Training contract and trainee solicitor information and resources

Training contract and trainee solicitor information and resources | TraineeSolicitor.co.uk http://www.traineesolicitor.co.uk/forums/ TraineeSolicitor.co.uk is a website for trainee solicitors and those looking for training contracts to share and obtain advice. en Fri, 10 Jul 2009 07:00:03 GMT vBulletin 60 http://www.traineesolicitor.co.uk/forums/styles/redcarbon/misc/rss.jpg Training contract and trainee solicitor information and resources | TraineeSolicitor.co.uk http://www.traineesolicitor.co.uk/forums/ Linklaters financial results see firm jump to top of revenue rankings http://feedproxy.google.com/~r/co/keSs/~3/KigVcGGIp2k/15141-linklaters-financial-results-see-firm-jump-top-revenue-rankings.html Fri, 10 Jul 2009 05:45:49 GMT Jeremy Hodges legalweek (http://www.legalweek.com/) Linklaters has become the largest firm in the UK by revenue, edging... Jeremy Hodges legalweek

Linklaters has become the largest firm in the UK by revenue, edging marginally ahead of Freshfields Bruckhaus Deringer.The magic circle firm reported virtually static turnover of £1.298bn for 2008-09 compared with £1.293bn last year. The figure puts it just ahead of Freshfields, which yesterday announced revenues of £1.287bn.

Linklaters has become the largest firm in the UK by revenue, edging marginally ahead of Freshfields Bruckhaus Deringer.

The magic circle firm has reported virtually static turnover of £1.298bn for 2008-09 compared with £1.293bn last year. The figure puts it just ahead of Freshfields, which yesterday announced revenues of £1.287bn.

Internationally, Asia and the US brought in 11% and 6% of Linklaters' revenue respectively, with Europe and the Middle East making up the balance. London remained the firm's biggest revenue generator.

However, by profits per equity partner (PEP), Linklaters lags slightly behind Freshfields, after announcing a 9.5% dip to £1.3m, down from £1.44m in 2007-08.

In contrast, Freshfields managed to keep its revenues roughly flat at £1.444m, making it the most profitable UK firm to announce its results to date.

Linklaters' falling PEP and static turnover came despite high profile mandates such as advising PricewaterhouseCoopers as administrator of fallen investment bank Lehman Brothers. The mandate, which at one stage was thought to be earning the firm more than £1.25m a week in fees, has kept swathes of London lawyers busy throughout the downturn.

However despite the instructions Linklaters conducted a far-ranging restructuring earlier this year, resulting in around 200 lawyers and 200 business support staff losing their jobs globally - of which around half the cuts were in London.

The process, dubbed Linklaters New World, was also expected to see around 35 partners worldwide leave the City giant by the end of the year, although the firm has not confirmed official numbers.

Managing partner Simon Davies said the bulk of the restructuring costs have come out of the 2008-09 results, impacting on PEP.

He told Legal Week: "I think that one needs to look at last year as an exceptional time. We were bought into crisis situations by our clients and there was a huge amount of complexity involved.

"From mid-September onwards was an inspirational time to be at the firm - the commitment and creativity our people showed was astonishing."

Earlier this week (1 July) CC announced lost its crown as the UK's largest law firm by turnover. Revenues for 2008-09 came to £1.262m, down from £1.329m in 2007-08 but the drop was softened by the weaker pound. PEP plunged by 37% - dropping from £1.156m to £733,000 - around half that of Freshfields.

Linklaters on the Legal Week Wiki

See here for AmLaw coverage

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15141-linklaters-financial-results-see-firm-jump-top-revenue-rankings.html http://www.traineesolicitor.co.uk/forums/legal-week/15141-linklaters-financial-results-see-firm-jump-top-revenue-rankings.html Hill Dickinson boosts revenues by 12% as partner profits drop 6% http://feedproxy.google.com/~r/co/keSs/~3/S8pMlAoFNEk/15140-hill-dickinson-boosts-revenues-12-partner-profits-drop-6-a.html Fri, 10 Jul 2009 05:45:49 GMT Claire Ruckin legalweek (http://www.legalweek.com/) Hill Dickinson grew revenue by 12% over the last financial year to reach a... Claire Ruckin legalweek

Hill Dickinson grew revenue by 12% over the last financial year to reach a new high of £82m, while average profits per equity partner (PEP) dropped by 6%.The firm brought in turnover of £82m during 2008-09, compared with £73m the previous year. The increase went against a 6% dip in PEP to £294,000, down from £312,000 in 2007-08.

Hill Dickinson grew revenue by 12% over the last financial year to reach a new high of £82m, while average profits per equity partner (PEP) dropped by 6%.

The firm brought in turnover of £82m during 2008-09, compared with £73m the previous year. The increase went against a 6% dip in PEP to £294,000, down from £312,000 in 2007-08.

Employment saw the largest growth with a 39% increase from last year, while insurance and professional risk grew revenues by 16% and 13% respectively. Commercial property and corporate both saw a reduction in fee income.

The UK top 50 firm's Piraeus and Manchester offices were the strongest performers, with the Greek office experiencing a 25% increase in fee income from £1.9m in 2007-08 to £2.4m in 2008-09. Manchester saw 22% growth to £14.3m for the last financial year, up from £11.7m for the previous year.

Hill Dickinson managing partner Peter Jackson said: "In what has undoubtedly been a year of difficult economic trading conditions for many businesses, we are encouraged by our continued growth across most practice areas, some of which have seen record results."

In March the firm launched a Singapore office, headed by partner Tony Goldsmith, while in May it announced that it was taking over 11-partner London commodities firm Middleton Potts. The deal, effective from this month, gives the combined firms a total London headcount of more than 200 people and expected City turnover of more than £22m.

Hill Dickinson on the Legal Week Wiki

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15140-hill-dickinson-boosts-revenues-12-partner-profits-drop-6-a.html http://www.traineesolicitor.co.uk/forums/legal-week/15140-hill-dickinson-boosts-revenues-12-partner-profits-drop-6-a.html Charles Russell sees PEP fall by 30% with revenue down 3% http://feedproxy.google.com/~r/co/keSs/~3/DUYBbDIxF-A/15139-charles-russell-sees-pep-fall-30-revenue-down-3-a.html Fri, 10 Jul 2009 05:45:49 GMT Emma Sadowski legalweek (http://www.legalweek.com/) Charles Russell has joined the ranks of firms reporting a drop in profits... Emma Sadowski legalweek

Charles Russell has joined the ranks of firms reporting a drop in profits per equity partner (PEP) of more than 30%.The UK top 50 firm has reported a plunge of 36%, with PEP falling to £235,000 in 2008-09, down from £368,000 the previous year. The firm initially reported a PEP figure of £419,000 for 2007-08; however, this figure reduced as a result of accounting adjustments.The fall in PEP came against a slight dip in turnover to £69.5m, down 3.2% from the £71.8m figure the firm billed in 2007-08.

Charles Russell has joined the ranks of firms reporting a drop in profits per equity partner (PEP) of more than 30%.

The UK top 50 firm has reported a plunge of 36%, with PEP falling to £235,000 in 2008-09, down from £368,000 the previous year. The firm initially reported a PEP figure of £419,000 for 2007-08; however, this figure reduced as a result of accounting adjustments.

The fall in PEP came against a slight dip in turnover to £69.5m, down 3.2% from the £71.8m figure the firm billed in 2007-08.

Charles Russell's litigation practice saw the highest level of turnover, with fee income of £18.9m, with the corporate practice making £17.9 in revenues. The firm's property practice saw revenues reach £7.1m.

In January the firm launched a redundancy consultation, putting 18 members of staff at risk, while also placing some staff on a four-day week. Partner promotions were also down, with just three associates made up compared with 13 in 2008.

Charles Russell managing partner James Holder said: "The reason for the drop in PEP was because overheads went up, whereas turnover didn't go up by as much - in fact turnover was slightly down - and because we had to incur significant costs associated with the move of our main office."

Other City firms reporting plunging PEP include Clifford Chance, which saw PEP drop by 37%, and Denton Wilde Sapte, which reported a dip in profits of more than 30%.

Charles Russell on the Legal Week Wiki

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15139-charles-russell-sees-pep-fall-30-revenue-down-3-a.html http://www.traineesolicitor.co.uk/forums/legal-week/15139-charles-russell-sees-pep-fall-30-revenue-down-3-a.html Shoosmiths 2008-09 partner profits plummet by 54% to £150,000 PEP http://feedproxy.google.com/~r/co/keSs/~3/4fZzm8BzXLo/15138-shoosmiths-2008-09-partner-profits-plummet-54-150-000-pep.html Fri, 10 Jul 2009 05:45:49 GMT Claire Ruckin legalweek (http://www.legalweek.com/) Shoosmiths has reported a marginal drop in turnover for 2008-09 but seen... Claire Ruckin legalweek

Shoosmiths has reported a marginal drop in turnover for 2008-09 but seen profits per equity partner (PEP) plunge by 54% - the biggest drop in profits at a top 50 firm to date.Shoosmiths? PEP plummeted by 54% to £150,000 for the last financial year down from £327,000 in 2007-08. Revenue dipped by 4%, falling from £103.4m in 2007-08 to £99m.

Shoosmiths has reported a marginal drop in turnover for 2008-09 but seen profits per equity partner (PEP) plunge by 54% - the biggest drop in profits at a top 50 firm to date.

Shoosmiths’ PEP plummeted by 54% to £150,000 for the last financial year down from £327,000 in 2007-08. Revenue dipped by 4%, falling from £103.4m in 2007-08 to £99m.

Corporate and property both saw fee income drop but employment, litigation, debt recovery and insolvency all increased income compared with the previous year.

Shoosmiths’ chairman, Andrew Tubbs attributed the heavy drop in PEP to continued investment, including the January opening of an office in Manchester, and the firm's decision to hold-off making redundancies for as long as possible.

He told Legal Week: "Our profit is disappointing but not something that comes as a surprise. We held off of restructuring for as along as possible even though we knew that would hit our profit. The savings of the restructuring will not feature in the last financial year but will show up in the 2009-2010 year. We opened in Manchester earlier this year as we see it as a tremendous legal market and a good place to be but there was huge costs involved in that in terms of the infrastructure of the office and recruiting people - both of which hit our profits - however, the Manchester market is right for us going forward, we also recruited three new equity partners."

In May, Shoosmiths launched a redundancy consultation affecting 25 fee earners - including partners - and 44 support staff, across all of the firm's offices and most practice groups, including corporate and real estate. Last July the firm made 28 job cuts in its Northampton-based consumer residential conveyancing group.

Earlier this year the firm boosted its corporate practice with a trio of equity partner hires - former Hammonds equity partner Martin Letza as well as Crispin Bridges Webb and Chris McClure - previously partners at Eversheds and Blake Lapthorn respectively.

Shoosmiths on the Legal Week Wiki

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15138-shoosmiths-2008-09-partner-profits-plummet-54-150-000-pep.html http://www.traineesolicitor.co.uk/forums/legal-week/15138-shoosmiths-2008-09-partner-profits-plummet-54-150-000-pep.html <![CDATA[Bird & Bird hires Linklaters global tech/IP head]]> http://feedproxy.google.com/~r/co/keSs/~3/GGhoupSvMA8/15137-bird-bird-hires-linklaters-global-tech-ip-head.html Fri, 10 Jul 2009 05:45:49 GMT Claire Ruckin legalweek

Bird & Bird has recruited Linklaters global head of technology media and telecoms (TMT) and intellectual property (IP) Tim Schwarz.Schwarz, who is set to join Bird & Bird as a partner in September, will focus on strengthening the top 30 UK law firm?s communications group in the Middle East and Africa.

Bird & Bird has recruited Linklaters global head of technology media and telecoms (TMT) and intellectual property (IP) Tim Schwarz.

Schwarz, who is set to join Bird & Bird as a partner in September, will focus on strengthening the top 30 UK law firm’s communications group in the Middle East and Africa.

In conjunction with his role at Bird & Bird, Schwarz will also be taking up a part-time position as general counsel of Chinese healthcare company Sinocare Group.

Bird & Bird chief executive David Kerr (pictured) commented: “Tim's experience in the emerging markets will help us strengthen the firm in the Middle East and Africa, as well as boosting our reputation in Central Europe, where we are already known following the opening of four offices there last year.”

Linklaters TMT partner John Crozier – who specialises in outsourcing, commercial and regulatory technology matters - has replaced Schwarz after a three-year stint in the role, as global head of TMT and IP.

Crozier commented: “[Linklaters’] group has enjoyed another strong year, having advised on many of the key TMT deals and IP cases of the year. We have also continued to expand the practice internationally in response to client demand, most recently in Moscow.”

Bird & Bird on the Legal Week Wiki

Linklaters on the Legal Week Wiki

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15137-bird-bird-hires-linklaters-global-tech-ip-head.html http://www.traineesolicitor.co.uk/forums/legal-week/15137-bird-bird-hires-linklaters-global-tech-ip-head.html <![CDATA[Osborne Clarke to advise on Coffee Republic's potential collapse]]> http://feedproxy.google.com/~r/co/keSs/~3/-1LeKzEmVfQ/15136-osborne-clarke-advise-coffee-republics-potential-collapse.html Fri, 10 Jul 2009 05:45:49 GMT Jeremy Hodges legalweek (http://www.legalweek.com/) Osborne Clarke is to advise ailing coffee chain, Coffee Republic, which... Jeremy Hodges legalweek

Osborne Clarke is to advise ailing coffee chain, Coffee Republic, which has suspended its shares in anticipation of appointing administrators.Bristol corporate partner Paul Cooper and head of restructuring and insolvency Nigel Boobier, have been brought in to advise the company in relation to its potential collapse.

Osborne Clarke is to advise ailing coffee chain, Coffee Republic, which has suspended its shares in anticipation of appointing administrators.

Bristol corporate partner Paul Cooper and head of restructuring and insolvency Nigel Boobier, have been brought in to advise the company in relation to its potential collapse.

The firm has had links with Coffee Republic for several years, having initially advised around 18 months ago in relation to a financial arrangement with Barclays.

Coffee Republic, which was launched in 1995 by brother and sister Bobby and Sahar Hashemi, now has around 220 outlets in the UK and internationally.

Last Friday (3 June) the company asked for its shares to be suspended after the close of trading, pending clarification of the financial position of subsidiaries including Coffee Republic UK – its main operating company in the UK.

In a stock exchange statement the AIM-listed company said documents had been lodged in anticipation of the appointment of administrators.

It is thought that no other law firms are currently involved as an administrator has yet to be appointed.

Coffee Republic has also previously used LG, with the firm taking the lead on its listing on AIM in 2000 as well as subsequent fundraisings. Managing partner Hugh Maule has frequently managed the company in the past

Osborne Clarke on the Legal Week Wiki

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15136-osborne-clarke-advise-coffee-republics-potential-collapse.html http://www.traineesolicitor.co.uk/forums/legal-week/15136-osborne-clarke-advise-coffee-republics-potential-collapse.html College of Law set to launch new Bristol centre in 2010 http://feedproxy.google.com/~r/co/keSs/~3/6mV-fL0PjfU/15135-college-law-set-launch-new-bristol-centre-2010-a.html Fri, 10 Jul 2009 05:45:49 GMT Alex Aldridge legalweek (http://www.legalweek.com/) The College of Law is set to open a new centre in Bristol next year. The... Alex Aldridge legalweek

The College of Law is set to open a new centre in Bristol next year. The centre, which will be the College?s eighth base across the UK, will offer the graduate diploma in law (GDL) and the legal practice course (LPC).Some 170 students are expected to enrol in the opening September 2010 intake, with the new launch set to involve around £1.2m of investment and the creation of 40 new jobs.

The College of Law is set to open a new centre in Bristol next year. The centre, which will be the College’s eighth base across the UK, will offer the graduate diploma in law (GDL) and the legal practice course (LPC).

Some 170 students are expected to enrol in the opening September 2010 intake, with the new launch set to involve around £1.2m of investment and the creation of 40 new jobs.

Local firms including Beachcroft, Bevan Brittan, Bond Pearce and Burges Salmon are all backing the venture, although none as yet have agreed exclusive tie-ups with the College for the education of their prospective trainees – as has occurred in Manchester and London.

Commenting on the venture, College of Law chief executive Nigel Savage said: “We have been monitoring the South West over the last few years and see it as a major catchment area. Already we have over 200 students from the region studying at our existing centres and see Bristol as the last piece in our jigsaw.”

The College currently has two centres in London and one each in Guildford, York, Birmingham and Chester, with a Manchester branch set to open in September 2009.

News of the new launch came as research from Sweet & Maxwell found that there had been a 150% increase in the number of applications per training contract vacancy.

The research found there were now 130 law graduates applying for each trainee position. Last year there were 52 applications per position.

Law Society Junior Lawyers Division board member Kevin Poulter said: “The days of law being a safe bet are gone, but this message hasn’t yet filtered through to students.”

He also expressed concern about an “increasingly large pot” of LPC graduates without training contracts clogging up the already stretched job market.

Sam Eastwood, graduate recruitment partner at Norton Rose, suggested that the dramatic rise in the number of applicants per training contract was down to a variety of factors – some of them not entirely foreseeable.

“There’s no doubt we’re seeing a new, more competitive reality emerging. This is reinforced by the fact that law is being viewed as an increasingly attractive option by graduates who previously might have pursued careers in areas such as investment banking,” he said.

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15135-college-law-set-launch-new-bristol-centre-2010-a.html http://www.traineesolicitor.co.uk/forums/legal-week/15135-college-law-set-launch-new-bristol-centre-2010-a.html Bingham McCutchen acquires McKee Nelson http://feedproxy.google.com/~r/co/keSs/~3/yce9wWhOHYE/15134-bingham-mccutchen-acquires-mckee-nelson.html Fri, 10 Jul 2009 05:45:49 GMT Susan Beck legalweek (http://www.legalweek.com/) Bingham McCutchen is to acquire McKee Nelson , with the two firms to merge... Susan Beck legalweek

Bingham McCutchen is to acquire McKee Nelson , with the two firms to merge from the start of next month, writes The American Lawyer.Partners at both firms were told of the merger this morning (6 July), with the combined firm, which will be called Bingham McCutchen, to take on all of McKee Nelson's lawyers.

Bingham McCutchen is to acquire McKee Nelson , with the two firms to merge from the start of next month, writes The American Lawyer.

Partners at both firms were told of the merger this morning (6 July), with the combined firm, which will be called Bingham McCutchen, to take on all of McKee Nelson's lawyers.

The firms' joint revenue will likely top $900m (£554.6m), based on 2008 figures, and will include more than 1,100 lawyers. Bingham, with more than 1,000 lawyers spread among 12 offices, was one of the few major firms last year to show growth in both revenue (up 3% to $767m (£472.5m) and profits per equity partner (up 6%to $1.42m (£874,877). McKee Nelson had a tougher year: Revenue fell 16%, to $160m (£98.5m), and profits per equity partner dropped 15% to $1m (£616,000). In addition, layoffs and departures have whittled the firm down to 120 lawyers.

McKee Nelson, which is known as one of the pre-eminent firms for tax planning and tax litigation, was viewed by Bingham as an attractive addition.

Referring to the smaller firm’s tax, financial institutions and capital markets-structured finance practices, Bingham chairman Jay Zimmerman said: "It's really rare to find a firm that is this size that has three market-leading practices. It will be part of our long-term strategy for serving the financial institution industry."

At its peak in 2006 McKee Nelson’s structured finance group had more than 120 lawyers; today that number is about a quarter of that with roughly 30 attorneys. Twenty-three lawyers were laid off, 30 joined Ashurst in February, 26 departed under a voluntary program, and nine moved to other practice areas.

McKee's practice is concentrated in four areas: tax, business litigation, capital market and structured finance. It also has a strong white collar practice. The firm represents a roster of major financial institutions and companies, including General Electric Capital Corp, Deutsche Bank, Morgan Stanley, JPMorgan Chase and Credit Suisse. The two sides say they have not identified any significant conflicts.

Bingham and McKee Nelson discussed a merger late last year, but no deal emerged. Two lawyers familiar with the smaller firm say McKee Nelson also engaged in serious talks with Baker & McKenzie this year although the firm declined to confirm this.

McKee Nelson was founded in 1999 as the bold experiment of two prominent tax partners who left King & Spalding: William McKee and Nelson. The firm allied itself with Ernst & Young, and was called McKee Nelson Ernst & Young. The groundbreaking interdisciplinary foray didn't work out, and the two entities separated. The firm expanded into structured finance, becoming one of the leaders of the practice. It also meant the firm would be hit hard by the financial downturn and the bankruptcy of client Lehman Brothers. By June, the firm was down to 120 lawyers, from the roughly 200 it claimed as of 2006.

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15134-bingham-mccutchen-acquires-mckee-nelson.html http://www.traineesolicitor.co.uk/forums/legal-week/15134-bingham-mccutchen-acquires-mckee-nelson.html <![CDATA[Taylor Wessing's UK PEP hit with 30% fall for 2008-09]]> http://feedproxy.google.com/~r/co/keSs/~3/9vHRDkiR2I0/15133-taylor-wessings-uk-pep-hit-30-fall-2008-09-a.html Fri, 10 Jul 2009 05:45:49 GMT Emma Sadowski legalweek (http://www.legalweek.com/) Taylor Wessing has announced its financial results for 2008-09, with the... Emma Sadowski legalweek

Taylor Wessing has announced its financial results for 2008-09, with the firm?s UK operations seeing profits per equity partner (PEP) fall by 30%.The firm?s UK PEP has fallen from £613,400 during 2007-08 down to £436,000 for the last financial year.

Taylor Wessing has announced its financial results for 2008-09, with the firm’s UK operations seeing profits per equity partner (PEP) fall by 30%.

The firm’s UK PEP has fallen from £613,400 during 2007-08 down to £436,000 for the last financial year.

UK revenues have dipped by 5.7%, taking fee income down to £92.6m from the £98.2m posted during the 2007-08 year.

Taylor Wessing cited its exposure to financial institutions in its real estate, corporate and finance practices as part of the reason for the drop in revenue.

Globally Taylor Wessing’s revenues increased by 1.7% to hit £188.4m compared with £185.2m the previous year, with Germany and Dubai the strongest performers. PEP fell by 13.7% globally.

Commenting on the 2008-09 results, managing partner Tim Eyles said: "Given the challenging market conditions we are very happy to have increased turnover across the firm. Different markets and jurisdictions have been impacted in different ways by the economic downturn. In the UK our turnover was down by 5.7%, which was not unexpected and reflects the impact on our financial institution clients, both in finance, real estate and corporate.”

Taylor Wessing on the Legal Week Wiki

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15133-taylor-wessings-uk-pep-hit-30-fall-2008-09-a.html http://www.traineesolicitor.co.uk/forums/legal-week/15133-taylor-wessings-uk-pep-hit-30-fall-2008-09-a.html Mayer Brown loses top US finance lawyer to Dewey http://feedproxy.google.com/~r/co/keSs/~3/uOeTg2aVTsQ/15132-mayer-brown-loses-top-us-finance-lawyer-dewey.html Fri, 10 Jul 2009 05:45:49 GMT By Nate Raymond in New York legalweek

A top lawyer in Mayer Brown 's global finance practice is leaving the firm to join Dewey & LeBoeuf.Marshall Stoddard, who served as co-chair of Mayer Brown's global finance practice and was the relationship partner to Bank of America, will become the US head of bank and institutional finance at Dewey, resident in the New York and Los Angeles offices. Stoddard, who is leaving Mayer Brown following a high-profile management shakeup, says he was attracted by Dewey's more stable leadership team.

A top lawyer in Mayer Brown 's global finance practice is leaving the firm to join Dewey & LeBoeuf.

Marshall Stoddard, who served as co-chair of Mayer Brown's global finance practice and was the relationship partner to Bank of America, will become the US head of bank and institutional finance at Dewey, resident in the New York and Los Angeles offices. Stoddard, who is leaving Mayer Brown following a high-profile management shakeup, says he was attracted by Dewey's more stable leadership team.

"When I made this decision it was during the time Mayer Brown was transitioning its le adership structure and leadership team," he told The American Lawyer. "They've been on the ground only a short time, so I really can't evaluate how successful it will be. I think it's going to work better for them. But Dewey's leadership team is established and has a long history of successful performance, so the result is certainly more predictable."

The departure follows a period of change at Stollard's former firm. Mayer Brown in April approved a new 12-member partnership board and six-member management committee after James Holzhauer announced he would step down as chairman. Herbert Krueger replaced him last month. Meanwhile, Mayer Brown vice chairman Paul Maher, who was not elected to the new management committees, left in June to start up a London operation for Greenberg Traurig.

Stoddard represents banks and financial institutions in leveraged finance deals. He says his practice has been particularly busy thanks to the downturn, as companies seek loans in the tight credit environment. He represented JPMorgan Chase in May in extending $650m (£406m) in asset-based credit facilities to Jones Apparel Group. He also represented Wells Fargo Foothill, part of Wells Fargo & Company, in closing a $305m (£190m) line of credit in April to Kia Motors America.

All said, Stoddard figures he was responsible for more than $10m £6.25m) in business at Mayer Brown last year. He was personally responsible for generating $6m (£3.75m) in business, and under him, the Bank of America relationship grew by $5m (£3.125m) last year.

Stoddard joined Mayer Brown in Los Angeles in 2001, bringing a team of seven lawyers with him from Kelley Drye & Warren, where he chaired its financial institutions practice and was a member of its executive committee. In 2007, Stoddard relocated to Mayer Brown's New York office.

Stoddard says he was not influenced by the other Mayer Brown partner departures. More than 100 partners have left the firm in the last two years, though 45 left because of a de-equitisation in March 2007.

That said, however, he was looking for a more stable leadership platform. He found that at Dewey and in firm chairman Steven Davis.

"Dewey & LeBouef is ahead of the pack when it comes to its leadership, and I've always been a believer that successful businesses are successful for a reason, and it's primarily its leadership," he said. "Naturally you need talent and other elements to be successful, but leadership is the key."

The American Lawyer is Legal Week’s US sister title.

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15132-mayer-brown-loses-top-us-finance-lawyer-dewey.html http://www.traineesolicitor.co.uk/forums/legal-week/15132-mayer-brown-loses-top-us-finance-lawyer-dewey.html SJ Berwin set to retain 71% of qualifying trainees http://feedproxy.google.com/~r/co/keSs/~3/ojevoNBt82A/15131-sj-berwin-set-retain-71-qualifying-trainees.html Fri, 10 Jul 2009 05:45:49 GMT Sofia Lind legalweek (http://www.legalweek.com/) SJ Berwin has offered places to 71% of its qualifying trainees this... Sofia Lind legalweek

SJ Berwin has offered places to 71% of its qualifying trainees this September, with the City firm set to take on 27 out of a total of 38 trainees after the summer.Last year the firm had an acceptance rate of 89%, retaining 32 out of a total of 36 trainees.

SJ Berwin has offered places to 71% of its qualifying trainees this September, with the City firm set to take on 27 out of a total of 38 trainees after the summer.

Last year the firm had an acceptance rate of 89%, retaining 32 out of a total of 36 trainees.

SJ Berwin corporate partner and graduate recruitment co-head Laura O’Neill said it had taken the firm a few weeks longer than usual to finalise retention numbers as the firm attempted to find a place for as many trainees as possible.

She said: “We wanted to make sure we had done all we could. We are very pleased that we are able to retain 71% this year. Given the markets, I think we have done very well in finding our trainees a home.”

The figure is in line with a number of City firms, including Allen & Overy, Clifford Chance and Freshfields Bruckhaus Deringer, which have all retained 70% of their September trainees. Herbert Smith is keeping on 74%.

However, Ince & Co and Holman Fenwick Willan buck the trend, with the former retaining 100% while Holman Fenwick is set to have more vacancies than trainees.

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15131-sj-berwin-set-retain-71-qualifying-trainees.html http://www.traineesolicitor.co.uk/forums/legal-week/15131-sj-berwin-set-retain-71-qualifying-trainees.html <![CDATA[Sullivan & Cromwell finalises first UK corporate Rio Tinto deal]]> http://feedproxy.google.com/~r/co/keSs/~3/LFBY92zbrfk/15130-sullivan-cromwell-finalises-first-uk-corporate-rio-tinto-deal.html Fri, 10 Jul 2009 05:45:49 GMT Jeremy Hodges legalweek

Sullivan & Cromwell has completed its first UK corporate deal for Rio Tinto, acting opposite Baker & McKenzie on the $1.2bn (£742,058) disposal of Rio?s Alcan Food Americas division to US packaging company Bemis.The US firm was instructed by Rio Tinto last year following a beauty parade and fielded a team from London and New York led by London M&A partners Tim Emmerson and Nikolaos Andronikos, assisted by tax partner Michael McGowan.

Sullivan & Cromwell has completed its first UK corporate deal for Rio Tinto, acting opposite Baker & McKenzie on the $1.2bn (£742,058) disposal of Rio’s Alcan Food Americas division to US packaging company Bemis.

The US firm was instructed by Rio Tinto last year following a beauty parade and fielded a team from London and New York led by London M&A partners Tim Emmerson and Nikolaos Andronikos, assisted by tax partner Michael McGowan.

Bemis turned to Bakers for advice on the acquisition, which saw it pick up around 23 of Alcan’s packaging operations across the Americas. Rio bought aluminium group Alcan in 2007 for $34bn (£21bn) but agreed to sell off some of its assets to pay off debt.

A global team from Bakers advised Bemis headed by Chicago corporate partner Dieter Schmitz alongside London corporate partner Jane Hobson.

Commenting on the deal Emmerson said: “It’s the first UK corporate deal we’ve done for Rio and we’ve been working on it for over a year. It’s the longest M&A transaction of my career and I’m relieved to get it agreed.”

The disposal comes little more than a month after Rio announced a $15.2bn (£9.38bn) rights issue and joint venture with one-time merger partner BHP Billiton and the collapse of a $19.5bn (£12.04bn) deal with Chinese resource giant Chinalco.

On those deals Rio turned to regular adviser Linklaters where corporate partner James Inglis led the teams, which also included capital markets partner Jane Brown, US corporate partner Tom Shropshire, corporate partner Jessamy Gallagher and competition partner Gavin Robert.

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15130-sullivan-cromwell-finalises-first-uk-corporate-rio-tinto-deal.html http://www.traineesolicitor.co.uk/forums/legal-week/15130-sullivan-cromwell-finalises-first-uk-corporate-rio-tinto-deal.html Weil Gotshal cuts starting salaries in City arm http://feedproxy.google.com/~r/co/keSs/~3/sR15ndCmDfs/15129-weil-gotshal-cuts-starting-salaries-city-arm.html Fri, 10 Jul 2009 05:45:49 GMT Jeremy Hodges legalweek

Weil Gotshal & Manges has dropped the starting salary of newly-qualified lawyers in its London arm by 5.5% to £85,000.The move sees the firm become the latest practice to halt associate lockstep in response to the current recession, with incoming City lawyers this year earning £85,0000, against a previous rate of £90,000.

Weil Gotshal & Manges has dropped the starting salary of newly-qualified lawyers in its London arm by 5.5% to £85,000.

The move sees the firm become the latest practice to halt associate lockstep in response to the current recession, with incoming City lawyers this year earning £85,0000, against a previous rate of £90,000.

Salaries for all associates will be frozen, meaning a one-year qualified lawyer will remain on £90,000 while second year lawyers will be paid between £90,000 and £98,000.

Despite the drop Weil remains one of the most generous firms in the City, offering its newly-qualified lawyers £25,000 more than the current benchmark rate for top London firms of around £60,000.

A number of major UK practices, including Freshfields Bruckhaus Deringer, Allen & Overy, Clifford Chance and Lovells, have already announced a temporary halt to associate lockstep this year and corresponding cuts to starting salaries.

Freshfields led the market for UK firms at the beginning of February by announcing a total freeze of associate salaries meaning starting salaries for NQs would have to drop.

Several major US firms, including White & Case and Shearman & Sterling, have also this year frozen City salaries.

Weil Gotshal & Manges on the Legal Week Wiki

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15129-weil-gotshal-cuts-starting-salaries-city-arm.html http://www.traineesolicitor.co.uk/forums/legal-week/15129-weil-gotshal-cuts-starting-salaries-city-arm.html <![CDATA[Linklaters' financial results see firm jump to the top of revenue rankings]]> http://feedproxy.google.com/~r/co/keSs/~3/ZI9eEaed0ZQ/15128-linklaters-financial-results-see-firm-jump-top-revenue-rankings.html Fri, 10 Jul 2009 05:45:49 GMT Jeremy Hodges legalweek (http://www.legalweek.com/) Linklaters becomes largest UK firm by revenue despite static turnover for... Jeremy Hodges legalweek

Linklaters becomes largest UK firm by revenue despite static turnover for 2008-09 year

Linklaters has replaced Clifford Chance as the largest firm in the UK by revenue after announcing its 2008-09 results.

The magic circle firm reported virtually static turnover of £1.298bn for 2008-09, compared with £1.293bn last year. Despite the lack of growth, the revenue performance was enough to edge Linklaters slightly ahead of Freshfields Bruckhaus Deringer (see story, below).

Internationally, Asia and the US brought in 11% and 6% of Linklaters' revenue respectively, with Europe and the Middle East making up the balance. London remained the firm's largest revenue generator.

However, by profits per equity partner (PEP), Linklaters lags slightly behind Freshfields, after announcing a 9.5% dip to £1.3m, down from £1.44m in 2007-08.

Linklaters' falling PEP and static turnover came despite high-profile mandates such as advising PricewaterhouseCoopers as administrator of fallen investment bank Lehman Brothers. The mandate, which at one stage was thought to be earning the firm more than £1.25m a week in fees, has kept swathes of London lawyers busy throughout the downturn.

Despite the instructions, Linklaters conducted a far-ranging restructuring earlier this year resulting in around 200 lawyers and 200 business support staff losing their jobs globally, around half of which in London.

The process, dubbed Link-laters New World, was also expected to see around 35 partners worldwide leave the City giant by the end of the year, although the firm has not confirmed official numbers.

Managing partner Simon Davies said the bulk of the restructuring costs have come out of the 2008-09 results, impacting on PEP.

He told Legal Week: "I think we need to look at last year as an exceptional time. We were brought into crisis situations by our clients and there was a huge amount of complexity involved.

"Mid-September onwards was an inspirational time to be at the firm - the commitment and creativity our people showed was astonishing."

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15128-linklaters-financial-results-see-firm-jump-top-revenue-rankings.html http://www.traineesolicitor.co.uk/forums/legal-week/15128-linklaters-financial-results-see-firm-jump-top-revenue-rankings.html CC sees 37% fall in profits as revenues edge down http://feedproxy.google.com/~r/co/keSs/~3/SPX9fc_5TyI/15127-cc-sees-37-fall-profits-revenues-edge-down.html Fri, 10 Jul 2009 05:45:49 GMT Claire Ruckin legalweek (http://www.legalweek.com/) Clifford Chance (CC) has seen its profits per equity... Claire Ruckin legalweek

Clifford Chance (CC) has seen its profits per equity partner (PEP) fall by 37%, dropping from £1.156m to £733,000.

The firm last week (1 July) became the first of the magic circle to announce preliminary results, reporting a 5% dip in turnover. Revenues for 2008-09 were £1.262m, down from £1.329m in 2007-08, with the weak pound softening the drop.

Currency fluctuation against the dollar and the euro means like-for-like revenues are expected to be down more than 10%. The relative fall in turnover was enough to end CC's reign as the largest law firm in the world in revenue terms (see story, right), a position it has held since its 1999 merger with US firm Rogers & Wells and Germany's Puender Volhard Weber & Axster.

London and the Middle East accounted for about 39% of turnover, down from some 42% last year. Continental and Eastern Europe brought in about 41% of revenues, while the US brought in 11% compared with 12%-13% in 2007-08. Asia brought in the remaining revenues.

Broken down by practice, corporate finance and litigation were the strongest performers.News of the drop in PEP follows a difficult year for the firm, in which it made staff and lawyer redundancies and carried out a restructuring of its partnership. The costs of the reduction are included in this year's results, but the firm declined to comment on precise figures.

In London the firm announced it was laying off around 80 lawyers, with up to 115 business support staff affected. There have also been cuts in the US.

The partnership restructuring, which is expected to result in a 15% drop in overall partner count in April 2010 compared with this year, did not affect results.

More...

]]> Legal Week admin http://www.traineesolicitor.co.uk/forums/legal-week/15127-cc-sees-37-fall-profits-revenues-edge-down.html http://www.traineesolicitor.co.uk/forums/legal-week/15127-cc-sees-37-fall-profits-revenues-edge-down.html