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Profits at U.K.'s Top 50 Law Firms Hit Record Levels
The United Kingdom's top 50 law firms have seen a second year of double-digit revenue growth, with fees rising 14 percent annually to hit �10.5 billion. Legal Week's 2006-07 figures also show average profits per equity partner going up by 13.5 percent. What's more, the four largest firms generated �4.18 billion in fees among them, nearly 40 percent of the top 50's income. Clifford Chance managing partner David Childs said the results vindicated the big four firms' investment in their foreign offices.DLA Piper Leads on Sale of Legal Outsourcing Firm
The long-dormant buyout market might finally be emerging from its slumber as a trio of U.K. companies were scooped up by British private equity firms on Thursday. One of the sales involved CPA Global, a leading legal process outsourcing firm, to London-based mezzanine lender Intermediate Capital Group. ICG is paying $709 million to seal a management buyout of CPA, which is owned by 300 lawyers and patent officers.Latham Raids White & Case's London Banking Practice
In a big blow to White & Case's London operations, the bulk of the firm's U.K. banking practice is leaving for Latham & Watkins. The move will see four highly regarded banking and capital markets partners, including the co-head of W&C's London bank finance group, leave for Latham, increasing Latham's London-based finance practice to 20 lawyers. White & Case has lost a number of high-profile partners from its London office in recent years.Jones Day Is Merging With Gouldens
Jones Day has announced a merger with 150-lawyer London firm Gouldens, effective Feb. 8. The second-largest acquisition of a British firm by a U.S. firm to date, Jones Day's move will give it a London office of some 200 lawyers and bring its total head count to more than 2,000 attorneys worldwide. The firm will initially operate in London under the name Jones Day Gouldens.Asia Deal Digest: December 15, 2011
Corrs Chambers Westgarth leads as an Australian coal giant is conceived; Herbert Smith and Sullivan & Cromwell separately help Sinopec increase its global gas assets; and sweet relief for King & Wood and White & Case as China finally passes a cross-border candy deal.DLA Piper Hires Linklaters Partner for EMEA Corporate Team
DLA Piper has bolstered its Europe, Middle East and Africa corporate practice with the addition of Linklaters partner Jon Hayes. Hayes, who trained at the Magic Circle firm and became a partner in 2001, joined DLA on Tuesday with the aim of boosting client ties with London corporations and international clients. He will work alongside DLA's EMEA corporate head Juan Picon.Sliding Dollar Hurts U.S. firms in U.K.
U.K. firms' profits are up, but the exchange rate hit two dollars to the pound in April � not so appealing for lawyers paid with the former currency.Trending Stories
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