Job losses, soaring partner profits and Freshfields exits - the best of Legal Week over the past two weeks
The best news, interviews and analysis from Legal Week and ALM over the last week
July 23, 2018 at 05:55 AM
3 minute read
The sun is still shining, numerous people have disappeared on holiday and multiple law firms have announced double-digit hikes in revenue and profit per equity partner (PEP).
But it hasn't all been positive news during the last week or so. Both Ashurst and Ince & Co have concluded redundancy consultations, with 54 secretarial roles set to go at Ashurst and 32 UK positions to go at Ince, as more and more firms look to reorganise their support and secretarial functions.
Meanwhile, one fee earner has been made redundant at CMS in Reading, after the firm opted to scale back its real estate management service in the office in a move that initially put seven fee earners at risk. Most opted to relocate to either Bristol or Sheffield, or took on different roles.
Elsewhere, while both Linklaters and Mishcon de Reya have posted rising revenues for 2017-18, both look to have underperformed against market peers when it comes to PEP, seeing the metric fall on last year.
Meanwhile, Freshfields has seen not one but two high-profile partner exits from its London office, despite putting in a strong financial performance last year.
The best of Legal Week over the last two weeks:
- New law leader UnitedLex targets UK law firm tie-up on back of major US deals
- BBC pay report reveals salary details for corporations top lawyers
- Shearman set for renewed London push as McKimm move raises questions for Freshfields high yield venture
- Freshfields high-yield heavyweight Ward McKimm leaves for Shearman
- Freshfields insolvency linchpin Segal leaving for new career at the Bar
- Deloitte steps down as Linklaters auditor over conflict of interest linked to Arsenal share dispute
- Co-op Bank set to slim down legal panel in first review of inaugural roster
- Incoming Linklaters partner Alison Saunders criticised for failing to take 'urgent action' on disclosure failures as DPP
- Network Rail to appoint four firms to new innovation driven legal panel
- Product replacement: how Freshfields revived its patent litigation bench
- Six law firms included in Stonewall ranking of top global LGBT-friendly employers
- Travers Smith boosts PEP by 24% as revenue soars to almost £150m
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