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.
Star practices/people Latham & Watkins, once happy to be known as a West Coast firm, is now one of the most significant firms in New York and, indeed, the world. There are still some on Wall Street who dispute this, but Latham, originally propelled by its strength in high-yield, has arrived.
Finance has long been the calling card and co-head of global banking Marc Hanrahan has been instrumental in driving the firm’s transatlantic growth in recent years. He moved over from Skadden four years ago, bringing his extensive client base (which includes Credit Suisse and Goldman Sachs) with him. The fact that Latham is the law firm of choice for a major chunk of Goldman’s leveraged finance work says everything about its finance credentials.
In London, the high-yield practice emulates Latham’s practice in the US, although its lack of City visibility has not contributed to its transatlantic brand. But the firm’s finance résumé has helped propel it into the Sweet Sixteen.
High-yield star performer Kirk Davenport lists Goldman, Bear Stearns and UBS among his clients, while the firm’s overall growth is linked to that of its largest private equity client Carlyle. Other key private equity clients include Charterhouse, One Equity and BC Partners.
Weaknesses Latham is counting on its litigation group to sustain it through the downturn. Unfortunately, although weighty in numbers, the profile of the disputes group fails to match finance or corporate. And with minimal restructuring capabilities on board, Latham may find itself tested if the credit crunch continues to bite. Its swiftly assembled European offices have not shown stellar growth.
International The global network now includes Latham’s three offices in the Middle East following the firm’s groundbreaking, simultaneous three-office launch in Abu Dhabi, Dubai and Qatar. Latham’s relationship with sovereign wealth fund Qatar Investment Authority was a motivating factor for the firm’s assault on the Middle Eastern market. Given that the emerging markets have fared better than the Western financial centres during the credit crunch, Latham is focusing its attention on the right area.
The verdict Latham stands out among the Sweet Sixteen for its rare combination of law delivered locally but with New York standards. The unique culture this engenders gets it to the top of deals tables and secures it a place among the elite. More than any other firm in this group, Latham has taken a blank-page approach to making a global partnership coalesce. This year’s results prove it has paid off in spades.