The market is still on fire and has no signs of slowing down, with an abundance of moves and strategic office openings being announced, all while the NQ salaries rocket upwards.
The Irish market is the next frontier for law firms, with both Bird & Bird and Addleshaw Goddard announcing their office openings and mergers, respectively.
NQ salaries are surging forward in both London and the Regions, and there is a great debate emerging on this front. The consensus is that this accelerated rate of growth cannot be sustainable, and that it is creating a bubble that is doomed to pop.
Wilson Sonsini builds in London with hire of EY’s global head of tech law
Richard Goold, formerly Head of Tech Law at EY, has joined tech and life sciences firm Wilson Sonsini.
Shearman & Sterling adds Hogan Lovells dealmaker in London
Maegan Morrison, corporate finance partner, joins Shearman & Sterling from Hogan Lovells.
Dentons hires Addleshaws banking partner
Manchester-based Simon Prendergast, a banking and finance partner, will join Denton’s London office.
Revolving doors: Major restructuring hire for Bakers in London
Baker McKenzie has hired Sarah Smith, restructuring and insolvency partner, from Dechert. She is tasked with expanding Baker’s restructuring and insolvency internationally.
Irwin Mitchell has announced the appointment of new partner Matthew Sillett into its London office.
Matthew Sillet, commercial partner, joins Irwin Mitchell from Cannings Connolly, where he was the managing partner.
Charlotte Garnitsch returns to Taylor Wessing and is appointed partner
Charlotte Garnitsch, IP partner, returns to Taylor Wessing’s Eindhoven office, after leaving the legal profession for one year.
K&L Gates continues to grow its Australian labour, employment and workplace safety team
Dominic Fleeton returns to K&L Gates’ Melbourne office after three years at Kingstone Reid.
Leading White Collar and Corporate Compliance Partner Joins Baker Botts
Michael W. Ward joins the litigation department in Palo Alto, moving from Vinson Elkins.
Seasoned FDA regulatory and compliance partner joins Reed Smith in Austin
Rebecca Jones McKnight, formerly with DLA Piper, joins the life sciences health and industry group in Austin.
Paul D. Moak is Reed Smith’s newest partner in Houston
Paul Moak, a leading restructuring an bankruptcy lawyer, joins Reed Smith’s Houston office from Gray Reed.
Promotions and Appointments:
Slaughter and May names new heads of corporate and M&A
Simon Nicholls and Richard Smith have been elected the next heads of corporate and M&A, replacing Andy Ryde and Roland Turnill.
Micro Focus hires new legal chief from Bupa
Janet McCarthy has joined Micro Focus as the new chief legal officer after 4 years at Bupa.
DWF’s Leeds head steps down after one year
Allison Page, a partner who specializes in infrastructure projects and energy, has stepped down as DWF’s managing partner in Leeds after one year in the role.
Stephenson Harwood Refreshes Dubai Leadership With Duo Hire
Stephenson Harwood has hired Rania Tadros, marine law specialist, to take over as Dubai managing partner from Sharon White.
Mergers and Alliances:
Addleshaws merges with 25-partner Irish firm
Addleshaw Goddard has merged with Eugene F Collins. All partners and staff will join Addleshaws, this plans to double the firm’s presence in the region by 2025.
Office Openings and Closings:
Bird & Bird becomes latest UK firm to launch in Dublin
Bird & Bird’s new office is set to open this summer, and will initially focus on privacy, data protection, tech, life sciences, IP and corporate law.
Kennedys continues pandemic expansion, doubles Madrid office space
Insurance law firm Kennedy’s is doubling its office space in Madrid for it’s 15-person strong team, as part of the WorkWise global workspace transformation programme.
Offshore Law Firm Debuts in Beijing
Ogier, a Jersey-based firm has launched in Beijing through a representative office, just months after having launched in Singapore.
PwC Legal Opens Office in Qatar
PwC Legal Middle East has launched an office in Doha, adding to their presence in the UAE and Saudi Arabia.
The salary debate: This is how much clients think an NQ is worth
A growing number of clients believe that the scale of salary increases for NQ’s masks underlying problems in the way top tier legal services are delivered.
NQ Pay Bubble Isn’t Sustainable and Will Soon Burst, Partners Say
Partner have begun to ask for a cap on NQ salaries, with 95% of respondents to the survey answered that they did not believe the continued annual growth of NQ salaries could continue, and 67% also said they expected the bubble to burst within two years.
Bryan Cave Leighton Paisner Sees Profit Hike Alongside Equity Partner Exits
BCLP saw revenues increase by 2.1% and PEP increase by 29%, but this comes with headcount dropping. Overall headcount fell by 3.6% and the number of equity partners decreased by 14.7%, which is in line with the goals of their Project Advance.
There’s a retention glitch at Clifford Chance
Clifford chance has posted the lowest retention rate for 2022 at 70% – 14 of their total 46 trainees are deciding to leave – the equivalent to a minimum £1.5m million investment leaving the business.
DLA has just set off a regional pay war
DLA Piper has increased it’s London NQ Salary by 8% to £95,000 and it’s regional pay by 35% to £65,000.
Technology and Innovation:
Artificial intelligence and the art of noise over substance
Artificial intelligence initiatives have been a way for firms to draw in prospective clients by setting themselves apart from the rest, but is it becoming as “innovation theatre”?
Eversheds Sutherland to Donate Percentage of Profits to ESG
Eversheds has unanimously voted through the changed in December, for a minimum of 1% of the business’ net operating profit to be donated to environmental, social, and corporate governance initiatives, which include reducing internal carbon emissions and charitable trust donations.
Preparing for Europe’s Unified Patent Court
The establishment of the European Unified Patent Court is being finalized, and is set to be operational in about one years’ time.
Diversity and Inclusion:
Freshfields To Offer Paid Menopause Support For First Time
Freshfields has become the newest firm to roll out a UK menopause policy for its colleagues, including paid time off, effective from February.
The SQE is not living up to its promise on diversity
The discrepancy between white candidates who passed the SQE (65%) and those from minority ethnic groups (44%) poses concerns to the future of diversity within the legal profession.
Law Firm Diversity: Five Reasons for the Slow Progress
Michelle Silverthorn, attorney, founder, and CEO of Inclusion Nation, spells out five reasons why many law firms are failing to make progress on diversity, equity, and inclusion.
Law firms must give lawyers and staff ‘psychologically safe’ ways to address workplace culture concerns, says SRA
The SRA has issued new guidance for law firms looking to promote positive working environments.