Slaughters grows FTSE 250 lead with key client additions

Slaughter and May has extended its lead at the top of the FTSE 250 client rankings for the first quarter of 2013 in a market that has seen little change at the top end.


Stephen Cooke
Stephen Cooke

Data provided by Adviser Rankings Limited shows a largely static quarter in FTSE 100, FTSE 250 and Aim client tables.

Slaughters held steady at the top of the FTSE 100 table with 29 clients but added two FTSE 250 clients in the shape of insurer Direct Line and material group Morgan Crucible, lifting its count in the index from 42 to 44.

The firm was brought in to advise Direct Line alongside existing adviser Allen & Overy on its IPO last year (14 September 2012).

It also won Morgan Crucible last year after corporate partners Stephen Cooke and Simon Nicholls pitched for the company’s legal work, which has not yet involved a major transaction.

Cooke commented: “We’re always sniffing around for new clients. We play the long game. We go for the clients, not the deals. Build it and they will come. The reality with the FTSE 100 is you have to look at it over a much longer period. To me, the trends over ten years or so – where we do well – are what matters. We’re top of all the three ranking across the board – FTSE 100, 250 and listed.”

Ashurst remains second for FTSE 250 clients but dropped by one client due to the exit of Shanks into the small-cap indices.

Linklaters rose from fourth to second, increasing its FTSE 250 client count from fourth to second by adding Alent and Vesuvius, both formed when existing Linklaters client Cookson split in two.

Herbert Smith Freehills’ (HSF) FTSE 250 count dropped from 24 to 23 after the firm lost client TUI Travel from its roster because it moved up to the FTSE 100, causing it to dip below Linklaters into joint fourth place with Freshfields Bruckhaus Deringer.

There was minimal change in the FTSE 100, with Allen & Overy dropping by one client from 20 to 19 but retaining fourth place behind Slaughters, Freshfields and Linklaters. HSF gained one client in the elite index but remains fifth.

Aim saw more movement, with Pinsent Masons keeping the top spot after adding three new clients, Aimshell Acquisitions, IPSA Group and Tyman, and losing two: Autoclenz Holdings and Lupus Capital.

Memery Crystal remains second but saw its Aim client roster shrink by one after it gained EQ Group and Hunter Resources but lost Evolve Capital, Gem Biofuels and Kingswalk Investments. Evolve has delisted from Aim.

Offshore firm Carey Olsen remains third but moved down by one quoted client, losing Sofia Property Fund, which has also delisted.

Adviser Rankings, which compiles the tables, was formed by former employees of Morningstar (previously Hemscott), which last year chose to exit the law firm rankings business. The latest rankings cover the period from 2 November 2012 to 7 February 2013.

Morningstar data has previously showed how Pinsents had stormed to the top of the Aim rankings after its merger last year with Scotland’s McGrigors, displacing usual leader Memery Crystal (29 October 2012).

FTSE 100, FTSE 250 and AIM: the top ten

FTSE 100 clients
Rank February 2013 Rank November 2012 Firm Clients, February 2013 Clients, November 2012
1 1 Slaughter and May 29 29
2 2 Freshfields Bruckhaus Deringer 24 24
2 2 Linklaters 24 24
4 4 Allen & Overy 19 20
5 5 Herbert Smith Freehills 17 16
6 6 Ashurst 9 9
7 7 Clifford Chance 8 8
8 7 Addleshaw Goddard 7 8
9 9 Eversheds 6 6
10 10 Carey Olsen 5 5
10 10 Hogan Lovells 5 5
10 10 Pinsent Masons 5 5
FTSE 250 clients
Rank February 2013 Rank November 2012 Firm Clients, February 2013 Clients, November 2012
1 1 Slaughter and May 44 42
2 2 Ashurst 24 25
2 4 Linklaters 24 23
4 4 Freshfields Bruckhaus Deringer 23 23
4 3 Herbert Smith Freehills 23 24
6 6 Allen & Overy 16 15
7 7 Pinsent Masons 14 14
8 8 DLA Piper 13 13
9 9 Norton Rose 12 12
10 14 Addleshaw Goddard 11 10
10 11 Clifford Chance 11 11
10 9 Dickson Minto 11 12
10 11 Eversheds 11 11
10 11 Mourant Ozannes 11 11
AIM clients
Rank February 2013 Rank November 2012 Firm Clients, February 2013 Clients, November 2012
1 1 Pinsent Masons 51 50
2 2 Memery Crystal 44 45
3 3 Carey Olsen 39 40
3 3 Lawrence Graham 39 40
5 5 Fasken Martineau 33 33
6 6 Eversheds 31 31
7 7 Norton Rose 29 30
8 7 DLA Piper 28 30
8 9 Stephenson Harwood 28 27
10 10 Field Fisher Waterhouse 27 26
Total stock market clients
1 1 Slaughter and May 112 110
2 2 Herbert Smith Freehills 93 94
2 3 Pinsent Masons 93 93
4 4 Norton Rose 85 85
5 5 Carey Olsen 80 82
6 6 Eversheds 76 77
7 7 Ashurst 74 73
8 9 Freshfields Bruckhaus Deringer 66 65
8 8 Linklaters 66 66
10 10 DLA Piper 60 62

Source: Adviser Rankings Limited