City law firms clamp down on the equity cookie jar Legal Law firms are tightening access to equity partnerships to protect profits, increasingly reserving the equity pool for top performers, writes Maria Ward-Brennan. As the Big Four giants dominate the headlines with internal changes, the firms are seeking to regain control of their expanded equity pools amid profitability problems. These giants are looking to mirror what [...]
Son of world’s richest banker challenged US law firm over $35m legal bill Legal Alberto Safra survived a bitter fight over his father’s $23bn fortune. Then the legal bill arrived, all $35m (£26m) of it. Safra, son of Brazilian billionaire Joseph Safra, now deceased, was billed over $35m for less than two years of work over a ‘bitter multibillion-dollar estate feud’ and one of the largest inheritance battles in [...]
AI-driven workforce fuels private equity surge in sports Legal The influx of businesses investing in AI is a key factor driving the surge in private equity (PE) within the leisure and sports sector, as sports is the new luxury. Cleary Gottlieb partner Tihir Sarkar explained to City AM, “With day-to-day activities being taken over by AI, there’s going to be a lot more time for participation [...]
Yet another Transatlantic tie-up: Ashurst and Perkins Coie announce $2.7bn merger November 17, 2025 UK law firm Ashurst has agreed to merge with the US law firm Perkins Coie, the latest move in a series of large transatlantic tie-ups in the legal sector. After a week of speculation about Ashurst being in merger talks, the firm agreed a deal with Settle-based Perkins Coie to become a $2.7bn law firm, [...]
Private equity could soon own a piece of major US law firm November 12, 2025 US law firm McDermott Will & Schulte is reportedly exploring a complex restructuring to allow private equity firms to buy a stake in what could be a major move in the legal market. The proposed structure, as reported by the Financial Times, involves creating a managed service organisation (MSO), a separate entity in which outside [...]
Exclusive: Tory peer Lord Garnier joins Pillsbury amid London expansion November 4, 2025 Tory peer Lord Edward Garnier is joining US law firm Pillsbury as senior counsel, as it continues its expansion into the City, City AM can reveal. Lord Garnier KC, currently a member of the House of Lords, served as Solicitor General under David Cameron. He was MP for Harborough from 1992 to 2017. The barrister, [...]
Fully remote with no associates: Meet the ‘elite’ law firm of the future October 22, 2025 US lawyers Michael Pierson and Joel Ferdinand joined forces “with the vision to build the elite law firm of the future”, going in the opposite direction of the traditional market with a tech-focused, full-service approach. Oh, and no offices. And no associates. Founded in January 2024, New York-based Pierson Ferdinand became the largest law firm [...]
Big name, big pay, even bigger hours: Welcome to City law firms September 25, 2025 The salaries of junior lawyers is a topic that sparks headlines, adding even bigger sparks to debates over 20-something-year-olds pocketing hefty wage packages. However, considering the hours they work and what is expected of them, the money is earned. US firms, many of which now dominate London, not only compete over lawyer rates but also [...]
The great big merger: Chasing elite status in the legal world September 18, 2025 The ever-evolving legal market continues to expand, particularly when it comes to law firm names, which have become longer as a result of a flurry of recent mergers. The ambition to join the ‘Global Elite’ continues to drive change, as two major firms have recently followed A&O Shearman’s lead by merging with New York law [...]
Former PM David Cameron in job talks with law firm DLA Piper May 23, 2025 Former Prime Minister Lord David Cameron is discussing a job role with law firm DLA Piper