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International Edition

A slice of the pie – keeping lawyers motivated as equity ranks shrink

For disgruntled lawyers increasingly worried about whether they will ever join the hallowed ranks of their firm's equity partnership, DWF and Wragge & Co are helpful case studies on the sometimes polarised attitudes of legal sector employers. DWF has gatecrashed the UK top 20 following a spurt of mergers, including the pre-pack purchase of Cobbetts, but it has the lowest equity partner proportion of any firm in the top 50. Out of an average partner number last year of 285, only 59 held equity, just 21% of the partnership.
10 minute read

International Edition

In muddy waters, profit margin provides some clarity about best-managed firms

There is no 'silver bullet' metric for measuring the strength and performance of law firms. But profit margins may be a better guide than much-maligned, though closely followed, profits per equity partner (PEP). Average net profit margins at the top 50 firms by revenue – at least the ones that disclose full financial performance – have remained fairly stable over the past three years, rising from 25.8% in 2010-11 to 26.6% in 2011-12, before slipping back to 26.2% in 2012-13, according to Legal Week analysis.
5 minute read

International Edition

McGuireWoods hires FCA chief criminal counsel David Kirk

McGuireWoods has recruited the Financial Conduct Authority's (FCA) chief criminal counsel David Kirk, in the latest example of law firms hiring lawyers with high-level experience of leading government prosecutions. Kirk will join the US firm's government, regulatory and criminal investigations practice at the start of 2014, and advise clients on regulatory and compliance matters, as well as criminal investigations.
2 minute read

International Edition

Cadwalader hires two-partner finance team from Mayer Brown

Cadwalader Wickersham & Taft's London office has hired a top-ranked structured finance team from Mayer Brown, including former finance and banking practice head Bruce Bloomingdale. Bloomingdale, a US-qualified lawyer who splits his time between London and New York, advises financial institutions and corporates on a wide range of transactions, including cross-border securitisations, leveraged finance and asset-backed lending.
2 minute read

International Edition

DLA beefs up corporate team with BLP and Debevoise hires

DLA Piper has secured the hire of former Berwin Leighton Paisner (BLP) corporate heavyweight Patrick Somers. The firm has also hired Debevoise & Plimpton associate James O'Donnell as a partner in its London funds team.
2 minute read

International Edition

Burges Salmon partner Olley takes GC role at Department for Transport

Nick Olley, partner at Burges Salmon in Bristol, will take over as general counsel of the Department for Transport (Dft), where he will be in charge of a team of 80 lawyers. Olley is currently chair of the firm's well-regarded transport sector group and for five years previously was head of the 50-strong commercial department. Burges Salmon partner Brioney Thomas, a highly-rated rail sector specialist will succeed Olley.
2 minute read

International Edition

Pay guarantees remain common despite widespread concerns over effectiveness

The majority of partners regard guaranteed pay deals for senior lateral hires as an ineffective weapon in the war for talent, despite a consensus that such deals are common. Fifty-seven per cent of the respondents to Legal Week's latest Big Question survey said guaranteed deals were either not very effective (43%) or made no difference (14%) in helping law firms secure the best talent, with just 12% regarding them as very effective and 31% as quite effective.
5 minute read

International Edition

DLA Birmingham managing partner joins Eversheds in double partner exit

Eversheds has sealed the hires of two partners from DLA Piper's Birmingham team, including office managing partner Mark Beardmore. Beardmore, who has been office managing partner since 2011, joined DLA Piper in 1999. He specialises in M&A and private equity deals and will join Eversheds' Birmingham arm.
2 minute read

International Edition

Five-lawyer Herbert Smith Freehills energy team moves to King & Spalding in Paris

King & Spalding has established a Paris energy practice with the hire of a five lawyer team from Herbert Smith Freehills (HSF), led by the firm's former North Africa practice head Mehdi Haroun. The US firm said the hires would give King & Spalding "added firepower" in France, and present new opportunities for the international energy practice.
2 minute read

International Edition

Reed Smith boosts London trade finance team with Dentons hire

Reed Smith has hired Dentons partner Jonathan Solomon to its London energy and natural resources group. Solomon - who joined the firm today (9 September) - advises financial institutions, corporates and traders on structured finance, trade and commodity matters in a range of emerging markets, including Indonesia, Ukraine, Mongolia and Brazil.
2 minute read

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