Paul Beresford的动态

Welcome to the start of another week, with it the latest edition of The Legal Week That Was #TLWTW, brought to you by Laurence Simons. This week we are starting with moves, and it was quite the week for moves, as such we can't list them all, below you'll find some key moves reported over the last 7 days: Sidley Austin LLP Private Equity duo exit for A&O Shearman as they continue to grow out its City practice. https://lnkd.in/esyR-GcS Clifford Chance loses its second tech partner in London in as many months. https://lnkd.in/eRuZVeHr An internal move sees a 'Changing of the Guard' at Latham & Watkins with Ed Barnett stepping into the role of managing partner, congratulations Ed from the team at Laurence Simons. A&O Shearman to Cull partnership by 10%. Setting out its post-merger integration plans, which include closing one of its global offices and reducing its partnership by 10% by the end of the financial year. https://lnkd.in/ef9siuij Out-of-hours working was in the news in Australia, with Lawyers getting the 'Right to Disconnect' after hours, the question remains, will they? https://lnkd.in/ebC3pkVY This week we are finishing with a positive news story as the UK Top 50 Firms have a record-breaking year, with revenue and profits both up. The top 50 firms ranked by global revenue generated a total of ￡33.4bn last year, up by 8.4% on the previous year. https://lnkd.in/e73xeY5F Don't forget to follow Laurence Simons for next week's edition of #TLWTW. #PrivatePractice #InHouse #Lawyers #LegalExecutiveSearch #EnrichingCareers

"The right to disconnect" is an interesting one and for me raises a question about mindset. Most law firms are #partnerships and as such those partners "own" the firm and therefore most will have a mindset as a owner rather than an employee. My question is how this will impact #talent and talent pipelines - will lawyers self-select? Meaning #practices which tend to need more out of hours work will have lawyers who don't exercise their right to disconnect? Curious to know what others think? #TLWTW

Great piece from Karry Lai in the IFLR discussing the profound impact US law firms have had in the UK’s legal market. "They managed to get a strong foothold in the local market, antagonise magic circle firms and in many cases even surpass them”.

??Sidley Austin’s power move – what it means for the market Sidley Austin has quietly made a significant statement in 2024, adding 17 lawyers from Latham & Watkins to its London team. Among them is a 10-strong leveraged finance group, including 7 partners and 10 associates, marking a strategic investment in a highly competitive space. This follows a summer recruitment wave, where Sidley brought in Jayanthi Sadanandan, formerly head of Latham’s London office, and other key leveraged finance partners. More recently, capital markets specialists Scott Colwell and Patrick Kwak joined the fold. What’s driving these moves? London’s legal market is in flux, with US firms like Sidley offering top-tier compensation and opportunities. These departures have raised questions about Latham's retention strategies and the effectiveness of its partnership model. Despite introducing a 'super points' system to reward high performers, the firm has faced notable exits, indicating potential challenges in maintaining its talent pool. #LegalIndustry #LondonLaw #LegalNews #SidleyAustin

IFLR+ Talent Tracker: US law firms dominated UK lateral hires in 2024 Paul Hastings, Holland & Knight LLP and Kirkland & Ellis topped the finance and M&A recruitment drive in the US while Simmons & Simmons, Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP dominated in the UK Comments from Aymen Mahmoud (McDermott Will & Emery), Tom Thesing (Sidley Austin LLP), Konstantinos Adamos, CAMS (Revolut), Kent Zimmermann (Zeughauser Group), Stefano Barbagallo, Rebecca Adlington (Sonder Consultants) https://lnkd.in/guwdR7Up

How much has your law firm grown over the past quarter? We're working on the latest edition of our web carbon report at the moment, which will be published in a couple of weeks' time. One element of that report means that we collate all the employee stats on the top 200 UK law firms each quarter. Hence, we know which firms are growing and which aren't. A&O Shearman has clearly grown through its merger, and we've seen a huge uplift in its employee figures (c. 2,300 according to LinkedIn) and a huge drop off in its follower figures as it moved to the new LinkedIn page (currently c. 10% of prior follower base). Cripps comes second on the basis of percentage growth as its merger with PDT came to fruition this past quarter. And then in the top ten biggest firms to grow, of note, is the growth at two firms which already had over 1,000 people: Watson Farley and Freeths. Congrats to some of the smaller players like Sills & Betteridge, Sintons, Winn Solicitors and Simkins who also make the top ten. The net gain at the top 200 firms over the past quarter? 5,226 people (2.54%). Almost half of them at A&O. 144 firms grew. 10 firms stayed exactly as they were. The remainder shrank by up to 7.7%. #LawFirms #Lawyers #SimonSays #AOShearman

?????????? ?????? ?????????? ?????? ???? ???????????? ???? ???? ???? ?????? ???????????? ??????????? In Big Law, there’s one club everyone wants to join—the global elite. But which firms are leading the charge and what factors are in play to win the title? ?????????????? ?? Senior lawyers at major firms argue that a large balance sheet is crucial. Some are even considering mergers to reach the $3 billion revenue mark, seen as the ticket to the top tier. Excluding verein firms, only six firms currently surpass this revenue milestone: - Kirkland & Ellis - Latham & Watkins - A&O Shearman - Skadden Arps Slate Meagher & Flom - Sidley Austin - Gibson Dunn & Crutcher Trailing close behind are firms like Ropes & Gray, White & Case, Clifford Chance, Hogan Lovells, and Jones Day. ?????????????????????????? ?? But size isn't everything. Elite status also hinges on profitability. The firms with the highest average equity partner profits (PEP) and revenue per lawyer. By these measures, about 20 firms can be considered elite, with PEP of $4.5 million or more. Among these are: - Paul Weiss Rifkind Wharton & Garrison - Simpson Thacher & Bartlett - Sullivan & Cromwell - Davis Polk & Wardwell - Weil Gotshal & Manges ???????????????????????? ???????????????? ?? To be genuinely international, a firm must operate across multiple countries, especially the largest financial markets, and growing regions where clients might need advice. Currently, only one firm—Latham & Watkins—operates in at least 15 countries, with revenues exceeding $3 billion and PEP of at least $4.5 million. Around 20 firms are vying for this exclusive club status. Beyond these, dozens of firms harbor global elite ambitions but meet only one criterion or less. #globalelite #lawfirms Read more in Law.com article in comments below.

Thanks Karry Lai and IFLR for capturing my take on why the biggest US players (who are continuing to make waves across global markets, in terms of profits, hiring, and Partner salaries) will remain unbeatable -- at least for now. *** Stefano Barbagallo, director of New York at legal recruitment company Sonder Consultants, tells IFLR: “Something that lots of the bigger US outfits do well is that they're truly global. Lawyers at firms like Kirkland & Ellis and DLA Piper work across offices on global deals.” “Different origination models as well as partnership tiers are also driving much of the movement in the market” as are firms like Paul, Weiss, Rifkind, Wharton & Garrison LLP with their "blank cheque mentality" who are able to "[attract] top talent away from more established teams where rainmakers are potentially being overlooked as part of succession plans within the firm."?? ***

?? Record Partner Moves Shake Up London’s Legal Market in 2024 ?? A record 546 partner hires were made in London last year, up from 514 in 2023, as US law firms continue their aggressive expansion in the City. With private equity driving demand, deep-pocketed US firms like Kirkland & Ellis and Paul Weiss have lured top talent from UK-headquartered firms and even their US peers. Key Stats & Insights: - Partners are securing double or even triple their previous compensation when moving firms. - Paul, Weiss, Rifkind, Wharton & Garrison LLP has grown 10x across Europe this year, reinforcing its ability to support private equity clients across key markets. - The "magic circle" – lost a record 28 partners. - Mid-tier firm Simmons & Simmons are thriving, adding 16 new partners as larger firms shift focus away from less profitable practice areas. #legalindustry #london

Latham & Watkins has just taken a bold step forward, raising partner profit-sharing units by an impressive 17% for 2024. This leap could see top partners earning over $20 million annually, signaling a noteworthy shift in the firm's trajectory. While Latham has often found itself behind giants like Kirkland & Ellis in the profitability race, 2024 marks a turning point. With average profit per equity partner potentially rising to $6.4 million, this is no small feat for the Los Angeles-based firm. Managing partner Rich Trobman's strategic vision aimed at a $10,000 unit value is driving this growth, despite challenges such as lawyer departures in Europe. Latham's quick counter with strategic hires, like leveraged finance partner Hugh O'Sullivan, showcases their resilience and commitment to retaining top talent. The innovation of "super points" has been essential in rewarding key performers, and aligning Latham more closely with industry leaders. This strategic move underscores a clear message to competitors: Latham & Watkins is in the game and playing to win. For updates on impactful moves in the legal sector, leave a comment or connect with me. To learn more, visit www.thepeopleof.co.uk. #LawFirm #PartnerCompensation #LegalIndustry