Pickering Pearce’s Post

Standing still for the Magic Circle at this very moment in time is growth. I’m of the view that despite the cuts at associate level and other cost cutting measures, standing still will actually be regarded as a gain this time next year. Don’t get me wrong there will be firms able to improve their position but when it comes to established firms in the elite quadrant, we may be hearing ‘flat is up’. It’s right to point to the challenges in the US - UK international firms have not fared well. There are exceptions look at Clyde & Co, their focused strategy around core markets has paid off, look at Hogan Lovells, arguably the ‘Hogan Hartson’ side has benefited from improved standing in the market as a result of their merger which I would argue has been a success. Sutherland have achieved exceptional growth post combination with Eversheds. However it’s challenging. It’s not just challenging for the Magic Circle. Let’s reflect on a few names Bingham, Dewey & LeBoeuf, Heller, all gone, consider the demise of Shearman and many others. The one truth is that the US market is fiercely competitive for all and whilst the ‘West Coast’ firms have been successful in breaking into ‘new’ markets, for every winner there are multiple firms stuck, hanging on or failing! It’s equally difficult for ‘Washington’ or ‘Houston’, the ‘Boston Elite’ and all others, to crack the main US markets so we have to contextualise the challenges that the Magic Circle (and many others face). Why it matters is because in Europe the Magic Circle have remained so far ahead, scale, profitability, brand, calibre of work - often attracting the best and brightest. We have to accept that this, as good as it may be, is not enough in the US. The right leader now is not a preservationist. The right leader now is someone prepared to stake it all on a single bet, US growth. Absent that I fail to see the Magic Circle retaining their London dominance post 2030. https://lnkd.in/eWZ8PBK6

Clifford Chance

BigLaw Private Equity and M&A Lateral Partner Moves Feel free to reach out for a confidential discussion of current lateral opportunities - partner , group or merger options .

Well said, Richik!

Welcome once again to the Lateral Link Global Weekend Roundup, your weekly rendezvous with the most influential and buzzworthy happenings in the legal arena. Making waves in the international domain, Latham & Watkins’ recent strategic pivot sees them withdrawing from #Shanghai and intensifying their focus on #Beijing, hinting at the intricate tapestry of opportunities and challenges in #China's legal sector. Meanwhile, the enigmatic parting of ways between WilmerHale and its Chinese partner remains a focal point of intrigue, underscoring the delicate balance of partnerships and geopolitical interplay. In the concrete jungles of #NewYork, Davis Polk & Wardwell LLP has proclaimed their ambitions in no uncertain terms, sealing a monumental lease deal that's sure to reshape the legal skyline of the metropolis. Adding to the city's narrative, Sheppard Mullin Richter & Hampton LLP's proclamation of Robert Brown as their new Chief Operating Officer has sparked keen interest across boardrooms. Transitioning to the high-stakes world of mergers and acquisitions, Sullivan & Cromwell LLP's masterful orchestration in MUFG's recent acquisition is hard to miss. But the supermarket aisles were not left untouched, with ALDI USA's decisive move to acquire Winn-Dixie under the guidance of Baker McKenzie and Willkie Farr & Gallagher LLP, hinting at the unfolding trajectory of the retail sector. The spotlight on lateral moves was brilliantly lit, with Freshfields Bruckhaus Deringer flaunting their latest catch, Gayle Klein, intensifying their litigation stronghold in the Big Apple. Foley Hoag LLP, wearing their commitment to DEI on their sleeve, successfully enticed a formidable team from Cooley LLP. Yet, not all was smooth sailing, as Lewis Brisbois faced the challenge of bidding adieu to a significant portion of their talent pool. Executive corridors were abuzz too. Tesla's dual legal hires are undoubtedly in anticipation of the mounting regulatory landscape they navigate. Not to be overlooked, Robert N. Oddis's transition to the National Labor Relations Board has captured the attention of labor relations enthusiasts. Rounding off our recap, Wilson Elser’s bold foray into the Midwest, particularly #Indianapolis, is emblematic of the legal world’s ever-expanding horizons. And so, our curtain drops on this week's panoply of decisive firm maneuvers, deal-making prowess, and the ever-enthralling game of lateral moves. Await our next edition of the Weekend Legal Roundup with bated breath. In the meantime, bask in the joys of the weekend and remain intertwined with the ever-evolving pulse of the legal sphere via Lateral Link!

Our M&A Group at Hogan Lovells continues to flourish! We are delighted to share the 10th edition of our M&A Year in Review, showcasing the successes we shared with clients over the course of 2023 and looking ahead to the M&A trends we anticipate for the remainder of 2024. Click here to access and download the full report. #MergersAndAcquisitions #Transactions #PrivateEquity

Incredible brand new research out now, specific to the Professional Services industry. If you want to know the genome of a #rainmaker within your law firm, this is a must read. #harvardbusinessreview #professionalservices #lawfirm #legal #law

Congratulations to the team at DCM Insights on their new research examining what the most successful seller-doers at professional services firms do differently. Professional services firms leaders, I strongly encourage you to read this research in this month's Harvard Business Review (https://lnkd.in/g-nDtsWn). My key takeaway - Of the five seller-doer profiles identified in the research the most successful one, The Activator, does three things really well: carve out and protect time for business development, build robust networks and actively "connect" others, and proactively (vs reactively) engage prospective clients to surface opportunities.

This is an absolutely essential read for all #ProfessionalServices partners out there (link in this post). The Australian climate for Professional Services is changing significantly. There are obvious and well-reported reasons, but there are other creeping trends. As always, Matt Dixon and his colleagues have produced meticulously researched insights by surveying 100 C-Suite Execs and 1,800 Partners at Professional Services firms. They discovered five BD Profiles among these Partners and defined the characteristics of the best rainmakers in professional services partnerships; The "Activator". Not to be confused with Activists! These results may surprise you. They will certainly make you question some of the enshrined BD behaviours that are accepted in these firms. https://lnkd.in/epfcs4Gp

US law firms dominate the top tier by global earnings, with Kirkland & Ellis and Latham & Watkins leading the way, according to the latest league tables from Legalease The only transatlantic firm in the latest list of the top law firms by earnings was DLA Piper.   The highest-ranking ‘magic circle’ firm based in the City of London was Allen & Overy in 12th place, followed by Clifford Chance in 13th.   Other magic circle firms in the top 20 included Linklaters, Freshfields Bruckhaus Deringer, and Hogan Lovells.  #KirklandEllis had the highest turnover at US$6.5 billion, followed by #LathamWatkins at US$5.32 billion, and #DLAPiper at US$3.68 billion.   The average salary for a partner at Kirkland & Ellis was US$7.5 million, #Legalease said, significantly higher than the average pay for partners at Latham & Watkins (US$5.15 million) and #Freshfields (US$2.58 million).  More at #Proactive #ProactiveInvestors http://ow.ly/i6W51059j3V