12 January 2009

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Cadwalader’s profit per point drops 38 per cent

Cadwalader Wickersham & Taft’s profit per point dropped by 38 per cent during the last year, despite the firm reporting a profit per equity partner (PEP) slump of ‘only’ 30 per cent, The Lawyer can reveal. Sources at Cadwalader were celebrating the PEP drop of 30 per cent, from $2.73m (£1.87m) in 2007 to $1.88m […]

Pillsbury Winthrop revenue down, profit static

Pillsbury Winthrop Shaw Pittman has posted end of year financial results that reveal a slight dip in revenue and effectively flat net profit growth. Pillsbury’s gross revenue was $576m (£313.8m), down 2.4 per cent from $590m (£295m) in 2007. Net profit grew slightly from $171m (£85.5m) to $171.5m (£93.5m) while remuneration to non equity partners […]

Guardian hires legal chief from Times

The Guardian has poached the head of litigation at Times Newspapers to replace Nuala Cosgrove as legal chief after she left for media regulator Ofcom at the end of last year. Gillian Phillips has been appointed director of editorial legal services at Guardian News and Media (GNM) and will report to editor Alan Rusbridger. Phillips, […]

McDermott’s revenues drop 1.2 per cent

McDermott Will & Emery is the latest US firm to admit a drop in global revenue during the 2008 financial year. While Cadwalader Wickersham & Taft recorded a significantly lower turnover figure, down 13.8 per cent, McDermott’s revenues fell by 1.2 per cent. The firm attracted $966m in 2008 compared with $978m in 2007 while […]

McDermott announces associate bonuses

McDermott Will & Emery has announced associate bonuses for the first time since overhauling its bonus structure. The US firm amended the associate bonus structure in February to be in line with partner bonuses set on calendar year instead of the traditional October time table. McDermott associates have received a portion of their annual bonuses […]

Ofsted to form in-house legal team

Ofsted is set to create its first in-house legal team and is appointing a head of legal services to oversee the process. The schools inspection agency has never employed an in-house lawyer, having previously relied on the Treasury Solicitors for legal advice. The new head of legal services will reported directly to members of the […]

Why is Northern Rock like a truffle?

13:37Grabiner wasted no time in rubbishing the arguments put forward by shareholders, but – perhaps in deference to the aggrieved Geordies in court – he was not his usual flamboyant self. 16-January-2009, 13:37 Grabiner wasted no time in rubbishing all the arguments put forward by shareholders large and small, but – perhaps in deference to […]

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Field Fisher cuts 31 jobs as consultation ends

Field Fisher Waterhouse (FFW) has cut 31 support staff after a redundancy consultation lasting two months. The consultation began on 14 November and involved 175 employees of the firm. The cuts come after a separate consultation in the firm’s real estate department last September, which saw five fee earners and six secretaries leave the firm […]

A&O to make 10 redundancies in Hong Kong

Allen & Overy (A&O) is in redundancy consultations with up to 10 lawyers in its Hong Kong office, after seven of its partners there quit to join Latham & Watkins last year (The Lawyer, 20 October 2008). A&O declined to confirm the number of jobs at risk. In a statement the firm said: “Our business […]

Revenue and PEP up almost 10 per cent at Cleary

Revenue at Cleary Gottlieb Steen & Hamilton rose 8 per cent during the 2008 financial year while profit per equity partner (PEP) was up 9 per cent. PEP at Cleary was $2.33m last year compared with $2.14m in 2007, sources indicate, while global revenue at Cleary increased to $961m, up from $890m in 2007. Cleary […]

Special report: Insolvency

For insolvency lawyers the New Year parties are well and truly over as they delve head-first into what could be the busiest 12 months of their careers. In fact, 2009 could be remembered as the year of the insolvency as the number of businesses taken into administration, receivership, liquidation or any of the other more […]

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K&L Gates opens in Frankfurt with Simmons hires

K&L Gates has opened a new German office in Frankfurt with the hire of two Simmons & Simmons partners. The office will focus on corporate, M&A and finance, and will be led by Simmons partners Mathias Schulze Steinen and Frank Thomas. The Frankfurt office is K&L Gates’ second office in Germany, following the firm’s opening […]

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