Despite a nationwide effort to promote domestic economic growth under the banner of “national greatness,” the majority of China’s top legal firms have experienced a strenuous year. According to a report by Law.com’s International Edition, over 85% of the 45 highest performing Chinese law firms by gross revenue have recorded significant downturns in 2022. Factors…
In a continually evolving socio-political climate, legal professionals worldwide are facing the palpable shift from the global free-trade methodology that has predominated the past three decades. This profound alteration in international commerce is reshaping the nature of enterprises across the globe, reshuffling who conducts business with whom. Legal experts are alarmingly emerging as the front-liners…
The fiscal year 2022 saw overall growth for the world’s largest law firms, albeit slower than previous years. According to the rankings by gross revenue, the Global 200 saw revenue grow by 1.2% from the previous financial year, with an average head count growth of 6.1%. Despite the rise in personnel, however, revenue per lawyer…
Detailing the largest law firms in the Asia Pacific region, the Global 200 rankings reveal an impressive increase in head count among the top-ranking legal entities throughout 2022. Despite myriad challenges, many of these firms chose to expand their workforce, driving growth that affirmed the region’s place at the forefront of the global legal sector….
In their review of the 2023 Global 200, Law.com ranked the top 45 Chinese law firms according to gross revenue, revenue per lawyer, and profits per equity partner for the 2022 fiscal year. However, the data tells a challenging story for these firms, with revenue and profit figures falling significantly compared to the previous year…
The legal landscape of 2023 has proven tumultuous for many of the world’s top 200 law firms, according to a recent reporthere. After a period of record growth and bullish markets, many elite firms have found themselves facing a cool down. The report highlights a “challenged set of results across the board,” underscoring how quickly…
Internationally renowned law firms, following the prolonged shift to remote working due to the pandemic, are currently wrestling with the challenge of setting firm-wide office mandates. Such mandates are aimed at fostering a sense of fairness and consistency as firms navigate their transitions back to the office. However, these mandates also need to take into…
Linklaters, a leading international law firm, has reportedly laid off multiple lawyers in its Greater China operations. The circumstances that led to this move have been described as a ‘prolonged downturn’. While additional specifics regarding the extent of the layoffs and their precise causes are not immediately available due to a paywalled source, these dismissals…
In an encouraging stride toward gender diversity at the top echelons of the legal profession, Cooley has announced Rachel Proffitt as its next CEO, the first woman to hold this position in the firm’s history. Rachel Proffitt, a renowned corporate leader based in San Fransisco, will step into her new role from January 1, 2024….
Top law firms Allen & Over (A&O) and Shearman & Sterling are set to commence a merger vote later this month. Partners of the firms will start casting their votes on the proposed tie-up from September 28, with the process expected to conclude by October 13. Should the merger proceed, it will unite two of…
Law firm Clifford Chance has confirmed it is entering the design phase for its future headquarters in Aldermanbury Square, which it plans to occupy by 2027 with a fully open-plan office arrangement. The move is a stark shift from the firm’s long-term base in Canary Wharf, a decision first revealed by Law.com in October. The…
In a noteworthy turn of hires and departures in the United Arab Emirates (UAE), Baker McKenzie has gained a new partner in Dubai while facing the exit of another. The corporate law firm has appointed Adil Hussain, a former Clyde & Co. partner, to lead its banking and finance practice. Hussain officially joined Baker McKenzie’s…
Recent significant partner exchanges between Big Law powerhouses, Kirkland & Ellis and Paul, Weiss, Rifkind, Wharton & Garrison, have piqued more than intra-industry interest. The moves are uniquely pronounced, considering the prominent nature of the attorneys involved, the substantial financials at stake, and the long-standing tenure of the key figures amidst the reshuffling. These dynamic…
In an ongoing analysis of financial performance within the legal sector, it has been observed that the average revenue per lawyer across the top 50 U.K law firms has decreased by a margin of over 2%. This information is gathered according to Law.com International’s recent U.K Top 50 rankings. The average revenue per lawyer at…
Spanish law firm ECIJA continues to expand its partner team with the recent hire of Álvaro Rodríguez de la Calle. This marks ECIJA’s second lateral hire in Madrid in two short weeks. Álvaro Rodríguez de la Calle, previously a labor and social security inspector, has now joined the ranks of ECIJA. Rodríguez de la Calle…
In light of the globally shifting legal landscape, major law firms are continuously seeking to make strategic additions to their team. A case in point is the recent hire by BonelliErede who have decided to bolster their English Law capabilities in their London office. Though specifics around the identity of the barrister appointment were not…
Mounting evidence indicates that corporations across various sectors are confronting biodiversity-related risks. These risks emanate from the rapidly evolving regulatory, market, and litigation landscape. The urgency for attention toward the preservation and protection of biodiversity has grown over the past year. This has been largely driven by the signing of the Kunming-Montreal Global Biodiversity Framework…
UniSuper General Counsel Luke Barrett embodies a distinctive approach to his in-house practice. Nearly 20 years ago, when switching from private to in-house, Barrett made a fundamental promise to himself. Far from relying upon outsourcing for unfamiliar or complex issues, he disallowed himself the luxury of limiting his professional knowledge to the point of his…
Upon the release of the Global 200 rankings each year, attorneys around the world gain insights into the standing of their firms on a global scale, as well as the broader performance of their regional legal markets over the past financial year. This week, the updated report will once again reveal the United States as…
The potential sale of Everton Football Club to a U.S. investment house has drawn the participation of three notable law firms. Norton Rose Fulbright, Pinsent Masons, and sports boutique Northridge are playing key roles in facilitating negotiations between the Premier League club and U.S. investment firm 777 Partners. The deal could potentially mark the end…
TikTok, the highly popular Chinese-owned social media platform, was recently handed a hefty fine by the Irish data protection authority. This €345 million penalty pertains to the company’s processing of personal data related to younger users. It also ranks as the fifth-largest fine ever dealt since the EU incorporated new privacy laws in 2018. The…
Last year, a significant 8.1% decrease was reported in the average profits per equity partner (PEP) across the top 50 law firms in the UK. This decline, as reported by Law.com, represents the most substantial downturn in PEP since the financial crisis of 2007-2008. The current average PEP stands at £862,100; a staggering reduction mainly…
Law firms are particularly notorious for their herd mentality, a social behavior that dominates in various aspects, from the penetration of new technology to sustainability initiatives. Occasionally, it also emerges during the junior lawyer pay war, with firms striving either to match or surpass their contemporaries. The collective drive can sometimes create resistance against crucial…
The potential exit of the U.K. from the European Convention on Human Rights could potentially impact law firm clients negatively, according to Robert Spano, former judge and President of the European Court of Human Rights and current partner at Gibson Dunn. In a firm event, Spano aired his concerns, stating that if the U.K. government…
In an industry where consolidating clientele and expertise is imperative, the strategic hiring of legal professionals is often a headline-making move. Allen & Overy’s recent hire of a senior staff member from rival law firm, White & Case, marks the second lateral acquisition that the firm has made within the week. Making this move does…