Weekly Update – 29th of July 2024

Market Commentary:

More Aspiring GCs Finding Fulfilment in Wild and Woolly Realm of Private Equity

Sarah Tinsley, general counsel of Culture Amp said, “You have a combination of doing the strategy and the management pieces, but also getting your hands dirty. And I really love that”.

Am Law 50 Law Firms See Uptick in Partner Hiring, With Focus on Funds and White-Collar Practices

According to Macrae, partner movements in four key markets have more than doubled from the same period last year in the areas of investment management, funds, and white-collar defence practices.

London Lateral Hiring Has Busiest First Half in 5 Years

Data from transnational recruitment agency Macrae shows that there were 100 lateral partner changes at Am Law 50 and Magic Circle companies between January and June 2024. This was higher than it was in 2023, when it was 94, at this time of year. As of December 2023, continues to be the busiest year with 187 moves.

Big Law’s New York Offices More Than Doubled Am Law 100 Head Count Gains

Last year, Kirkland saw another increase in the number of lawyers in Manhattan, rising by 6% to 842, maintaining its position as the biggest firm in the state.

‘Harder to Justify’ Counsel Tiers in Big Law, Amid Focus on Nonequity Partners, Lateral Recruiting

One law firm recruiter noted that, “For a lot of firms, nonequity partners are replacing counsel to a large degree”

Lateral Partner Hiring in DC Among Am Law 50 Firms Slow Down

Recruiting firm Macrae discovered that lateral partner hires among Am Law 50 and Magic Circle firms in Washington, D.C. decreased by roughly 6% in the first half of the year, despite a spike in partner movements in other regions.

Midsize Law Firms Are Following the Money into New Markets

One midsize law firm leader stated that “The idea of growing is not so much triggered by a particular market as a recognition that our clients are becoming more and more national in scope and we need to be in more and more markets, generally”.

Big Law Firms Aren’t Downsizing Their Office Space in New York

23 Am Law 200 legal practices signed leases totalling 2.83 million square feet in New York City between the beginning of 2023 and May 2024.

Brazil’s Lefosse to Slow Hiring Activity, Having Achieved Growth Objectives

The corporate firm has been actively seeking partners in an effort to match the best full-service legal firms in the nation.

Less Is More: Baker McKenzie Australia Says It’s Earning More with Fewer Partners

Out of around 87 partners at the beginning of the year, the firm now only has 75 in Sydney, Melbourne, and Brisbane. Allgrove, though, stated that the drop doesn’t worry her. “We’ve focused on performance and delivering on our strategy, so those numbers have gone down slightly over the last couple of years,” she added, adding that revenue and profitability had increased.

 

Financials:

NJ Top 40: Firmwide Gross Revenue

Shows the firmwide gross revenue for the largest law firms with a presence in New Jersey

NJ Top 40: NJ Revenue Per Lawyer

Shows the revenue per lawyer for New Jersey-based attorneys at the state’s top law firms.

As Lobbyists Prepare for ‘Dog Fight,’ Big Law Posts Q2 Lobbying Revenue Growth

“We have always known that this race would be a dog fight to the end,” stated Hunter Bates of Akin Gump Strauss Hauer & Feld, which, along with Brownstein, broke lobbying revenue records in the second quarter.

Whether Homegrown in Texas or Out-of-State, Firms with the Most Lawyers in Texas Continued to Grow in 2023

Midsize Texas firms and out-of-state firms accounted for the majority of the 2.1% increase in the total number of lawyer heads for the 100 Texas law firms with the highest lawyer counts in 2023.

The 2024 Texas 100: Ranked by Gross Revenue

Strong financials were the outcome of several popular practices, including a thriving energy practice and litigation work, which helped the majority of Texas-based firms on the 2024 Am Law 200 list increase their income in 2023.

Legal Chief Pay Fell in 2023 for First Time in More Than a Decade

According to Major, Lindsey & Africa’s 2024 Global In-House Compensation Survey “The need for high-quality legal talent certainly has not decreased. … However, current rates of compensation do not necessarily reflect that need, creating an opportunity for those companies willing to recognize the value of premier legal talent.”

Clifford Chance US Offices Drive Revenue Growth as Firm Outpaces Rivals

The company reported that Clifford Chance’s U.S. revenue led a string of successful financial outcomes, with increase in all three criteria.

Strong Results for Bird & Bird and Taylor Wessing

The two law firms, both known for their strength in the technology and life sciences sectors, are the latest to post robust figures.

Macfarlanes Profit Per Equity Partner Shoots Up 24%

In a record-breaking year for the company, Macfarlanes’ profit per equity partner (PEP) increased by 23.8% to £2.6 million. Additionally, the UK company witnessed a 13.7% growth in turnover to £309 million and a 23.1% increase in operating profit to £174 million.

Simmons PEP pushes past £1m as turnover grows 10% to £574m

The company’s profits increased 8% to £204m from a 2% increase in the previous year’s earnings of 7% to £574m. Profit per equity partner increased 7% to £1,076k in the interim, after remaining unchanged at £1m in FY23.

TLT posts double-digit revenue increase as UK firm continues national expansion plans

On an annualized basis, turnover increased by 12% to £174 million; nevertheless, the company did not reveal its profitability or profit per equity partner.

 

Moves:

Team Moves

With ‘Stars Aligned,’ Polsinelli Adds More Than 20 Partners from Holland & Knight

Launching in Philadelphia, Polsinelli—a raid on Holland & Knight—will offer one of the country’s “premier” CEO compensation and employee stock ownership plans, according to the business.

Bracewell Launches Paris Office with 11-Lawyer Norton Rose Energy Team

Under the direction of three partners, the Norton Rose Fulbright energy and infrastructure division extends Bracewell’s presence across French-speaking Africa and France.

CAM takes 60-member IndusLaw cap markets team in India’s largest hire of the year

Eight partners and more than fifty other fee earners will be on the team, which will be headed by partner Manan Lahoty, according to insiders.

 

EMEA

Latham Loses Top German Banking Partners to White & Case

Goldman Sachs, JP Morgan, Bank of America, Deutsche Bank, and UBS are among the firms that Oliver Seiler and David Rath advise.

Greenberg Traurig Strengthen Team In the middle east

Greenberg Traurig have added Chadi Salloum as head of their UAE corporate practice, they also added Benjamin D. Jones as a partner in the UAE and Saudi Arabia offices.

MidEast Roundup: Greenberg Traurig, Al-Tamimi & Addleshaw Strengthen Teams

To strengthen their regional expertise, Greenberg Traurig, Al-Tamimi & Co., and Addleshaw Goddard have all added fresh personnel to their Middle East teams.

 

APAC

Goodwin Private Equity Partner Joins Latham Singapore

Goodwin Procter partner Elyn Xing has departed from the firm to join Latham & Watkins in Singapore.

Partners at Australia’s Corrs in Talks to Join King & Wood Mallesons

John Tuck, the previous head of Corrs’ labour division, is one of five partners in negotiations.

PwC M&A Partner Nick Brown Leaves for Small Australian Firm

Brown is going to open a Kain Legal office in Melbourne.

Linklaters Hires Capital Markets Duo, Targets New Economy Market in China

As it seeks to expand on its strategy change with a focus on “New Economy” agreements while maintaining its conventional strengths in capital markets, Linklaters says it has great hopes for the partnership

Withers Bolsters Asia Real Estate Offering

Withers, an international legal firm, has strengthened its real estate business in Asia by promoting Akinari Nakano to partner in Tokyo and adding a two-lawyer team from Shook Lin & Bok in Singapore, led by partner Chau Hwei Lee (L).

Quinn Emanuel strengthens in Japan with partner hire from Nagashima Ohno

Tokyo-based international disputes attorney Hisaya Kimura joins the company

 

UK & Ireland

Paul Weiss Fills Restructuring Gap with Akin Hire

Liz Osborne, who is leaving Akin after just short of a decade, is set to join the firm as head of European restructuring in London

Fieldfisher bolsters banking litigation offering through hire of John McElroy

Fieldfisher announced the appointment of John McElroy as a Banking and Finance Litigation Partner, John joins the firm from Hausfeld and will be based in Fieldfisher’s London office.

A&O Shearman expands leveraged finance team with partner hire from Barclays

To grow its debt financing business, A&O Shearman has brought Filippo Crosara, a lawyer specializing in leveraged finance, from Barclays.

 

The Americas

Paul Hastings Welcomes Adele Maloney as General Counsel

Adele Maloney, who will be located in the firm’s New York office, has joined Paul Hastings LLP as general counsel.

Winston & Strawn Adds Tax Partner as M&A Sees Uptick

Katherine Erbeznik has worked on a number of cross-border M&A in Latin America, chairman Steve D’Amore said that this addition is “particularly relevant as Winston continues to grow internationally”.

Michael Best Hires Former Chief Clerk of Texas General Land Office

Mark Havens has joined Michael Best’s Austin office as a partner in the Regulatory Practice Group and a principal of Michael Best Strategies.

Orrick Adds Winston Tax Lawyer to Renewables Team

Mark Christy, a partner at Winston & Strawn, stated that Orrick, Herrington & Sutcliffe’s growing renewable energy team drew him in.

Pashman Stein’s Delaware Office Adds New Senior Counsel

David B. Stratton has joined Pashman Stein Walder Hayden’s Wilmington office as senior counsel in the practice areas of bankruptcy, restructuring, and creditors’ rights.

Pryor Cashman Lures Warshaw Burstein Management Committee Lawyer

Maxwell Breed stated he left 60-lawyer Warshaw Burstein because he “felt like his practice could benefit from a broader platform and a deeper bench.”

Hartford’s Robinson & Cole Celebrates Beantown Boost with Real Estate Hire

Sigler worked as an internal assistant general counsel and director specializing in international real estate before coming to Robinson & Cole. He possessed a portfolio of over 70 office buildings and industrial locations worldwide.

People in the News—July 25, 2024—Eastburn and Gray, Antheil Maslow

Robert D. Caro has joined the practice groups of Eastburn and Gray that handle business, taxation, and wills, trusts, and estates.

Reed Smith Litigation Partner Jumps to Midsize Firm

Mark Johansen, a trial attorney from Fort Worth, departed from Reed Smith to join the midsize legal firm Egan Nelson as a partner in commercial litigation. He will bolster the firm’s trial squad.

Proskauer Adds Real Estate Partner from Milbank

In response to predicted growth in demand, Proskauer Rose has appointed Kieran Murphy as a partner in its real estate practice, the company said on Thursday. Murphy leaves his position as special counsel at Milbank to join the firm’s New York office.

People in the News—July 26, 2024—Margolis Edelstein, Saxton & Stump

Michael Sosnowski has joined Margolis Edelstein as a partner at the company’s Hollidaysburg office.

Dentons Taps Former EY Executive as New Global CEO

Kate Barton, a former global vice chair of Ernst & Young, will take over as Dentons’ CEO worldwide.

Greenberg Traurig Adds Top Philanthropy Lawyer Erika Mayshar as Chair

Greenberg Traurig, LLP expands its Tax-Exempt Organizations & Philanthropy Practice with Shareholder Erika Mayshar, who will chair the group.

 

In house

Former Wells Fargo, Bank of America Legal COO Tapped as McGuireWoods AI Leader

Less than a year after joining the company for the newly established position, Peter Geovanes is leaving to take over as chief innovation and AI officer from Thomas Trujillo.

After Settling With FTC, Vroom Brings Aboard New Legal Chief

The revolving door between Brussels-based legal firms and the European Commission has often generated controversy; however, the revolving door between law firms and one of the world’s leading antitrust enforcers has garnered far less notice.

Fox News General Counsel Exits, Replaced by Big Law Partner

Under the shadow of a $2.7 billion defamation lawsuit, former New Orleans Times-Picayune writer Katherine Meeks is grabbing the legal reins of the cable news mogul.

Retail Tech Startup Taps Farfetch Exec to Lead, Build Out Legal Team

As Radar deploys its inventory tracking technology in 500 American Eagle locations, Morgan Levine will be joining the company.

Broadcasting company Sky add new General Counsel to be based in London

Ed Wheatley has joined as Sky’s Group Head counsel for Ethics and Compliance. In the past he has worked at Linklaters, Ericsson and Rolls-Royce.

With Kenneth Cole’s Latest Hire, Putting Legal Chief Over HR Is Officially in Fashion

As general counsel and senior vice president of human resources for the fashion retailer, Renada Williams claimed that her dual roles enable her “to see around corners and mitigate a lot of the risk the company might otherwise face.”

JetBlue Airways re-hires former associate GC from UiPath to replace departing legal head

Brandon Nelson, who will continue as an advisor until November, will be replaced by Eileen McCarthy.

Greyhound bus-owner Flix North America replaces GC with EnLink Midstream hire

Long-distance bus operator Flix North America has hired James Bristow as general counsel, replacing Tricia Martinez, who is departing from the company.

Laura Lee O’Driscoll appointed general counsel at ARI

With more than ten years of experience in private practice, notably at Mason Hayes & Curran, Ms. O’Driscoll has advised several well-known international clients over her career.

 

Promotions & Appointments:

Richards Layton Names New Department Chairs

Directors Mark Collins and Bernie Kelley have been appointed to senior roles within Richards, Layton & Finger.

People in the News—July 22, 2024—Wisler Pearlstine, GRB Law

With effect from July 1, Wisler Pearlstine announced that Justin D. Barbetta has been elected to partnership in the company.

Haynes and Boone Hires First-Ever Pro Bono Counsel

The former Genesis Women’s Shelter & Support director of legal services was hired by the Dallas-based company as pro bono counsel. She will be in charge of the business’s pro bono initiatives throughout all 19 offices.

Bob Bodian Elected to Sixth and Last Term as Mintz Leader

As Bodian nears the end of his final term, succession planning will receive significant attention, he stated.

Lewis Roca Appoints California Offices Managing Partner

The recently appointed managing partner from California expressed his intention to enhance and broaden Lewis Roca’s intellectual property practice, saying, “We do an exceptional job in the IP litigation side, and I’m not sure we are as well-known as we should be.”

Newsmakers: Reynolds Frizzell Names New Managing Partners

New co-managing partners have been announced by Reynolds Frizzell. With almost twenty trial attorneys, the boutique trial firm will be led by Elizabeth Wilkerson and Jim Weiss.

 

Diversity & Inclusion:

Many Southeast Firms See Rankings Fall for Diversity of Lawyers, Leadership

The American Lawyer’s most recent Diversity Scorecard rankings show that Troutman Pepper, King & Spalding, and Alston & Bird, the three biggest firms in Atlanta, have all fallen. They weren’t alone, either.

Expanding Law Firm PR Programs Crucial to Empowering Diverse Voices

Catherine Oswalt and Melissa Anderson of Infinite Global, “Law firms should develop a spokesperson program that encourages organic involvement and reiterates the firm’s goal of exemplifying unique attorney perspectives”.

 

Mergers & Alliances:

Sullivan & Cromwell, Simpson Thacher, Freshfields Advise on Bosch’s $8B Acquisition of Johnson Controls and Hitachi Assets

Sullivan & Cromwell, Simpson Thacher & Bartlett, and Freshfields Bruckhaus Deringer provided legal counsel for the $8.1 billion purchase of Hitachi and Johnson Controls’ residential ventilation assets by Bosch Group.

A&G, A&O Lead on Billion Dollar JV Deals, Hong Kong IPOs Pick Up but Deal Values Remain Small

Some of the biggest transactions in the region in recent months include two deals from Singapore. A&O Shearman and Allen & Gledhill are providing advice on both.

Middle East Deal Roundup: White & Case, CC & Freshfields Lead on Deals

While White & Case is handling ADES’ $3 billion facility and Rasan’s IPO, Clifford Chance is advising ALAFCO on its $3.3 billion sale to Macquarie.

Bird & Bird open to US merger as firm races past £500m barrier

The firm’s CEO, Christian Bartsch, mentioned that he “would not say no” to the idea of a US merger after the firm surpassed the £500 million revenue mark for the first time.

 

Office Openings & Closing:

UK 100 Firm and Consulting Group Alvarez & Marsal to Create New Law Firm

The firm’s managing partner said, “Big law firms are pricing themselves out of quality work, yet mid-market firms are failing to capitalize on this dynamic due to structural headwinds”.

Holland & Knight Weighs Fate of Philadelphia Office Following Polsinelli Raid

In Philadelphia, Holland & Knight is facing an unclear future after more than 20 partners left to work in Polsinelli’s own flagship office.

Robin AI Will Open Singapore Office, Drawn in by Talent and Business Opportunity

In addition to its presence in New York and London, Robin AI now has three physical locations: Singapore, New York, and London.

Willkie Inks 20 More Years in Midtown Manhattan

Rosalind Fahey Kruse, the New York offices managing partner, said the firm will be “undergoing a complete overhaul of the space.”

Rimon Launches Fourth Asian Office in Tokyo

After months of selecting partners with significant experience in providing market advice for Japan, Rimon opened an office in Tokyo.

 

Technology & Innovation:

Lexis Announces Updates to Gen AI Platform Lexis+ AI, Upgrading Research and Drafting Capabilities

With the improvements, Shepard’s Citations Service and several other Shepard features are integrated into Lexis+ AI.

IT Organizations, Are You Ready for Generative AI?

Are legal departments’ and law firms’ IT divisions ready in terms of organization and technology? Although it can be challenging to look in the organizational mirror of IT, it is now more important than ever to make sure that businesses are not merely treading water.

Thomson Reuters Launches Claims Explorer, Newest Gen AI Skill in Westlaw Precision with CoCounsel

The most recent feature to CoCounsel is intended to help professionals working for law firms and in-house departments discover prospective claims and counterclaims that are relevant to their case’s facts more quickly and accurately. It also helps them better comprehend potential responsibility before lawsuits are filed.

It’s Time for the Energy Industry to Embrace—Not Just Fear—Artificial Intelligence

While many sectors could benefit from the offensive adoption of AI, the energy sector stands out for ripe opportunities to tap AI.

The Importance of Technology in Litigation and the Practice of Law

The move toward artificial intelligence (AI) frees up legal practitioners’ time to concentrate on more important facets of their work, freeing them from tedious tasks that eat up valuable time that could be spent developing new strategies or closing deals.

Norton Rose Launches Global Online Guide on the IP of AI

For a year, global lawyers and technologists collaborated to create this handbook, which aims to keep clients up to date on the latest developments in technology for business use.

LexisNexis Completes Acquisition of Belgian Gen AI Startup Henchman

Henchman’s generative AI technology will be incorporated by Lexis into its Lexis+ AI and Lexis Create platforms.

How Afriwise is Using AI to Tackle Africa’s Compliance Bottleneck

Using AI and its own legal database, Afriwise, the African legal platform that purchased Pythagoria, a provider of AI-based legal software, in 2023, is assembling a compliance toolkit.

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