Over 90 per cent City law firms grew profit pools despite pandemic setbacks December 13, 2021 Over 80 per cent of City law firms have also outperformed their expectations for the year, as the legal sector emerges stronger after a year interrupted by lockdowns and restrictions, according to a new report. The majority of City firms, at 91 per cent, enjoyed an increase in their profit pool and saw aggregate revenue [...]
Norton Rose Fulbright names new global chair as Farmida Bi December 9, 2021 Norton Rose Fulbright has named its next global chair as Farmida Bi CBE, London capital markets and Islamic finance partner. Named in the top five of a “Muslim Women Power List” by The Times among a host of legal accolades, Bi is a legal expert in debt capital markets and Islamic finance as a form [...]
Biggest UK law firms pocket almost £30bn revenue as sector grows December 9, 2021 Revenue of the 100 biggest UK law firms grew by four per cent to £28.8bn in 2021, according to a new report by a professional body for financial and professional services. The news comes as City law firms battle it out in a bidding war for junior lawyers. Last week ‘silver circle’ law firm Herbert [...]
City law pay war: Herbert Smith Freehills throws £105k at junior lawyers December 3, 2021 The ‘silver circle’ law firm has waded into the ongoing bidding battle for junior lawyers in the City by raising newly qualified lawyer salaries to £105,000, according to reports. Although their current “total compensation package” is £107,000, this includes both base salary and their bonus. But with the new announcement, Herbert Smith Freehills (HSF) lawyers [...]
Female lawyers on the clock for 100 hours more than male peers annually December 1, 2021 Unsurprisingly they are also among the least happy with the number of hours they work, according to a new report on law firms. The recent report by Thomson Reuters found that women practicing law were, on average, putting in 100 hours more than their male colleagues every year. One reason pointed out by Dana Denis-Smith, [...]
Magic Circle: Slaughter & May poaches first COO from Freshfields amid executive reshuffle December 1, 2021 Slaughter & May have nabbed Jill Hoseason, the global chief operating officer of their magic circle rival Freshfields Bruckhaus Deringer, as their first ever COO, in a leadership shakeup. Earlier this year Slaughter and May, which boasts more FTSE 350 clients than any other law firm, announced plans to restructure its management team, a move it said [...]
BCLP and Mishcon jump into pay war for junior lawyers with salary hikes November 30, 2021 Two more City law firms have joined the increasingly crowded tussle for junior lawyers by raising salaries to keep up. Bryan Cave Leighton Paisner (BCLP) and Mishcon de Reya announced raises for newly qualified solicitors, who will now take home £95,000 and £83,000 respectively. For BCLP newly qualified solicitors the new salary represents an eight per [...]
Exclusive: Third of law firms consider going public in search of funds for expansion November 30, 2021 Around a third of law firms are contemplating listing on the stock market in the next year to fund growth plans, according to new research shared exclusively with City A.M. The findings underpin a growing trend among law firms to explore alternative financing models beyond traditional partnerships. Gateley was the first law firm to float [...]
Clyde & Co eyes up merger with law firm BLM November 26, 2021 Clyde & Co is reportedly in discussions with its smaller rival BLM about a merger between the two law firms, according to reports. The talks between the firms are still in the initial stages, according to Rollonfriday, a British legal news website, which first reported the development. With a turnover at Clyde of almost £640m [...]
City barristers to hit the screen in new Channel 4 legal documentary November 26, 2021 Barristers from 25 Bedford Row will star in a new show with “unprecedented access” to legal lives. In a four-part documentary, tentatively named The Defenders, a group of barristers from one of the UK’s top criminal defence chambers will be followed around on their daily lives. The Defenders will show how the barristers work through [...]