than previously rather than client wins alone.

Linklaters’ FTSE 250 client list also grew from 24 to 28 a result of gaining Kier Group and Man Group, as well as the addition of Kazakhmys and Intu to the second-tier index.

The firm won Kier Group after courting it for around two years, recently taking the lead role for the construction and property group on its acquisition of infrastructure and maintenance outfit May Gurney earlier this year. Corporate partner James Inglis led for Kier, while Eversheds’ Stephen Nash advised May Gurney.

Inglis commented: “In the current market firms have been making an effort to build their client base so it may be that clients are taking advantage of the opportunity to review their law firm panels. Certainly we’ve been actively looking to build relationships with a number of FTSE 100 and 250 companies and we are pleased with the success we have had.”

Meanwhile, Kerman & Co increased its AIM client count from 24 to 30 to put it above Stephenson Harwood, Norton Rose Fulbright, Appleby and Eversheds.

New additions for the West End firm include Cyprus-based Dekel Oil, which corporate partner Michael Corcoran advised on its admission to AIM earlier this year, as well as Gold Oil, which it guided through its share placing and sale of Plectrum Petroleum to Union Oil & Gas Group, with corporate partner Joan Yu leading on both deals for Gold Oil.

Kerman & Co partner Keith Dempster said the firm had put a heavy focus on its basic materials and oil and gas groups and was now seeing the rewards of this.

“What’s happening is as AIM has been increasingly skewed between these two sectors, that’s probably been reflected in the way we’ve moved generally up the tables in terms of number of clients,” he said.

Other major improvers included Norton Rose Fulbright, which increased its FTSE small clients list from 27 to 29 to put it above Slaughter and May on 26. It also gained FTSE 100 clients Prudential and Randgold Resources and FTSE 250 outfit Centamin. Randgold had previously used the firm.

Meanwhile, Slaughters grew its lead at the top of the table for all listed clients by adding four clients to its previous tally of 112. It also extended its FTSE 100 count from 29 to 30 by adding chemicals group Croda International. Last quarter it was static at the top of the FTSE 100 list and gained two FTSE 250 clients including materials group Morgan Crucible (18 March 2013).

This quarter’s FTSE 250 additions for Slaughters – taking it from 44 to 46 – were Dialight, Schroder AsiaPacific Fund and Thomas Cook, while it lost Aegis Group because it left the FTSE 250. Morgan Crucible changed its name to Morgan Advanced Materials.

Adviser Rankings for the second quarter of 2013 in full:

AIM clients

Rank Rank last quarter Firm Client count this quarter Client count last quarter
1 (1) Pinsent Masons 53 (51)
2 (2) Memery Crystal 43 (44)
3 (3) Lawrence Graham 41 (39)
4 (3) Carey Olsen 39 (39)
5 (5) Fasken Martineau 35 (33)
6 (8) DLA Piper 30 (28)
6 (12) Kerman & Co 30 (24)
8 (8) Stephenson Harwood 29 (28)
9 (7) Norton Rose Fulbright 28 (29)
10 (11) Appleby 27 (26)
10 (6) Eversheds 27 (31)

FTSE small-cap clients

Rank Rank last quarter Firm Client count this quarter Client count last quarter
1 (2) Norton Rose 29 (27)
2 (1) Slaughter and May 26 (29)
3 (3) Dickson Minto 23 (23)
4 (3) Herbert Smith Freehills 22 (23)
5 (5) Eversheds 21 (22)
6 (6) Ashurst 20 (20)
7 (7) Maclay Murray & Spens 19 (19)
8 (8) Stephenson Harwood 17 (17)
9 (10) Carey Olsen 16 (14)
10 (11) Linklaters 14 (13)
10 (9) Pinsent Masons 14 (15)

FTSE 250 clients

Rank Rank last quarter Firm Client count this quarter Client count last quarter
1 (1) Slaughter and May 46 (44)
2 (2) Linklaters 28 (24)
3 (2) Ashurst 23 (24)
3 (4) Freshfields Bruckhaus Deringer 23 (23)
5 (4) Herbert Smith Freehills 22 (23)
6 (6) Allen & Overy 17 (16)
7 (7) Pinsent Masons 14 (14)
8 (8) DLA Piper 13 (13)
8 (9) Norton Rose Fulbright 13 (12)
10 (10) Mourant Ozannes 11 (11)

FTSE 100 clients

Rank Rank last quarter Firm Client count this quarter Client count last quarter
1 (1) Slaughter and May 30 (29)
2 (2) Linklaters 28 (24)
3 (2) Freshfields Bruckhaus Deringer 24 (24)
4 (4) Allen & Overy 20 (19)
5 (5) Herbert Smith Freehills 18 (17)
6 (6) Ashurst 10 (9)
7 (8) Addleshaw Goddard 8 (7)
8 (7) Clifford Chance 7 (8)
9 (9) Eversheds 6 (6)
9 (10) Pinsent Masons 6 (5)

All listed clients

Rank Rank last quarter Firm Client count this quarter Client count last quarter
1 (1) Slaughter and May 116 (112)
2 (2) Pinsent Masons 95 (93)
3 (2) Herbert Smith Freehills 90 (93)
3 (4) Norton Rose Fulbright 90 (85)
5 (5) Carey Olsen 83 (80)
6 (8) Linklaters 75 (66)
7 (7) Ashurst 73 (74)
8 (6) Eversheds 68 (76)
9 (8) Freshfields Bruckhaus Deringer 67 (66)
10 (10) DLA Piper 62 (60)

Selected client wins, losses and index changes

Firm Index/reason for change
PINSENT MASONS  
New clients All Leisure AIM
Desire Petroleum AIM
Trinity Exploration & Production AIM
Murray International Trust FTSE 250
William Hill FTSE 100
Beale NO INDEX
Lost clients Beale SMALL CAP
Valiant Petroleum TAKEN OVER (ex-AIM)
William Hill FTSE 250
Cosalt TAKEN OVER (NO INDEX)
LAWRENCE GRAHAM
New clients Belvoir Lettings AIM
Stanley Gibbons AIM
Lost clients N/A
ASHURST
New clients William Hill FTSE 100
New Britain Palm Oil NO INDEX
Lost clients Bayfield Energy Holdings NAME CHANGED TO TRINITY EXPLORATION & PRODUCTION (AIM)
Nautilus Minerals AIM
William Hill FTSE 250
HERBERT SMITH FREEHILLS
New clients EasyJet FTSE 100
Lost clients Sherborne Investors DELISTED, ex-AIM
Valiant Petroleum TAKEN OVER (ex-AIM)
Thames River Multi Hedge CANCELLATION OF ORDERS (ex-SMALL CAP)
EasyJet FTSE 250
NORTON ROSE FULBRIGHT  
New clients Avocet Mining FTSE SMALL CAP
Prudential FTSE 100
Randgold Resources FTSE 100
Centamin FTSE 250
Crest Nicholson Holdings NO INDEX
Greencoat UK Wind NO INDEX
Starwood European Real Estate Finance NO INDEX
Lost clients Archipelago Resources AIM
Starwood European Real Estate Finance SMALL CAP (Norton Rose Fulbright continues to act for the company, which has moved indices)
MEMERY CRYSTAL
New clients Arian Silver Corporation AIM
Norcon AIM
Goldplat AIM
Bisichi Mining NO INDEX
Lost clients Caledonia Mining Corporation AIM
Black Mountain Resources AIM
Polo Resources AIM
Valiant Petroleum TAKEN OVER (AIM)
LINKLATERS
New clients Aquarius Platinum FTSE SMALL CAP
Aggreko FTSE 100
Barclays FTSE 100
Prudential FTSE 100
Resolution FTSE 100
RSA Insurance FTSE 100
Vedanta Resources FTSE 100
Kazakhmys FTSE 250
Intu Properties FTSE 250
Kier Group FTSE 250
Man Group FTSE 250
Lost clients Capital Shopping Centres NAME CHANGED TO INTU PROPERTIES (in FTSE 100)
Kazakhmys FTSE 100
SLAUGHTER AND MAY INDEX
New clients Bellzone Mining AIM
Helphire AIM
Croda International FTSE 100
Dialight FTSE250
Morgan Advanced Materials FTSE 250
Schroder AsiaPacific Fund FTSE 250
Thomas Cook FTSE 250
Esure NO INDEX
Countrywide NO INDEX
Lost clients Aegis DELISTED (ex-FTSE 250)